How long will it take for News Corp to recover from the phone hacking scandal? July 19, 2011 This week we’re giving members of our readers’ panel the chance to have their say on how damaging the News of the World phone hacking scandal will ultimately prove for its parent company News Corp. We want to know how long it will take the brand to recover, if it recovers at all. We are [...]
Soaring Chinese tax revenues in 2011 pare worries over local debt July 19, 2011 CHINA’S tax revenues in the first half of the year surged 29.6 per cent from a year earlier to five trillion yuan (£470bn), underscoring the government’s ability to deal with any fallout from piles of local government debt. Tax revenue growth slowed from a 32.4 per cent rise in the first quarter of this year. [...]
IMF: EU must harmonise its taxes for euro July 19, 2011 EUROPE must consider further integration including a region-wide bank resolution regime and harmonised taxes to avoid disastrous economic fallout from the euro crisis, the IMF has said. The advice was released in an IMF policy report as it emerged, days before a crisis summit on Thursday, that Eurozone leaders are considering a harmonised bank levy [...]
CITY VIEWS: HOW WORRIED ARE YOU ABOUT THE CRISIS IN THE EUROZONE? July 19, 2011 HAMISH ROBERTS | AON “I’m pretty worried about it because it will affect the UK economy even further. There will be a greater need to politically centralise funding. The euro can’t be allowed to fail – it will have a major effect on jobs here and it will make it even harder to compete with [...]
ITALY PROBES BERLUSCONI OVER TV SHOW July 19, 2011 Italian magistrates are investigating Prime Minister Silvio Berlusconi over claims he put pressure on state broadcaster RAI to suppress a programme critical of the government. He has been accused of trying to take a talk show off the airwaves in 2009, putting further strain on authorities as they struggle to prove Italy’s stability in the [...]
Obama upbeat over bipartisan debt plan July 19, 2011 POLITICIANS in Washington DC appeared to be edging closer to a resolution on raising the US debt ceiling yesterday, after President Barack Obama described a bipartisan proposal by six senators as “broadly consistent” with his own approach. The “Gang of Six” senators tabled a plan to cut $3.7 trillion (£2.3 trillion) from the US governments [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 19, 2011 THE WALL STREET JOURNAL ANGLO IRISH’S US PORTFOLIO DRAWS INTEREST Several banks, including Deutsche Bank AG, Goldman Sachs Group, J.P. Morgan Chase and Wells Fargo, are weighing bids for parts of nationalized Irish lender Anglo Irish Bank Corp’s US real-estate portfolio, according to people familiar with the matter. NOKIA EXPECTED TO GIVE DOWNBEAT FORECAST When [...]
Goldman hit by slump in bond division July 19, 2011 GOLDMAN Sachs yesterday rattled investors with earnings that fell far short of analysts’ estimates because of sharp declines in trading revenue. Goldman, once Wall Street’s largest bond trading house, reported its sixth consecutive quarterly decline in that business, making bond trading smaller than its traditionally low-margin equities trading business. Its fixed income, currency and commodities [...]
It’s a tough time to be running a toll booth July 19, 2011 Markets are right to be worried about America’s biggest lenders. While investors are sitting on their hands waiting for crisis after crisis to blow over, there’s little chance of returning to the days when banks like Goldman could rake in billions simply by presiding over monstrous trading flows. The same malady has hit other investment [...]
BofA falls to worst loss in its history July 19, 2011 BANK of America yesterday reported its biggest-ever quarterly loss – $8.8bn (£5.46bn) – as low interest rates squeezed lending margins at the largest US bank. The loss was widely expected after the bank said in June that it settled with mortgage bond investors for $8.5bn and was taking more than $14bn of other home loan-related [...]
