More cash left at the ECB amid downgrades October 5, 2011 AS GREEK protestors and strikers returned to the streets of Athens in fresh clashes with police yesterday Eurozone lenders fled to safety, using the European Central Bank as a safe house for increasing amounts of cash on Tuesday night, figures yesterday showed. Overnight deposits at the ECB rose to €213bn from €209bn on Monday, the [...]
IMF baffled by calls to enter bond market as fears of a slump grow October 5, 2011 THE INTERNATIONAL Monetary Fund has urged Europe to shore up its banks with up an injection of up to €200bn (£172.6bn) amid fears a freeze in lending will trigger another recession. Yesterday Antonio Borges (pictured), the IMF’s Europe director, said the move would help to restore confidence across the continent. “We are talking about figures [...]
Plan for Dexia rescue fund is taking shape October 5, 2011 CUSTOMERS pulled millions of euros from troubled Dexia yesterday but the Franco-Belgian bank avoided a full-scale run on deposits as a bailout appeared imminent. Belgian customers withdrew around €300m (£258.88bn) from Dexia accounts, excluding online transactions. The Belgian arm of the bank holds €80bn in deposits. An emergency package is set to be announced today [...]
PM hit by row over debts on credit cards October 5, 2011 DAVID CAMERON was forced to hastily redraft parts of his conference speech yesterday, after he was widely criticised for pre-released extracts that called on Britons to repay their credit card debts. “The only way out of this crisis is to deal with your debts. That means households – all of us – paying off the [...]
VIEWS ON CONSUMER CREDIT: THE UK’S NOT SO JOINED-UP GOVERNMENT October 5, 2011 David Cameron praised households for reducing debts, saying that was how to fight a debt crisis. Earlier drafts of the speech urged consumers to pay credit cards off to give the economy a lower-debt foundation for growth. “I have set the Treasury to work on ways to inject money directly into small businesses,” said George [...]
CITY VIEWS: SHOULD PEOPLE BE ENCOURAGED TO REDUCE PERSONAL DEBT? October 5, 2011 PETER GOAD | LLOYDS “I am not sure that it would help anyway to be honest, as banks make a lot of their money through people not paying credit card debts. It is very impractical.” DAVE PHILLIPS | JRP UNDERWRITING “It is not up to the government if we don’t pay our own personal debt. [...]
ONS: We got GDP figures wrong by tens of billions October 5, 2011 THE BOOM was bigger and the bust was sharper than previously thought, according to major revisions to the last decade’s GDP figures, the Office for National Statistics (ONS) said yesterday. Previously, figures showed cumulative economic growth of 17.9 per cent from 2001 to the end of 2007. That has been revised up to 21.1 per [...]
Marriott spurred on by profits October 5, 2011 Marriott International’s third-quarter profit beat market expectations as uncertainty in the global economy failed to put a dent in corporate travel. The company also gave investors their first read of demand into 2012, saying earnings could total $1.48 to $1.68 a share assuming worldwide systemwide revenue per available room (RevPAR) growth of thre to seven [...]
EU sends bourse deal objections October 5, 2011 Deutsche Boerse AG and NYSE Euronext received a document of more than 130 pages yesterday outlining the European Union’s specific concerns over the German exchange’s $9bn deal to buy its US-based counterpart. The “statement of objections” from EU antitrust regulators sends the companies to the negotiating table where they may discuss concessions to seal their [...]
Tevez side of story lost in translation – Joorabchian October 5, 2011 MANCHESTER CITY outcast Carlos Tevez has been presumed guilty of refusing to play on the basis of flawed evidence, his advisor Kia Joorabchian insisted yesterday. Joorabchian, who is not an agent but has a long association with Tevez, said television footage of his alleged refusal to come off the bench during last week’s defeat at [...]
