David Cameron must listen to his MPs October 24, 2011 IF you imagine that yesterday’s mass rebellion by Eurosceptic Tory MPs is only of interest to anoraks, think again. It demonstrates that there are now three parties in the coalition: the anti-Cameron Tory rebels who will be voting against him at every opportunity; the centrist Cameron Tories, many of whom actually agree with the rebels [...]
Economy may be shrinking October 24, 2011 GROWTH is weak and the UK’s economy may be contracting in this quarter, the monetary policy committee’s Martin Weale said yesterday. “The underlying rate of growth is weak, I wouldn’t be terribly surprised if we saw growth contract in the fourth quarter,” Weale told Channel 4 News. “The risk of recession is higher than it [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 24, 2011 FINANCIAL TIMES DEFENCE ATTACKS ONE-SIDED PROBE IN F1 BRIBERY TRIAL The trial of a German banker alleged to have accepted $44m in bribes from Bernie Ecclestone, the Formula One chief, and a trust linked to his former wife began in Munich yesterday with the defendant’s lawyer accusing media and prosecutors of “hounding” his client. Gerhard [...]
Gaddafi burial in secret location October 24, 2011 The body of the ousted Libyan leader Muammar Gaddafi will be buried today in a secret desert grave, a National Transitional Council official said last night. “He will be buried tomorrow in a simple burial with sheikhs attending the burial. It will be an unknown location in the open desert,” the official said. Rebels had [...]
Morgan Stanley to sell Saxon October 24, 2011 Morgan Stanley plans to sell its mortgage-servicing business to Ocwen Financial Corp for $59.3m (£37m), closing out a money-losing strategy that stemmed from the subprime housing bubble. The deal, announced yesterday, signals Ocwen’s strategy of expanding by buying troubled servicing assets on the cheap from big banks that have stepped back from the US mortgage [...]
Accounting tweak hides bank wipeout October 24, 2011 ACCOUNTING technicalities have disguised the true extent of the wipeout for Wall Street’s investment banks this quarter, according to data compiled by Financial News. A run of US bank results for the third quarter of this year exceeded analysts’ expectations last week, but a closer look at the numbers shows that their investment banking businesses [...]
Shareholders rage against Murdochs October 24, 2011 JAMES Murdoch, the presumed heir to the News Corp media empire, felt the wrath of the firm’s shareholders yesterday, with nearly 35 per cent of its investors voting against his re-election to the board. James, the youngest son of News Corp chairman Rupert Murdoch, garnered only a 65 per cent approval vote. James was formally [...]
G4S head Nick Buckles flies out to convince investors of ISS deal October 24, 2011 THE CHIEF executive of embattled security giant G4S met key investors in Copenhagen yesterday to try to persuade them to back his controversial £5.2bn takeover of rival ISS. Nick Buckles made the swift visit to Denmark after the hostile reaction that greeted the deal last week. G4S has a series of Scandinavian shareholders remaining from [...]
US stocks in results and deals boost October 24, 2011 US stocks rallied yesterday as investors were roused by big-money takeover talks and record results from the world’s largest heavy machinery manufacturer. The S&P 500 rose 1.3 per cent to 1,254.19, dragged up by acquisition targets. It has now gained almost 11 per cent in October after five consecutive monthly falls. Health insurer Cigna’s decision to [...]
Human rights laws could let activists cling on until 2012 October 24, 2011 THE THREAT of challenges under human rights legislation means any eviction of protesters outside St Paul’s Cathedral may not take place until the New Year, City A.M. understands. Yesterday the City of London Corporation met lawyers and officers believe it could take several months to win a legal battle against Occupy LSX because of the [...]
