BlackBerry gets boost in Bahrain August 8, 2010 BAHRAIN yesterday ruled out banning BlackBerry mobile phones just hours before a crunch decision is expected by nearby Saudi Arabia. The Persian Gulf island says it maintains concerns over the security risk posed by the device, made by Canadian firm Research In Motion (RIM), but would not make sharing information using the phone illegal. Last [...]
City: Bank looks too bullish on forecasts August 8, 2010 THE Bank of England needs to revise down its optimistic growth forecasts and hike its expectations for the path of inflation to bring them into line with other forecasters, City economists have warned ahead of the quarterly Inflation Report on Wednesday. In its May Inflation Report, the central bank forecast that real economic growth would [...]
US Fed predicted to unveil more easing August 8, 2010 WEAK US employment figures have spurred speculation the Federal Reserve will announce a return to “unconventional” quantitative easing (QE) at tomorrow’s policy meeting. After figures on Friday showed 131,000 Americans lost their jobs in July, more than double the number expected, analysts at Goldman Sachs said the Fed could begin using the proceeds from maturing [...]
ECONOMIST VIEWS: WILL THE BANK REVISE ITS FORECASTS THIS WEEK? August 8, 2010 JONATHAN LOYNES | CAPITAL ECONOMICS “I expect the growth forecast to be similar since the second quarter was strong, and it may even rise in the near term. The inflation forecast will have to rise, partly as a result of the VAT increase. Yet the Bank may see inflation at or below the target rate [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 8, 2010 FINANCIAL TIMES US TO PAY BIG FOR WALL ST TIPS New US whistleblowing incentives within the Dodd-Frank financial reform bill – that could net informants multimillion dollar pay-outs – are likely to generate a surge in allegations against US-listed companies and Wall Street banks, lawyers say. The SEC is expecting a sharp increase in tip-offs [...]
Virgin Media set to sell its stake in UKTV August 8, 2010 VIRGIN Media is poised to sell its stake in UKTV, the digital broadcaster it jointly owns with BBC Worldwide. Chief executive Neil Berkett expects to net at least £350m from the sale of the firm’s 50 per cent share, as he seeks to offload non-core assets and focus on Virgin Media’s cable business. Berkett is [...]
Bankers: further pay curbs will cripple the City August 8, 2010 BANKERS are warning politicians and regulators they risk an exodus of talent from London if they put further curbs on pay in response to rising bonus levels. New ONS figures show financial sector bonuses in the five-month period between December and April in the last financial year were £10bn, up from £8bn in 2008. The [...]
Pru to boost payout after £760m profit August 8, 2010 PRUDENTIAL will smash profit forecasts and hike its dividend this week as it tries to win back investors’ confidence following its disastrous $35.5bn (£22bn) attempt to buy AIA. The insurer is expected to report first-half operating profits of more than £760m, the top end of City consensus, boosted by strong performance in Asia. Prudential has [...]
Connaught ponders debt for equity swap amid more losses August 8, 2010 BELEAGUERED housing maintenance firm Connaught will press ahead with talks with lenders this week to thrash out a last ditch refinancing. Among the options being considered is a debt for equity swap, which would hand control of the FTSE 250-listed company to its creditors. A person familiar with the situation said yesterday it would be [...]
Prudential August 8, 2010 SHAREHOLDER demands for a head on a spike may have subsided, but top man Tidjane Thiam knows there is no room for complacency. He is lucky to have wind in his sails for these results: by some estimates, sales have risen 30 per cent in Asia and 40 per cent in the US, with a [...]
