WHAT THE OTHER PAPERS SAY THIS MORNING December 21, 2011 FINANCIAL TIMES EX-LEHMAN CHIEF TO RUN SPAIN’S ECONOMY Spain’s new government has placed the economy in the hands of Luis de Guindos, former head of Lehman Brothers in Spain, as Mariano Rajoy, the prime minister, seeks to return the country to growth while embarking on a programme of budgetary austerity. As finance minister, Mr de [...]
US home sales hint at recovery December 21, 2011 US home sales surged in November, according data out yesterday from the National Association of Realtors (NAR), which economists believe suggests the market is on the path to recovery. Sales of existing homes rose four per cent from October to an annual rate of 4.42m. But the NAR also revised data from 2007 onwards, showing [...]
Fitch warns US over credit rating December 21, 2011 Fitch warned again yesterday that the US’s rising debt burden was not consistent with maintaining the country’s top AAA credit rating, but said there would likely be no decision on whether to cut the rating before 2013. Last month, Fitch changed its US credit rating outlook to negative from stable.
Yahoo set to cut stake in Alibaba December 21, 2011 Yahoo is discussing a plan to slash its stakes in China’s Alibaba Group and its Japanese affiliate as part of a complicated share transaction valued at roughly $17bn (£10.9bn), sources familiar with the matter said. The deal is expected to be considered by Yahoo’s board today.
Demand for easy money swamps ECB December 21, 2011 EUROZONE banks have flooded the European Central Bank (ECB) with demand for cheap liquidity, figures showed yesterday, blowing analysts’ estimates out of the water. A total of 523 banks borrowed €489.2bn (£407bn) in three-year loans in the ECB’s biggest ever funding exercise – over €100bn above consensus expectations. Regulators had encouraged lenders to take advantage [...]
Bank at centre of a game of hot potato December 21, 2011 Y ESTERDAY’S data was the hardest evidence yet that since taking the helm, ECB president Mario Draghi has endorsed a policy of quantitative easing “by the backdoor”. The idea is to flood banks with cheap money and hope they – or “encourage” them to – use it to buy up sovereign debt. To make it [...]
EC gives thumbs up to a €45bn Dexia guarantee December 21, 2011 FAILED bank Dexia will be allowed to receive a €45bn (£37.5bn) refinancing guarantee from France, Belgium and Luxembourg, rather than the €90bn originally offered, the European Commission (EC) said yesterday. The temporary guarantee covers bank refinancing measures with a maturity of up to three years, issued until May 2012. Strict rules prohibiting state aid to [...]
John Duffield hits back to deny bullying December 21, 2011 JOHN Duffield, the former chief executive of New Star, has broken his silence over the bullying accusations levelled by his ex-employee Patrick Evershed. Duffield did not appear in court at the employment tribunal for the unfair dismissal case brought against New Star owners Henderson by Evershed, which settled out of court on 7 December. But [...]
Hacking at the Mirror was rife, says Hipwell December 21, 2011 PHONE-HACKING was widespread at Piers Morgan’s Daily Mirror, a former columnist at the tabloid said yesterday, as the Leveson enquiry unearthed further evidence of the illegal practice in the press. James Hipwell said he witnessed daily hacking by Mirror showbusiness reporters working a few feet from his own desk in 1999. Hipwell said he believed [...]
TOWER 42 SNAPPED UP FOR £282.5M December 21, 2011 NATHAN Kirsh, the South African property investor, has bought City skyscraper Tower 42 from BlackRock UK Property Fund and LaSalle Investment Management for £282.5m. The acquisition of Natwest’s former headquarters on Old Broad Street, one of the tallest office buildings in London, marks Kirsh’s first deal since selling a 29 per cent stake in property [...]
