TIMELINE: THE TCHENGUIZ CASE December 22, 2011 ● 9 March 2011 Robert and Vincent Tchenguiz are arrested by the SFO in connection with the collapse of Icelandic bank Kaupthing. After questioning they are released without charge. ● ● 15 March Vincent Tchenguiz blames the SFO raid for his property Peverel Group entering administration, after Bank of America Merrill Lynch demands repayment of [...]
King: talk of euro’s fall is doomsaying December 22, 2011 BANK of England governor Mervyn King has compared those who forecast the break-up of the euro to unhinged doomsayers. Asked about the possibility of the end of the single currency, he said: “I remember as a student going to the centre of London and seeing on the main shopping street a man wearing a sandwich [...]
France calls off its war of words with PM Cameron December 22, 2011 FRANCE has waved the white flag across the Channel as Alain Juppé, the French foreign minister, called off the “war of words” with the British government. A string of slurs has been directed at Parliament from Sarkozy’s team lately, prompted by Cameron comparing France’s economy to that of Greece, and his recent veto of a [...]
City performs strongly as its exports keep soaring December 22, 2011 FINANCIAL services boosted the economy in the third quarter with soaring exports, the Office for National Statistics confirmed yesterday. Insurance and financial services recorded a trade surplus of £10.3bn between July and September, up from £9.1bn in the previous quarter, underlining the importance of the sector to any economic recovery. Imports rose slightly to £3.9bn, [...]
Directors: EU veto was the right move December 22, 2011 PRIME Minister David Cameron was right to wield the UK’s veto at the most recent European summit of leaders, according to a strong majority of British directors. A striking 77 per cent of more than 1,000 members asked by the Institute of Directors supported Cameron’s decision, with 46 per cent strongly agreeing with his decision. [...]
Independence of Hungarian Bank in doubt December 22, 2011 THE INDEPENDENCE of Hungary’s central bank could be undermined by a new draft law from the country’s government, the European Central Bank (ECB) warned yesterday. Such worries prompted Standard and Poor’s to slash Hungary’s credit rating to BB+/B, branding the country’s debt “junk”, and argue that “official actions raise questions about the independence of oversight [...]
Boehner agrees to extension of US tax break December 22, 2011 HOUSE of Representatives Speaker John Boehner last night bowed to pressure from both within and outside his Republican party and agreed to a short-term deal to extend a payroll tax cut for 160m Americans. Boehner informed Senate majority leader Harry Reid that he will set a vote in the House on a Senate-passed two-month extension [...]
Italy approves Monti austerity in decisive vote December 22, 2011 ITALY’S senate passed a vote of confidence in the government of new PM Mario Monti yesterday, putting the final seal on an emergency austerity budget rushed through to restore market confidence in the economy. The upper house voted 257 to 41 for the government, following a similar easy win in the lower house last week. [...]
Virgin vows to fight on as BA wins BMI December 22, 2011 SIR RICHARD Branson was left fuming yesterday after British Airways parent IAG pipped Virgin Atlantic to a deal to buy BMI for £172.5m. Branson said IAG’s purchase of the loss-making airline “simply cuts consumer choice and screws the travelling public. “BA is already dominant at Heathrow and their removal of BMI just tightens their stranglehold [...]
Veteran cashed in at right time December 22, 2011 WILLIE Walsh aside, you won’t find many men who have spent more of their life involved with airlines than former BMI-owner Sir Michael Bishop. Sir Michael joined what was then Mercury Airlines as a baggage handler in 1963, a year before it was taken over by British Midlands Airways. By 1969 he was general manager [...]
