WHAT THE OTHER PAPERS SAY THIS MORNING April 6, 2011 FINANCIAL TIMES PARTIES FAIL TO BREAK US BUDGET DEADLOCK The US began preparations to stand down nearly 1m workers and suspend services ranging from processing tax returns to national parks as a government shutdown loomed over stalled budget talks. Republicans and Democrats in Congress remained deadlocked over a budget agreement for the final six months [...]
Goldman to buy out Aussie JV April 6, 2011 Investment bank Goldman Sachs said yesterday it was seeking to buy the remaining 55 per cent of its Australian and New Zealand joint venture that it does not already own. Goldman Sachs, which currently owns 45 per cent of the joint venture, said in a statement it had commenced a formal process to take its [...]
Libyan rebels stop oil production April 6, 2011 Brent crude oil futures hit a 2.5-year high of $123 per barrel yesterday as rebels said that they had been forced to suspend production in Libya’s eastern oil fields due to a sustained assault by Muammer Gaddafi’s forces. The hiatus means that rebel forces have only managed to oversee the extraction and export of one [...]
Gold hits new record high against dollar April 6, 2011 GOLD soared to a fresh record high in New York yesterday, explained widely by spiralling inflation and tumbling confidence in the US dollar. Silver also spiked, to a 31-year high, with investors turning to both metals as “safe havens” amid economic uncertainty and historically accommodative monetary policy. “The record price of gold is only coming [...]
Google to spend up to $100m on YouTube revamp April 6, 2011 YOUTUBE is to undergo a major overhaul that will see it reformatted into “channels” or topics such as sport and art, some of which will feature original content produced for the website. Most of the channels will consist of a reorganisation of material already uploaded to make it easier for users to find the content [...]
Generali chairman quits April 6, 2011 CESARE Geronzi, the longstanding chairman of Italian insurance giant Generali, resigned last night after a dramatic series of rows that had blighted the company for months. The turmoil had seen two independent directors leave after arguments between factions loyal to Geronzi and those loyal to chief executive Giovanni Perissinotto. The matter came to a head [...]
Stricken RAB to pay $400m to investors April 6, 2011 A RAFT of redemption requests has hit hedge fund RAB Capital, as investors look for an exit from its beleaguered flagship vehicle. Investors are seeking to withdraw almost $400m (£245m) from RAB’s $500m Special Situations fund, three years after harmful losses forced it to restrict redemptions. A series of ill-fated investments – including a stake [...]
Cameron writes to ministers in bid to reduce red tape on firms April 6, 2011 DAVID Cameron has written to all government ministers calling for a “change in approach” to regulation. He wrote: “Be in no doubt: all those unnecessary rules that place ridiculous burdens on our businesses and on society – they must go, once and for all.” The government is launching a website where members of the public [...]
The rise and fall of a hedge fund star April 6, 2011 THE story of RAB Capital’s fall from grace serves as a metaphor for the entire credit crunch. When Philip Richards floated the fund on the stock market in 2004, he made millions for himself, not to mention his colleagues. Until the crisis, the fund performed superbly; it appeared RAB could do no wrong. But Richards [...]
Three bidders left in race for Olympic site April 6, 2011 THE OLYMPIC Delivery Authority (ODA) has narrowed its search for the future owner of the Olympic Village to three candidates, it announced yesterday, as the Games organisers prepare to launch a massive advertising campaign to drum up ticket applications. Hong Kong conglomerate Hutchison Whampoa has been shortlisted, alongside medical charity Wellcome Trust and a consortium [...]
