More banks set to be dragged into EU’s rate rigging scandal December 10, 2012 THE European Union is expected soon to accuse several banks of attempted collusion in the setting of lending rate benchmark Euribor, the Wall Street Journal reported, citing people briefed on the probe. Barclays has already acknowledged trying to rig the Euribor rate, and other banks are likely to be pressed by regulators in the United [...]
Economists fear QE is fuelling asset bubbles December 10, 2012 A BUBBLE in risky assets could keep inflating for at least another year before bursting and causing chaos, analysts warned yesterday. Quantitative easing (QE) is designed to raise the price of government bonds and reduce the return on such safe assets, pushing investors into other markets to find yield. But that could cause a dangerous [...]
New JP Morgan exec bullish on Europe’s peripheral economies December 10, 2012 JP MORGAN yesterday unveiled its new regional heads in an internal memo, with global equity capital markets boss Vis Raghavan taking the top job in Europe, the middle east and Africa. He is upbeat on Europe’s outlook, telling City A.M. the region is past the worst of the crisis. Under the bank’s new structure he [...]
Greggs’ pasty tax rebel flakes away to Brakes December 10, 2012 PASTY shop Greggs yesterday began the search for a new chief executive after current boss Ken McMeikan, who led a rebellion against government proposals for a pasty tax, said he was quitting the business. McMeikan, who is credited with turning the high street Steak Bake maker from a small scale bakery into a thriving national [...]
IRN-BRU maker AG Barr’s sales fizzing ahead of Britvic merger December 10, 2012 IRN-BRU maker AG Barr’s revenues fizzed nine per cent higher than last year in the 18 weeks to the start of December. The Scottish drinks maker, which is set to merge with Britvic, also saw volume increase by 6.6 per cent for the same period year-on-year. Year-to-date revenues as of 1 December also increased 6.5 [...]
What does this mean for Greggs? December 10, 2012 CLIVE BLACK SHORE CAPITAL We cannot hide our disappointment for Greggs’ shareholders on the announcement of Mr. McMeikan’s resignation. With the inevitable uncertainty that a change of such a key position brings, we feels that it is right to downgrade our recommendation on Greggs’ stock from Buy to Hold. SANJAY VIDYARTHI ESPIRITO SANTO Greggs is [...]
Monti exit fuels Eurozone bond yield explosion December 10, 2012 ITALIAN and Spanish bond yields soared yesterday, as markets worried about the effects of Mario Monti’s departure on Eurozone rescue plans. Yields on 10-year Italian government debt climbed to hit 4.817 per cent, having opened at 4.547 per cent, as investors were spooked by the influential technocrat’s commitment to leave after Italy’s parliament votes on [...]
Industrial output slumps across France and Italy as crisis lingers December 10, 2012 INDUSTRIAL output continued to slide across France and Italy in October, adding to the gloom in crisis-hit Eurozone economies. French industrial output slipped 0.7 per cent over the period, according to official statistical office Insee, meaning it was 2.4 per cent lower than October last year. And industrial output in Italy fell 1.1 per cent [...]
S&P says future Greek leaders could decide to leave Eurozone December 10, 2012 THERE is a one in three chance that a future Greek government would decide to leave the Eurozone, according to a Standard & Poor’s (S&P) ratings chief. Though it was extremely unlikely that Greece would leave the currency bloc under its current government, led by Antonis Samaras, there is a “non-trivial” possibility that a future government would [...]
Fears central bank vows are losing force December 10, 2012 THE EUROPEAN Central Bank (ECB) and Spanish government must move towards a bailout soon if they are to keep markets’ confidence, analysts at Deutsche Bank warned yesterday. Markets can no longer be held up by policymakers’ promises alone, and politicians and central bankers will be forced to act by a loss of confidence if they [...]
