Xstrata to shake up board December 14, 2010 WILLY Strothotte, the chairman of Glencore and FTSE 100-listed miner Xstrata, is due to leave his post at Xstrata in the coming year as part of a board-room changeover. Strothotte has been at the helm of Xstrata since it floated in London in 2002, and several other non-executive directors have been on the board for [...]
Wikileaks founder still in jail December 14, 2010 Wikileaks founder Julian Assange was granted bail by Westminsters magistrates yesterday but returned to Wandsworth prison last night, after the Swedish authorities appealed against the decision. Sweden has 48 hours to convince the court that Assange is likely to flee attempts to extradite him to face allegations of sexual offences. Lawyers for Assange said he [...]
GE predicts sales rise in 2011 December 14, 2010 General Electric said it expects rising demand for heavy equipment to drive strong profit growth in 2011 in an update last night, promising to beat Wall Street expectations of a dip in turnover. The company forecast that sales will be up to five per cent more than those seen in 2010, driving profit even as [...]
Tyrie calls for FSA to reveal RBS findings December 14, 2010 THE FSA is expected to release a public summary of its investigation into stricken bank RBS, after an influential MP wrote to chairman Lord Turner demanding a fuller account. Andrew Tyrie, the Conservative chairman of the Treasury select committee, said it was “crucial to learn the lessons” from the “catalogue of mistakes” that led to [...]
US considers capital rules for banking groups December 14, 2010 BANK holding companies would not be allowed to dip below the strict capital standards of their federally insured bank units, under a proposal issued by US bank regulators yesterday. Advocates of this approach argue bank holding companies relied too heavily on their insured banking units as a source of capital strength during the financial crisis, [...]
ECB to ask for more cash to buy up bonds December 14, 2010 The European Central Bank (ECB) is to ask for more cash to aid in its battle against the spread of the Eurozone crisis. In its governing council meeting today and tomorrow, the bank will discuss whether to ask for a capital hike. With Germany, now seen as the Eurozone’s paymaster, already indicating that it would [...]
S&P in warning to Belgium on deficit December 14, 2010 RATINGS agency Standard & Poor’s (S&P) warned Belgium yesterday it faced being downgraded if it failed to form a government within the next six months lowering its outlook to negative from stable. The warning came a day after the International Monetary Fund (IMF) told Belgium it needed to produce a strong deficit reduction plan soon. [...]
Irish government to have power to impose haircuts December 14, 2010 Ireland’s government will have extensive powers to restructure its banking sector, including the ability to impose losses on lenders’ subordinated bondholders, under a new law published yesterday. Ireland agreed to radically overhaul and shrink its banks as part of an €85bn (£72bn) EU/IMF rescue package designed to prevent future loan losses at its lenders tipping [...]
Spain feels the pain as the cost of its debt soars December 14, 2010 Spain paid over 100 basis points more to sell its treasury bills at an auction yesterday compared to last month, but met strong demand as investors piled in to scoop up an attractive yield. The Treasury sold €2.51bn (£2.13bn) in 12- and 18-month bills, in the middle of a €2-3bn target range. The results had [...]
Romans riot as Berlusconi pulls off narrow win December 14, 2010 Italian Prime Minister Silvio Berlusconi clung to front-line politics by the skin of his teeth yesterday after defeating a vote of no confidence by just three votes. Romans took to the streets in protest as some of the most serious rioting the city has seen in years broke out. Dozens were injured as protestors threw [...]
