WHELDON TRIBUTE | Car named after Brit October 20, 2011 INDYCAR manufacturer Dallara is to name its new car (above) after tragic British racer Dan Wheldon. The 33-year-old, who died in the Indy 300 in Las Vegas at the weekend, had been helping the Italian company to develop the vehicle by taking part in extensive testing. The exact name for the chassis has not been revealed [...]
SPORT | IN BRIEF October 20, 2011 Jockeys seek urgent action HORSE RACING: The Professional Jockeys Association last night called for swift action in amending the new whip rules brought into effect last week. Strike action had been narrowly averted before representatives of the PJA, including chief executive Kevin Darley met with the BHA in London yesterday. Darley said: “There is now a [...]
Odey becomes latest victim of hedgie rout October 20, 2011 THE WOES of hedge fund managers were underlined yesterday when Crispin Odey’s flagship European vehicle became the latest to reveal steep losses. In a letter to clients, seen by City A.M., Odey Asset Management said its European fund lost 8.3 per cent last month, after some of its long positions, such as Sky Deutschland, performed poorly. The [...]
Morgan Stanley posts a profit on accounting gain October 20, 2011 MORGAN Stanley surprised investors by staying in the black yesterday, although it did so in part only because of an accounting gain that has seen banks book huge earnings from the lower cost of their debt. The bank reported a net profit of $2.2bn (£1.4bn) and pre-tax earnings of $3.68bn for the third quarter of [...]
BAA puts for sale sign over Edinburgh airport October 20, 2011 BAA announced plans yesterday to sell Edinburgh airport, bowing to the UK Competition Commission’s (CC) ruling to sell one of its Scottish airports in order to increase competition. The decision comes after a two-year battle between BAA and the CC, which in 2009 ruled that BAA, owned by Spanish infrastructure giant Ferrovial, exerted a dominant [...]
Citi pays out $285m fine October 20, 2011 CITIGROUP settled with the US Securities and Exchange Commission (SEC) for $285m last night over a case involving derivatives sold before the financial crisis, saying it was “pleased to put this matter behind us”. The SEC had accused Citi of negligence when it advertised certain derivatives to customers without disclosing that it had helped to [...]
EU unveils trading rules October 20, 2011 THE European Commission is set to announce an overhaul of trading platforms and penalties for financial crime this morning as its head, Michel Barnier, unveils two new hefty tomes of regulation. The Market in Financial Instruments Directive II (MiFID II) will target commodities derivatives trading by handing national and EU regulators new powers to slap [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 20, 2011 FINANCIAL TIMES EU PUTS BANKS’ SHORTFALL AT JUST €90BN Europe’s grand plan to strengthen its banking system is set to fall well short of current market expectations identifying a capital shortfall of less than €100bn (£87bn) that must be made up over the next six to nine months, according to the latest official estimates. The EU’s [...]
Cable can’t rule out double dip October 20, 2011 Business Secretary Vince Cable said yesterday that Britain’s faltering economy could slip back into recession, but government action to boost growth is likely to help the country avoid another downturn. During an interview with ITV news, Cable was asked if he could promise that Britain would not experience a double-dip recession. He said: “I can’t [...]
Vote on EU referendum moved October 20, 2011 Downing Street yesterday brought forward a House of Commons vote on whether a referendum on Britain’s membership of the EU should be held, as fears grow that some Tory MPs were planning a rebellion in Prime Minister David Cameron’s absence. The debate was originally scheduled for next Thursday, 27 October, but will now take place [...]
