Carlyle starts new era with profit decline May 15, 2012 THE co-head of Carlyle Group sought to play down the significance of quarterly reporting as the US private equity firm posted a 26 per cent decline in quarterly profit. Co-founder and co-chief executive David Rubenstein urged investors not to focus “disproportionately” on its quarter-to-quarter results after a disappointing first earnings report as a public company. [...]
Periphery deep in recession as Germany soars May 15, 2012 A TWO-SPEED Eurozone emerged in the first three months of this year with the region split more starkly than ever between recession-hit peripheral economies and strong northern countries, initial GDP estimates revealed yesterday. Overall the currency area recorded no economic growth in the first quarter after the previous quarter’s 0.3 per cent drop, leaving output [...]
Merkel and Hollande join forces May 15, 2012 NEW socialist French President Francois Hollande and German chancellor Angela Merkel attempted to put their political differences aside last night – yet areas of conflict over the Eurozone crisis remained evident. The unlikely couple said they are united in efforts to save the single currency area, with Merkel joining Hollande’s repeated call for a growth-based [...]
The single market’s biggest test May 15, 2012 IF SOMEONE had given Greek president Karolos Papoulias a textbook called How To Cause A Bank Run, they could hardly have improved on his action this week. In a publicly recorded meeting he told political leaders that Greeks are pulling cash out of banks in droves, and that this could spark a “panic”. But it [...]
Hedge funds celebrate as Greece pays up May 15, 2012 OPPORTUNISTIC hedge funds were celebrating the “trade of the century” yesterday as Greek authorities agreed to pay out €435m (£346m) of bonds that were not included in recent haircuts. Owners of euro-denominated Greek bonds have taken a loss on their investments as part of March’s bailout agreement for the debt-ridden Mediterranean state. Yet bonds denominated [...]
Brooks hits out at CPS decision to press charges May 15, 2012 REBEKAH Brooks, former chief executive of News International, was yesterday charged with three counts of conspiracy to pervert the course of justice. In a statement yesterday evening Brooks said she was “baffled” by the Crown Prosecution Service’s decision. “Whilst I have always respected the criminal justice system, you have to question whether this decision has [...]
Fed vote likely to happen Thursday May 15, 2012 President Barack Obama’s two stalled nominees for the Federal Reserve are likely to clear a Senate procedural hurdle tomorrow, paving the way for anticipated confirmation, the chamber’s leaders said yesterday. Democratic and Republican aides said they expect Senate approval of the pair as early as Thursday, shortly after the procedural vote, which would take the [...]
Senate renews Ex-Im Bank charter May 15, 2012 The Senate voted yesterday to renew the US Export-Import Bank’s charter through September 2014 and raise its lending cap to $140bn, overcoming objections from conservative Republicans who wanted to shut the bank down. The bill now goes to President Barack Obama, who the White House said will sign it into law. The House of Representatives [...]
Firms urge delay in offshore tax rules May 15, 2012 Financial institutions from around the world called for delay and changes to proposed US rules to combat offshore tax evasion at an Internal Revenue Service hearing yesterday. Government tax officials gave no indication about how they would respond to the businesses’ requests and said the final rules were on track to be ready in three [...]
Cove oil boost could trigger a bidding war May 15, 2012 COVE Energy yesterday announced a new oil find in Mozambique that could open up a bidding war for the company, which already has an offer from Shell on the table. The AIM-listed explorer said that it had discovered more oil off the coast, with US operator Anadarko also working on the project. The Golfinho discovery [...]
