North Sea tax raid is revised July 5, 2011 SHARES in North Sea oil and gas firms rallied yesterday after the chancellor performed a partial U-turn on his decision to raid their profits. The Treasury said that it would raise the annual rate of Ring Fence Expenditure Supplement from six to 10 per cent to support firms working in less profitable fields. The change [...]
Osborne says Lloyds could avoid selling more branches July 5, 2011 LLOYDS’ current plans for the sale of over 600 branches will boost industry competition, chancellor George Osborne told a committee of MPs yesterday, appearing to diverge from views expressed by the Independent Commission on Banking (ICB). The chancellor ruled out reversing the Lloyds-HBOS merger and indicated that Lloyds could satisfy the ICB by improving the balance [...]
Lagarde takes office at IMF July 5, 2011 CHRISTINE Lagarde, who took office as IMF managing director yesterday, has signed up for tougher ethical rules than her predecessor as the lender seeks to alter its reputation in the wake of Dominique Strauss-Kahn’s resignation. Her terms of employment were made public as she arrived at the International Monetary Fund’s Washington headquarters, where she was [...]
Temasek sells off bank stakes July 5, 2011 SINGAPOREAN investment firm Temasek is selling significant stakes in two of China’s biggest banks to raise up to $3.6bn (£2.2bn). The state-backed firm is selling a $2.4bn stake it holds in Bank of China and a $1.2bn holding in China Construction Bank to trim its exposure to the financial sector. The development comes as Moody’s Investors [...]
Moody’s: new bailout looms for Portugal July 5, 2011 STRUGGLING Eurozone officials received another slap from ratings agencies last night as Moody’s downgraded Portugal further into junk territory and said it was likely the sovereign would need another bailout. The agency kept Lisbon on a “negative outlook” on the grounds that it is likely to “require a second round of official financing before it [...]
MEPs angling for a fight over naked short-selling July 5, 2011 THE European Parliament has stepped up the pressure for a ban on short-selling certain sovereign debt derivatives, laying the ground for an explosive battle with member states in the autumn. Green MEP Pascal Canfin successfully inserted an amendment into legislation yesterday that would ban “naked” short-selling of credit default swaps (CDS) on any European country’s [...]
Output sinks to 20-month low in the Eurozone July 5, 2011 GROWTH in economic output across the Eurozone hit a 20-month low in June, data revealed yesterday, while a steep drop in retail sales also shook the 17-country single currency area. “The region has seen the sharpest slowing in growth since just after the collapse of Lehman’s in late-2008,” a gloomy Markit report said. Purchasing managers’ [...]
Thousands of jobs shunted by train firm July 5, 2011 CANADIAN train manufacturer Bombardier has revealed plans to axe as many at 1,400 jobs in the UK, in a bitter blow to British industry. The company has said it would cut 446 permanent jobs and 983 temporary jobs from its 3,000-strong workforce in Derby, after it missed out on a Thameslink contract. Bombardier – the [...]
Bank of England wants to see more banks on CHAPS July 5, 2011 BANKS will come under pressure to link themselves up to the Bank of England’s main payments system, the Bank’s chief cashier Chris Salmon announced yesterday. He said that the status quo, whereby UK banks route most payments through 18 large banks that are hooked up to the real-time “CHAPS” system, concentrates systemic risk. Salmon said [...]
Do you think advertisers are right to pull ads from the News of the World? July 5, 2011 This week, we’re giving members of our readers’ panel the chance to have their say on the phone hacking scandal that has engulfed the News of the World. To answer the above question – and others like it – apply to join the panel by completing the form at www.cityam.com/panel
