Vatican slams economic liberals and calls for global central bank October 24, 2011 THE VATICAN made a series of radical demands for global financial control yesterday, attacking “economic liberalism that spurns rules and controls”. The Catholic authority condemned what it called “the idolatry of the market” as well as a “neo-liberal thinking” that it said looked exclusively at technical solutions to economic problems. And it called for the establishment of [...]
Major banks face non-core loss hangover October 24, 2011 EUROPEAN banks could be vastly under-estimating the losses they will have to take on the sale of billions in non-core assets, City A.M. has learned. In addition to being forced to take write-downs on their sovereign debt, lenders could be hit by worse-than-expected sale prices for many of the assets they are offloading in order [...]
Greek lenders plunge after haircut talk October 24, 2011 SHARES in Greece’s major lenders plunged by more than a fifth yesterday amid growing talk that Athens could impose a 60 per cent haircut on holders of its debt. Attica Bank lost 24.9 per cent, EFG Eurobank lost 20.3 per cent and Alpha Bank, which is set to merge with EFG, lost 19.4 per cent. [...]
Chance of euro deal lifts markets October 24, 2011 HOPE that Eurozone leaders would successfully put together a rescue plan pushed global stocks to a seven week high yesterday. Leaders failed to put together a plan to recapitalise banks, build a “firewall” around at-risk sovereigns and resolve the Greek crisis by Sunday’s summit, but the governments appear to be inching their way towards agreements [...]
Cameron left damaged by Europe rebels October 24, 2011 WEAK weak, weak.” That was how Tony Blair characterised John Major’s leadership on Europe in January 1997. The pair were sparring over Major’s “wait and see” policy on the euro, which was openly disobeyed by many Tory backbenchers, who adopted the Reverend Ian Paisley’s refrain: “Never, never, never”. But the Labour leader could have been [...]
EUROSCEPTIC REBELS AND THE TORIES: A HISTORY October 24, 2011 August 1961 Harold Macmillan faces just one Conservative rebel, Anthony Fell, when the Commons debates his decision to open negotiations with Europe about Britain’s entry to the European Economic Community April 1972 Eighteen Tories rebel against Ted Heath by supporting a move to hold an advisory referendum on entry to the EU. Heath faces no [...]
GENERATION Y DECLARES ITS FINANCE MANIFESTO FOR FUTURE October 24, 2011 THE FINANCIAL services industry should be “a part of society, not apart from it”, said the next generation of City leaders as they set out their plans for righting past wrongs at Whitehall. Politicians and regulators including Conservative MP Matthew Hancock and Prudential’s public affairs director Miles Celic supported TheCityUK-backed group as it launched its [...]
Netflix shares hit by exodus in subscribers October 24, 2011 NETFLIX shares plunged more than 26 per cent in after-hours trading last night after the DVD and online video streaming service said it lost more US subscribers than expected in the third quarter after imposing an unpopular price hike this summer. The group said it had lost more than 800,000 subscribers – more than the [...]
Push into online streaming in the UK will not be the potion to cure giant’s ills October 24, 2011 IT HAS been a year of two halves for Netflix. It reached a share high of almost $300 in July after a meteoric rise. Last year it accounted for more web traffic than any other site on the internet (that it deals in bandwidth-heavy streaming only makes this marginally less impressive). But it decision to hike [...]
CITY VIEWS: WOULD YOU USE NETFLIX? October 24, 2011 PETER GODFREY | JRP UNDERWRITING “Yes. I have used similar things in the past. Whether I use this new one over the previous ones like LoveFilm depends mainly on the cost.” ALAN WALSH | LLOYD’S OF LONDON “I would not subscribe to Netflix. As I work in the City there isn’t very much time for [...]
