ARE YOU MORE WARY OF EU VEGETABLES? June 2, 2011 BEN BEAUMONT | CMC MARKETS “Why risk it? News coverage puts the possibility always in the back of your mind. I don’t think food exports should be banned because it is up to people to make their own decision.” DANIEL BROWN | LIBERTY SYNDICATES “It has not been identified that the cucumber is the source [...]
EU ministry of finance called for by Trichet June 2, 2011 THE Eurozone will need a full-blown ministry of finance with power to veto national fiscal policies in future, according to ECB president Jean-Claude Trichet. Speaking upon his receipt of the prestigious Charlemagne prize – which was awarded to the euro currency itself in 2002 – Trichet called for a “quantum leap” in European government. Such a [...]
Greece to present new austerity plan June 2, 2011 GREECE will present a new austerity package to Eurogroup chairman Jean-Claude Juncker this morning amid signs that the ECB could be willing to strike a compromise with Germany over Athens’ second bailout. ECB vice president Vitor Constancio said that contrary to recent reports, the Bank would be willing to consider a very mild form of [...]
Ireland haircut plan challenged June 2, 2011 THE Irish high court will today open its hearing of a case brought forward by Allied Irish Bank’s (AIB) bondholders, Aurelius Capital Management and Abadi, challenging finance minister Michael Noonan’s plans to impose haircuts on them. Dublin is aiming to cut around €5bn (£4.3bn) from a €70bn bill for bailing out its banking sector by [...]
Strong demand in Spanish sale June 2, 2011 SPAIN saw strong demand for €3.95bn (£3.5bn) of medium-term bonds yesterday, though a broad drop in risk appetite and lingering uncertainty over how talks on fresh aid for Greece will pan out kept yields high. In a litmus test of investor appetite for peripheral Eurozone debt as policymakers thrash out a plan to avert a [...]
Analyst sees Barclays buying caja June 2, 2011 BARCLAYS is edging towards an acquisition of one of Spain’s struggling savings banks, according to Evolution Securities analyst Arturo de Frias. Following chief executive Bob Diamond’s visit to Spain last week, in which he met with Spanish Prime Minister José Luis Rodríguez Zapatero, de Frias says that Barclays is likely to move in on one [...]
All change at WS Atkins as Clarke steps down June 2, 2011 KEITH Clarke is stepping down as chief executive of engineering consultancy WS Atkins after eight years, paving the way for German physicist Uwe Krueger to take on the role later this year. Clarke has led Atkins since 2003, steering the company through its difficult relationship with London Underground operator Metronet, which resulted in a £121.3m [...]
US claims BP is not meeting Gulf duties June 2, 2011 A US report claims that BP is shirking its responsibilities for the Gulf of Mexico, where a massive oil spill last year killed 11 workers and leaked fuel across the beaches of the coast. Victims of the spill are worried that a $20bn compensation fund is not being properly run, the House of Representative’s oversight [...]
Romney in race for US presidency June 2, 2011 FORMER governor of Massachusetts Mitt Romney yesterday officially kicked off his second bid to win the US Republican presidential nomination. Romney, 64, a long GOP frontrunner in the polls, yesterday joined the race to beat President Obama and take the White House in 2012. Romney has made clear his intentions to run for the presidential [...]
Slow May sales hit US retail firms June 2, 2011 PICKY shoppers going to fewer stores have hurt big US retailers in May, patchy sales figures from Gap, Target and Costco showed yesterday. Gap, the high street clothing chain, reported a four per cent slip in comparable sales in May, down from a one per cent increase in the same month a year earlier. However, [...]
