Strife in the Eurozone hits markets April 23, 2012 POLITICAL upheaval and gloomy economic data knocked markets in Europe yesterday, as investors grow increasingly concerned with the outlook for the continent. A business survey for the Eurozone showed an even faster pace of recession than expected, dampening early sentiment. The mood was worsened by news of Dutch Prime Minister Mark Rutte tendering his resignation, [...]
Profligate states accused of hijacking credit system April 23, 2012 THE GOVERNMENT was accused of “hijacking” the credit system to fund its own “profligacy” by HSBC’s chief economist yesterday. In a research note, Stephen King slams Western governments, including the US and the UK, for rigging the credit system so that they can “jump to the front of the credit queue” and impose low borrowing rates for [...]
Boris is being dragged down by coalition’s many mistakes April 23, 2012 IF Boris Johnson loses the London mayoral election next week, he will have just two men to blame: David Cameron and George Osborne. Yesterday’s latest poll showing the London candidates in a statistical dead heat – Boris on 51 per cent including second preferences, and Ken Livingstone on 49 per cent – can only be [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 23, 2012 FINANCIAL TIMES EX-CALPERS CHIEF ACCUSED OF FRAUD The Securities and Exchange Commission has accused Federico Buenrostro, former chief executive of the California Public Employees’ Retirement System, and a friend of fabricating documents designed to show that $20m in fees paid by Apollo to Arvco, a “placement agent”, for help securing the pension fund’s investment had [...]
Strong pound could threaten UK’s recovery April 23, 2012 THE POUND hit a 20-month high against the euro yesterday as nervous investors fled political uncertainty to put cash in the UK. The euro fell 0.6 per cent in the day against the pound to 89.49p, its lowest since August 2010. Expectations that quantitative easing is coming to an end has also helped push up [...]
Hermes flies in face of Deutsche April 23, 2012 ● Activist UK fund manager Hermes has urged Deutsche Bank’s shareholders not to approve the supervisory board’s performance at next month’s meeting. A source close to the issue told City A.M. that Hermes Equity Ownership Services, the investment advisory division of the multi-boutique asset manager, has filed a counter proposal against the motion of approval. The [...]
S&P lowers Argentina outlook April 23, 2012 ● Ratings agency Standard & Poor’s lowered its outlook for Argentina’s sovereign debt rating last night in response to the country’s renationalisation plans. S&P said the South American nation’s “abrupt” seizure of oil group YPF underscores “the weakening system of checks and balances” in its government. The agency now has a negative outlook on Argentina’s highly [...]
Ex-Iceland PM convicted for his role in crisis April 23, 2012 FORMER Iceland Prime Minister Geir Haarde, the only politician to have been tried over the global financial crisis, was yesterday found guilty of only the most minor of four charges of negligence. The 61-year-old was convicted of failing to hold dedicated cabinet meetings ahead of the 2008 economic collapse – a charge which does not [...]
Facebook unveils Nasdaq listing ahead of IPO as revenues slide April 23, 2012 FACEBOOK last night revealed it will list on the tech-favourite Nasdaq stock exchange when it floats next month in the year’s most anticipated IPO. But in the same SEC filing the social network reported its first quarter-on-quarter earnings slide in at least two years as its revenues fell 6.5 per cent and profits dropped 32 per cent [...]
Osborne faces backbenchers’ anger over IMF April 23, 2012 CHANCELLOR George Osborne was accused of “playing with words” yesterday after he informed the House of Commons that Britain will pay out £10bn to beef up the IMF’s resources despite his previous promise that he would not do so. Tory backbenchers repeatedly raised the concern that the IMF will effectively be funding a Eurozone bailout by [...]
