Stricken Bankia was urged to raise more cash May 27, 2012 SHARES in bailed-out Spanish lender Bankia are expected to plunge today as new questions emerge about warnings it received in the run-up to its share issue last year. The bank, rescued over the weekend with €23.5bn (£18.78bn) from the Spanish government, was told last year it needed more cash when it raised €3.1bn in July, [...]
Investors rightly fear over-optimism more than big rights issues May 27, 2012 NEAR the end of last year, I spoke to a banker involved in UniCredit’s €7bn rights issue, which had generated huge scepticism in the markets. How on earth was he going to convince investors to put so much money into Italy’s biggest lender with every sign that the Eurozone crisis remained unresolved? His answer was [...]
UN holds emergency summit as outrage grows over Syria carnage May 27, 2012 THE UN Security Council met yesterday to discuss the killing of at least 108 people in the Syrian town of Houla, a sign of mounting outrage at the massacre that the government and rebels blame on each other. Images of bloodied and lifeless young bodies, lain carefully side by side after the onslaught on Friday, [...]
Germans push Greece to stick to bailout plan May 27, 2012 THE SWISS National Bank (SNB) is preparing contingency plans for a Greek exit from the Eurozone which could include capital controls, it emerged yesterday, while a leading German minister warned the country will not “pour money into a bottomless pit.” The Lloyd’s of London insurance market also said it has reduced its exposure to the [...]
Threat of Eurozone break-up will fuel a negative spiral May 27, 2012 STOCKS just about managed to snap a three-week losing streak on Friday but the FTSE is still down nearly seven per cent for this month. Selling at the beginning of May would have been smart. For now, it’s hard to see how asset markets won’t continue to be held hostage by uncertainty surrounding a possible [...]
Lagarde hit by furious Greek tax backlash May 27, 2012 IMF chief Christine Lagarde was hammered by a furious backlash from Greek politicians and members of the public over the weekend after she suggested that Greeks should pay their taxes. Greek MPs raced to condemn one of the country’s major international paymasters ahead of a second set of elections scheduled for 17 June. According to [...]
Irish voters are on course to give the go-ahead to austerity pact May 27, 2012 IRELAND is set to give the green light to the European Union’s new fiscal treaty, according to the final opinion polls before a referendum on Thursday. The Eurozone nation will hold what is likely to be the only popular vote on the so-called “fiscal compact”, a German-inspired pact for stricter budget discipline across the currency [...]
Francois Hollande enjoys surge as Merkel’s party ratings slump May 27, 2012 CLOSE to two thirds of French people approve of President Francois Hollande’s actions in his first days in power, a poll showed at the weekend, giving him a strong foundation to face down other leaders in the Eurozone, as he pledged on the election trail. Meanwhile German Chancellor Angela Merkel’s conservatives saw their lead crumble [...]
The City backs Beecroft and not anti-business Cable – but also sees political risk in job reform May 27, 2012 SCRAPPING unfair dismissal rules and making it easier to fire workers would be good for economic growth, according to our panel of readers. However, they also recognised Adrian Beecroft’s controversial proposals would be politically unpopular and therefore difficult for the government to push through. The panel also wants small firms to face fewer regulations, and [...]
Labour MPs call for a full probe of Baroness Warsi’s expenses May 27, 2012 LABOUR MPs yesterday called for a full investigation into the expenses of Conservative Party co-chair, Baroness Warsi, after reports she claimed for staying at a house where she paid no rent. Shadow business secretary Chuka Umunna called for a “proper independent investigation” and MP John Mann said he would ask the Lords Commissioner for Standards [...]
