WHAT THE OTHER PAPERS SAY THIS MORNING August 22, 2011 FINANCIAL TIMES JONATHAN SORRELL TO JOIN MAN Jonathan Sorrell, one of Goldman Sachs’ top bankers and the son of Sir Martin Sorrell, chief executive of the advertising group WPP, is to join Man Group as a senior executive at the hedge fund manager. Sorrell, 33, who is among the best-known figures in the hedge fund [...]
Price of crude falls as investors bet on exports August 22, 2011 THE price of Brent crude oil fell yesterday as Libya’s civil war appeared to near an end and investors anticipated the resumption of oil exports from the country, which is part of Opec. If production returns to the African nation it could ease petrol prices and increase disposable income, potentially boosting the recovery. The Libyan [...]
World leaders urge Gaddafi to surrender August 22, 2011 AS REBEL forces moved closer to gaining control of Tripoli yesterday, world leaders united in urging ordinary Libyans to finally push out Colonel Gaddafi after 41 years in power. Prime Minister David Cameron said the tyrant had “committed appalling crimes against the people of Libya and he must go now to avoid any further suffering”. [...]
ECB cuts back bond buying as yields fall August 22, 2011 THE European Central Bank reduced its bond purchases last week to €14.3bn (£12.5bn) from €22bn a week earlier, scaling back its market intervention after its first bout of buying helped Italian and Spanish debt yields to ease. The ECB reactivated its controversial bond-buying programme earlier this month after borrowing costs for Italy and Spain soared [...]
Germany’s central bank warns against Eurozone bailout plan August 22, 2011 GERMANY’S Bundesbank has sharpened its criticism of the Eurozone’s bond buying policy, warning yesterday that the stability efforts were in danger of increasing states’ tendency to build up debts and will weaken incentives for pursuing orderly fiscal policies. In its monthly report, the German central bank said that agreements made by Eurozone leaders “result in [...]
CITY VIEWS: DO YOU THINK THE PRICE OF GOLD IS SET TO INCREASE FURTHER STILL? August 22, 2011 RYAN TAYLOR | STEPHEN RABY ASSOCIATES “In the current financial market I think it will continue to rise over the coming months. The price will probably plateau but as the markets are still so volatile I don’t think that will be any time soon.” PETER GADOMSKI | CATLIN “The markets are very unstable at the [...]
Strauss-Kahn sex case to be dropped today August 22, 2011 FORMER IMF boss Dominique Strauss-Kahn is almost certain to walk free today after New York prosecutors lost faith in the sex charges against him and recommended the case be dismissed. The one-time favourite to beat Nicolas Sarkozy in next year’s French presidential election could fly home as soon as this evening, barring a dramatic eleventh-hour [...]
China warns Eurozone to act on Black Death crisis August 22, 2011 CHINA has urged the Eurozone to take drastic action to restore confidence in its economy to prevent the “Black Death” of its sovereign debt crisis from damaging the world economy. Chinese state media warned that the bloc’s surging debt costs will lead to a decline in demand for exports that will have a “far-reaching impact” [...]
Market crash a boon for IG Group profits August 22, 2011 EXTREME market volatility over the past two months pushed revenues up almost a fifth higher than last year at spread-better and derivatives trader IG Group, it said yesterday. IG said its customers had spent the summer months trading rather than holidaying as normal, which had pushed its client activity to “record levels” since the start [...]
The lucky few that gain from stock falls August 22, 2011 IG Group is one of the few to emerge pleased from the turbulence in financial markets. The spread-better and contracts-for-difference trader said it saw the same number of trades in the first two weeks of August alone as in the whole of August last year, as client took time out from their holidays to cash [...]
