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 [...]
MPC leaving door open for 2012 QE boost December 21, 2011 THE CRISIS in the Eurozone, weak domestic demand and continued bank funding problems all threaten the UK’s economy, the Bank of England’s Monetary Policy Committee (MPC) concluded in its monthly meeting, the minutes of which came out yesterday. However, conditions are so uncertain that the MPC – led by Sir Mervyn King (right) – decided [...]
Deficit down in November as Treasury defies slow growth December 21, 2011 GOVERNMENT borrowing fell in November, putting the coalition on track to hit its deficit reduction targets, figures published by the Office for National Statistics yesterday showed – though the slowing economy could hit the target next year. The deficit came in at £18.1bn last month, £2.3bn lower than in November last year. Current spending accounted [...]
UK economy faces sluggishness at home and abroad, warns Bank December 21, 2011 THE UK economy is slowing across the board, according to the Bank of England’s business conditions summary, published yesterday. Construction output declined in November, the Bank’s agents found, and growth also slowed in manufacturing, business services, and exports. Uncertainty in the economic situation is in part to blame – “employment intentions had softened recently, with [...]
