Government’s job is to shield UK taxpayers from Euro chaos May 15, 2012 WHEN a country’s president warns that its banks are in danger, and reveals that depositors are pulling out cash from their accounts at a record rate, it is time to dig out the tin hats and the cans of baked beans. Yet that was exactly what happened in Greece yesterday on another pivotal day for [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 15, 2012 FINANCIAL TIMES EU to push for binding investor pay votes Shareholders in Europe’s listed companies will be given a binding vote on pay while those who invest in banks will gain powers to set a cap on bonus levels, under plans being drawn up by senior EU officials. The initiative from Michel Barnier, the EU’s [...]
US dollar soars to highest level since January May 15, 2012 THE LONGEST greenback rally in over two and a half decades saw the dollar climb to its strongest level since January yesterday, as the US currency is increasingly seen as a quick safe haven investment. A report revealing disappointing sales on the high streets and malls of America failed to dampen demand for the dollar, [...]
ETX gets WorldSpreads businesses May 15, 2012 Spread-betting company ETX Capital has taken over the Greek, Spanish and Danish businesses of rival WorldSpreads, which fell into administration in March. ETX said last night that the deal would broaden its revenue stream and customer base, and formed part of its plans to expand further in overseas markets. It did not disclose the financial [...]
Strauss-Kahn sues NY hotel maid May 15, 2012 Former IMF chief Dominique Strauss-Kahn has filed a $1m (£624m) countersuit against the hotel maid who accused him of sexual assault, costing him his job and any chance of being elected president of France. The countersuit was filed on Monday on the anniversary of the incident. Strauss-Kahn denies all wrongdoing in the countersuit and accuses [...]
Santander UK calms Spain fears May 15, 2012 Santander UK has moved to reassure customers as fears mount over the health of Spain’s financial sector. Steve Pateman, head of corporate and commercial banking, said the Spanish parent would need FSA approval to take out a dividend, telling the BBC: “We are a separate stand-alone subsidiary and therefore by definition are ring-fenced.”
UK climbdown leaves City on worse footing May 15, 2012 THE UK performed a huge climbdown over new banking rules for Europe yesterday as it agreed to sign up to rules that George Osborne said only two weeks ago would make him look “like an idiot”. The result is the worst possible outcome for British banks, because while the UK won the right to goldplate [...]
MPs told pay row hurts RBS price May 15, 2012 POLITICAL interference in the running of Lloyds and RBS will make it hard for taxpayers to break even on the sale of their stakes, shareholders in the banks have told MPs. In a hearing of the Treasury Committee of MPs, Standard Life’s Keith Skoech said that political anti-bank rhetoric has “had knock-on effects… on sentiment”. [...]
Facebook hikes IPO price amid overwhelming stock demand May 15, 2012 FACEBOOK yesterday raised the pricing range for its initial public offering (IPO) from $28-$35 to $34-$38 ahead of its listing this week. The social network said strong demand, which caused it to close its order books several days early, drove the price up. In an updated filing, Facebook said 337.4m shares will be sold – [...]
Worries for American GDP as retail sales stagnate in April May 15, 2012 SALES at US retailers barely rose in April as the boost from an unseasonably warm winter faded, official data showed yesterday, pointing to some loss of momentum in consumer spending early in the second quarter. Commerce department figures recorded a 0.1 per cent rise in the month – the smallest gain since December, held back [...]
