MPC’s Miles attacks hawks in war on rates February 23, 2011 TENSIONS in the Bank of England’s rate setting committee heightened last night, after David Miles launched a thinly veiled attack on his ultra hawkish colleague Andrew Sentance. Sentance recently said sterling’s exchange rate should be a “key area of focus” for the Bank’s monetary policy committee (MPC). But last night Miles described any link between [...]
Pay on Wall Street up 6pc February 23, 2011 CASH bonus payments on Wall Street were cut by an average of nine per cent last year but overall pay rose, according to figures published yesterday by New York’s state comptroller. Total compensation including stock awards rose six per cent, however, making up for a fall in the average bonus to $128,530 (£79,259) in 2010, [...]
The paradox of plenty strikes again February 23, 2011 IT is the paradox of plenty: countries that are amply endowed with natural resources, such as oil or diamonds, tend to suffer from extreme misgovernment, poverty and misery. Iran and Libya are cases in point. Countries that start off with little or no natural endowments – such as Hong Kong – and are forced to [...]
KKR earnings leap 39pc February 23, 2011 PRIVATE equity firm KKR posted a 39 per cent rise in quarterly earnings last night to $714.6m (£440.7m), helping the company to almost double its three-month dividend to 29 cents. US-based KKR, which owns stakes in Alliance Boots, music rights firm BMG and retailer Toys R Us, said its assets under management rose 16.8 per [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 23, 2011 FINANCIAL TIMES N IRELAND’S ECONOMIC WOES BOOST TERROR GROUPS, WARN OFFICIALS The parlous state of Northern Ireland’s economy is acting as a recruiting sergeant for dissident republican groups, senior police and security figures warned, raising questions about the pace of spending cuts in the region. The province’s power-sharing executive has been told to find savings [...]
Credit Suisse bankers charged February 23, 2011 Bankers at a Swiss firm, identified by sources as Credit Suisse, were yesterday charged with helping Americans dodge taxes in a probe into offshore banks. The US charged four former and current bankers with encouraging Americans to use offshore credit cards. Credit Suisse said it was cooperating with US bodies.
ENRC to get $2bn Chinese loan February 23, 2011 FTSE-listed Kazakh miner ENRC is to get a loan of around $2bn (£1.23bn) from the China Development Bank, Kazakhstan’s President Nursultan Nazarbayev said yesterday. The funds, agreed between the two countries, are set to help develop ENRC’s iron ore and chrome units, though the firm has not commented.
Abramovich set for legal fight February 23, 2011 Russian billionaire Roman Abramovich yesterday lost an appeal over a £2bn claim brought by ex-business partner Boris Berezovsky, meaning a legal battle in the British courts will go ahead in October. Berezovsky claims Abramovich pressured him into selling a stake in oil firm Sibneft at an unfair price.
Qatar keen to buy RBS and Lloyds stakes February 23, 2011 QATAR plans to buy stakes in RBS and Lloyds Banking Group, the nation’s Prime Minister told David Cameron yesterday. Prime Minister Sheikh Hamad bin Jassim bin Jabr al-Thani said when asked about the state-owned banks: “We are very open to any investment in the UK and we have discussed some.” The Qatar Investment Authority already [...]
CITY VIEWS: SHOULD LARGE COMPANIES BE LED BY ONE PERSON OR A BOARD OF DIRECTORS? February 23, 2011 KEN SDEAN | LLOYDS “A face will represent a brand if the market perceives strong leadership, but there are many contributors behind every successful business.” PETER WILLIAMS | XCHANGING “The success of a company should not rely on a single person entirely. A directorial board brings more in terms of ideas and options.” TYRAN FALLAN [...]
