Larry Fink says euro will drop to $1.20 level November 28, 2010 LARRY Fink, the founder of BlackRock, has warned the euro will depreciate “considerably” against the dollar, to $1.25 or $1.20, as a result of the Eurozone crisis. Fink said the dollar would have been even stronger were it not for the US Federal Reserve’s decision to begin another round of quantitative easing. He said the euro [...]
UK will not take part in new bailout mechanism November 28, 2010 THE UK will not take part in new rescue fund for troubled Eurozone nations. Chancellor George Osborne won an important concession from the EU in return for pledging a bi-lateral loan of €3.8bn (£3.23bn) to Ireland. The UK will not contribute to the a new fund, due to replace the European Financial Stability Mechanism (EFSM) [...]
Emerald Isle to keep 12.5pc rate for corporate tax November 28, 2010 Ireland’s bailout will not require it to raise its corporation tax rate, Prime Minister Brian Cowen said yesterday. Eurozone nations had heaped pressure on Ireland to slash its much-envied 12.5 per cent rate. Austria had led calls for the beleaguered nation to be forced to hike the rate as punishment for its financial failures. The [...]
Irish banks require extra €8bn to boost capital levels November 28, 2010 IRISH banks require an additional €8bn to be injected in order to meet tough new capital requirements, the country’s central bank indicated yesterday night. Allied Irish Bank, 19 per cent owned by the state, will need almost €5.3bn (£4.5bn) before March in order to achieve a core Tier 1 capital ratio of 14 per cent. [...]
Myners to join board of children’s charity ARK November 28, 2010 LORD MYNERS will today be appointed to the board of trustees for the international children’s charity ARK (Absolute Return for Kids). Myners, who started his career as a teacher, described ARK as a “tremendously innovative and dynamic charity”. A former chairman of Marks & Spencer, Myners was headhunted by ex-Prime Minister Gordon Brown to be [...]
Qantas boss points finger at Rolls-Royce November 28, 2010 QANTAS Airways chief executive Alan Joyce has said an engine failure on an A380 superjumbo should be blamed on the engine’s design and had nothing to do with the airline’s operations. A mid-flight failure of a Rolls-Royce Trent 900 engine on 4 November forced Qantas to ground its six-plane A380 fleet. The airline resumed some [...]
Ferrovial to kick off sale of BAA stake this week November 28, 2010 SPANISH builder Ferrovial plans to begin the sale of a tenth of airport operator BAA this week to cut its €24.5bn (£20.8bn) debt. The group is understood to have hired investment banks Goldman Sachs and HSBC to sell a 10 per cent stake in BAA, which owns London’s Heathrow and Stansted airports as well as Southampton, [...]
Tie-up between BA and Iberia to face the vote November 28, 2010 INVESTORS in British Airways and Spain’s Iberia are due to vote today on a £5.6bn merger to create a new giant of the skies. Shareholders are due to vote in London and Madrid on whether to approve the tie-up to create a holding company known as International Airlines Group (IAG). It would mark another step [...]
Thomas Cook plans Chinese tie-up as it moves in to emerging markets November 28, 2010 TOUR operator Thomas Cook is hoping to forge a tie-up with a Chinese travel company to expand into tiger economies. The holiday group is understood to want to move into the Chinese market by 2012 as part of its drive to cash in on growth in emerging markets. The company last week announced a deal to [...]
JAPANESE AIRLINE ATTACKS BOEING DELAYS November 28, 2010 THE launch customer for Boeing’s 787 Dreamliner has hit out at the US aircraft giant over delays to the aircraft. All Nippon Airways (ANA), which was due to have begun taking deliveries in 2008, said the delays were disappointing. ANA chief executive Shinichiro Ito said he was unsure if there would be more delays.
