IMF endorses Greek budget June 23, 2011 GREECE has agreed on the details of a five-year austerity plan with EU and IMF inspectors hoping to steer the country away from bankruptcy. The beleaguered country’s new finance minister Evangelos Venizelos met with a delegation of EU and IMF officials in Athens yesterday to discuss measures for extra tax rises and spending cuts to [...]
Lessons to learn from Swiss watches June 23, 2011 IT is my favourite fact of the day: exports of Swiss watches jumped by an astonishing 40 per cent in May. Exports to China were up 41 per cent in May, to South Korea by 39 per cent and to Singapore by 35 per cent. Even Western demand is recovering, albeit not by as much. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 23, 2011 FINANCIAL TIMES CHINESE PREMIER DECLARES VICTORY OVER INFLATION Chinese premier Wen Jiabao has declared victory over domestic inflation, saying that the government has successfully reined in price pressures. “China has made capping price rises the priority of macro-economic regulation and introduced a host of targeted policies. These have worked,” Mr Wen writes in today’s Financial [...]
Default a factor in bank test June 23, 2011 EUROPE’S banking regulator said that it has updated its stress test protocol for the region’s banks to factor in a possible Greek default. The European Banking Authority (EBA) has until now refused to include the possibility of a sovereign default in its tests. The EBA said yesterday it was closely monitoring the perilous financial situation [...]
Williams wades into energy deal June 23, 2011 US energy group Williams Companies last night tried to break up a rival’s takeover deal with pipeline company Southern Union by making an unsolicited $4.9bn cash bid. Energy Transfer Equity had already offered Southern Union $4.1bn in a stock deal. Southern Union shares rose around 15 per cent in after market trading last night. Barclays [...]
AIB in talks over capital raising June 23, 2011 Allied Irish Banks announced yesterday that discussions are continuing with the Government over the terms and structure of a capital raising in order to satisfy recent stress tests. Ireland, which already owns 93 per cent of the bank, could end up taking more control of the bank and buying more shares, resulting in potentially significant [...]
Harry Potter and the publishers of fury June 23, 2011 JK ROWLING yesterday delivered a warning shot to the publishing industry that it must adapt to the rapidly-changing online world or risk becoming marginalised. The Harry Potter author revealed she will offer her record-breaking children’s books for download through her own website, circumventing the need to visit digital bookshops like those owned by the likes [...]
Coalition closes its advertising agency and slashes budget June 23, 2011 THE government has confirmed it will close its Central Office of Information and that its advertising budget has been cut by almost 70 per cent. The closure of the agency, which commissions government advertising and publicity campaigns, will result in the loss of up to 400 jobs. The decision follows a review in March by [...]
Global Ports prices IPO June 23, 2011 Russian port operator Global Ports has priced its up to $572m (£355m) London initial public offering (IPO) at the lower end of the range, in a bid to get the float away amid tough market conditions. The container terminal operator will price its shares in the lower half of its $14.70 to $16.10 range, sources [...]
Private equity could fall foul of Bribery Act June 23, 2011 PRIVATE equity firms in the UK could be held liable for bribes paid by officials at companies they own, the Serious Fraud Office has said, following uncertainty in the sector as to what it would mean for business. SFO director Richard Alderman warned private equity clients of the law firm Debevoise & Plimpton LLP in [...]
