RBS probe doesn’t answer key issues December 12, 2011 THERE was lots of good stuff in yesterday’s report on the demise of RBS and the idiocy, stupidity and incompetence of the top executives – including Sir Fred Goodwin – advisers, politicians and regulators in charge, including Gordon Brown and Ed Balls. RBS’s rise, fall and slow-motion crash is an astonishing tale of hubris: human [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 12, 2011 FINANCIAL TIMES Evraz raises prospect of Severstal merger Evraz has raised the possibility of a merger with Severstal in a deal that would unite Russia’s two biggest steelmakers to create the world’s eighth-largest producer by output, with a combined market capitalisation of £12bn. Alexander Abramov, Evraz’s chairman and founder, said in an interview with the [...]
Lloyds bond swap cuts debt needs by 20pc December 12, 2011 LLOYDS has completed a debt exchange that reduces its 2012 financing needs by a fifth, the bank announced yesterday. That means it will have to issue £15-£20bn of new debt next year instead of the previous target of £20-25bn. The move reduces Lloyds’ short-term reliance on wholesale funding markets, which have seized up over the [...]
LSE buys FTSE to win control of key assets December 12, 2011 THE London Stock Exchange took total control of stock index provider FTSE International yesterday, by buying Pearson’s 50 per cent stake for £450m. The move cements the LSE’s hold over the FTSE’s 200,000 indices and global, high growth trajectory. It also puts it in control of a critical piece of trading infrastructure as it seeks [...]
Hendry hedge fund soars as China slows December 12, 2011 HEDGE fund boss Hugh Hendry (pictured below) has bucked the gloom afflicting rivals and recorded stellar gains on his “China short” fund. The charismatic Glaswegian told City A.M. the fund had returned 52 per cent so far this year. The performance contrasts with a loss of 4.37 per cent for the average global hedge fund, [...]
PM: We will bring powers back from EU December 12, 2011 THE UK will work to repatriate powers from the European Union while still seeking a resolution to the Eurozone crisis, David Cameron told MPs yesterday, as he robustly defended his decision to veto a new treaty agreement in last week’s summit. With deputy PM Nick Clegg conspicuous in his absence, Cameron stressed that his actions [...]
Spanish banks on downgrade watch December 12, 2011 MOODY’S has placed eight Spanish banks on review for possible downgrade, in light of a worse than expected economic outlook and exposure to real estate. The ratings agency said 21 financial institutions have also had their ratings cut after a review of systemic support. And it warned yesterday that more Eurozone banks and governments may [...]
US agrees a funding deal for next year December 12, 2011 US LAWMAKERS agreed late last night to fund the government through next year, potentially avoiding a shutdown that would have further eroded Congres’ tattered reputation ahead of the 2012 election. A group of Republican and Democratic politicians in charge of government spending agreed on how to fund crucial government functions until the current fiscal year [...]
CBI lashes out at political row over Cameron’s veto December 12, 2011 “RECRIMINATIONS” over David Cameron’s veto last Friday are undermining efforts to secure the single market and unnerving businesses, the Confederation of British Industry (CBI) claimed yesterday. The group stressed that thousands of jobs rely on trade with Eurozone economies, and so “the coalition government must re-double its efforts to ensure that the UK is not [...]
Borrowing cost stays high for Italy’s Monti December 12, 2011 ITALY sold €7bn in one year debt at near-record highs yesterday, as Friday’s summit failed to calm market fears over the weak sovereign. The yield came in at 5.952 per cent, just below the euro-era high of 6.087 per cent paid on a similar issuance in November. The sale was covered 1.9 times. Italy’s issuance [...]
