UK shuns Eurozone agreement December 9, 2011 Europe divided in a historic rift over building a fiscal union to preserve the euro, with a large majority of countries led by Germany and France agreeing to move ahead with a separate treaty, leaving Britain isolated. Twenty-three of the 27 leaders agreed to pursue tighter integration with stricter budget rules for the single currency [...]
Toyota halves profit forecast December 9, 2011 Toyota has cut its profit forecast for this business year by more than half as it continues to suffer from a stronger yen and widespread output disruptions due to Thailand’s floods. Toyota is poised for a record year in production next year, as it rebuilds inventories and puts behind it the natural disasters in Japan [...]
Moody’s downgrades three French banks December 9, 2011 Ratings agency Moody’s downgraded the debt of BNP Paribas, Societe Generale and Credit Agricole saying their creditworthiness was being hurt by the fragile operating environment for European banks. Moody’s cut its ratings on the long-term debt of BNP and Credit Agicole by one notch to Aa3, concluding reviews that began in June and were continued [...]
Cameron’s Euro make or break December 8, 2011 PRIME Minister David Cameron was under growing pressure to deliver on his promise to repatriate powers from Brussels last night as Eurozone leaders argued over the terms of their bailout fund. Cameron has come under fire for giving mealy-mouthed promises on the powers he aims to return to Westminster. He told reporters: “These are important [...]
Fight Tobin tax in court, say banks December 8, 2011 BANKERS are urging top-level British diplomats in Brussels to threaten the EU with a legal challenge if it tries to introduce a Tobin tax. City A.M. understands that Prime Minister David Cameron’s negotiating team has solicited ideas from senior City figures on what powers could and should be brought back to the UK. In response, [...]
Marshall Wace profits hit £39m December 8, 2011 Profits at Marshall Wace, one of the City’s top hedge funds, have hit £38.58m – down 15 per cent on last year amid market turmoil. The £4bn long-short equity fund, run by star traders Paul Marshall and Ian Wace, saw income from fees dip four per cent to £63.95m for the year to February, a period [...]
China makes Kalahari bid December 8, 2011 Kalahari Minerals has agreed to a £662m takeover by China Guangdong Nuclear Power Corp, as the nation continues its acquisition spree in a bid to meet its spiralling energy needs. AIM-listed Kalahari, which is the top shareholder in one of the world’s largest uranium projects, had been in talks with the state-owned firm before Japan’s [...]
Three myths that require a rebuttal December 8, 2011 Myth number one: Tesco is becoming larger and larger. Fact: it is (very) gradually losing market share in the UK grocery market, according to Kantar. Its share peaked at 31.2 per cent in December 2007 and is now back at 30.5 per cent, a market share last seen in 2006. When it comes to UK [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 8, 2011 FINANCIAL TIMES GDF SUEZ LAYS OUT FIVE YEAR PLAN GDF Suez, the world’s biggest independent power producer, is to spend up to €55bn globally over five years as it tries to double its size in Asia and cut its reliance on Europe, where it has been locked in dispute with two of its biggest state [...]
Corzine: I know nothing December 8, 2011 THE FORMER chief executive of collapsed broker MF Global said he “never intended to break any rules” as he admitted he does not know what happened to millions of dollars of missing client money. Jon Corzine said he “simply does not know” the location of the cash, when questioned by the US House Agriculture Committee, [...]
