King: Radical reform vital to the system January 26, 2010 RADICAL reform is needed to create a safer international banking system, Bank of England governor Mervyn King told the Treasury Select Committee yesterday. Speaking along with his colleagues in front of the committee, which is investigating how future financial crises could be prevented, King warned that a long-term approach needed to be taken to address [...]
US: Shares spike as consumer confidence hits 18-month high January 26, 2010 AMERICAN equities made solid gains yesterday, before ending the day slightly lower, after US consumer confidence data painted a picture of a strong recovery in the world’s largest economy. Fresh data from the Conference Board revealed a third consecutive month of gains in its consumer confidence data in January. The index rose to 55.9 in [...]
Japan: Rates held as S&P turns negative January 26, 2010 RATINGS agency Standard & Poor’s yesterday announced that it had downgraded its outlook on Japanese government debt AA rating to negative from stable. Standard & Poor’s threatened to cut the rating unless the Japanese government could produce a credible plan to rein in its soaring debt and lift growth in an economy hit by deflation. [...]
Europe: Brighter outlook lifts German business confidence January 26, 2010 GERMAN business morale improved for the tenth consecutive month in January, boosted by better conditions and a brighter outlook, a leading survey from the IFO Institute showed yesterday. The business climate index rose 1.2 points to 95.8, the highest level since July 2008 and just short of the long-term average, while the expectations index leapt [...]
BBA: Mortgage approvals rise as buyers beat stamp duty hike January 26, 2010 THE number of mortages approved in December reached its highest level since September 2007, the British Bankers’ Association (BBA) said yesterday. Net mortgage lending rose by £3.5bn in December, which was up modestly from £3.4bn in November and above an average level of £2.9bn over the past six months. The number of home loans agreed [...]
CITY VIEWS: DO YOU FEEL THAT WE ARE OUT OF RECESSION? January 26, 2010 DAVID BAINES | GLOBAL REINSURANCE “I think there are more shocks ahead. People tend to focus on the good news. With today’s announcement people could get carried away and fail to spot the next big shock. I suspect there are dark days ahead.” FRANK SPORTEILLO | NYSE “I certainly don’t feel that we’re out of [...]
Insurers say UK taxes may cause exodus January 26, 2010 INSURERS yesterday warned they could quit Britain unless the government cuts their tax burden as ministers unveiled plans to crack down on corporate tax evasion and improve the tax regime for firms with overseas operations. More companies may join the ranks of those who have already decided to move from the UK to financial centres [...]
Sage reduces debt but sales stay subdued January 26, 2010 BRITISH accountancy software firm Sage Group said yesterday it was trading in line with its own expectations, as growth in subscriptions continued to offset subdued software and software-services markets. Chief executive Paul Walker said he had seen no change in the challenging market conditions in the first quarter, but the group’s large, geographically diverse, customer [...]
Severn Trent sales stable January 26, 2010 RECESSION-hit water customers are getting to grips with bad debts and have eased efforts to cut back on water use, utility Seven Trent said yesterday. Debt owed to the firm by customers stayed at about 2.3 per cent of turnover between 1 October last year and 25 January, the level at the end of the [...]
Ugandan oil field deal worth $1.35bn gets seal of approval January 26, 2010 HERITAGE Oil said yesterday its shareholders had approved the proposed $1.35bn (£835m) sale of its Ugandan assets to either FTSE 100 oil explorer Tullow Oil or Italian rival Eni, as the bidders’ race to secure the support of the country’s government begins to hot up. Well over 99 per cent of Heritage’s investors voted to [...]
