FSA’s Turner meets with US counterpart November 15, 2010 LORD Turner, chairman of City watchdog the Financial Services Authority, and US counterpart Mary Schapiro met yesterday to discuss co-ordinated oversight of over-the-counter derivatives trading, high-frequency- trading and other regulatory initiatives. Schapiro, chairman of the US Securities and Exchange Commission (SEC), and Turner were meeting as part of a cross-border dialogue set up in 2006. [...]
Beazley sweetens its offer for rival Hardy November 15, 2010 LLOYD’S of London insurer Beazley threatened to pull its bid approach for rival Hardy Underwriting after a sweetened offer worth £174m was rejected. Dublin-based Beazley said yesterday it would walk away unless Hardy agreed to discuss its revised 330p per share proposal, up from an initial 300p last month. Hardy said the new proposal still [...]
RUBENS AND CHARLES I WATCH LUXURY GONGS November 15, 2010 THE great and good of the British luxury brands industry gathered for one of the biggest events of the year last night, as its lobbying group, Walpole, held its annual awards. In Whitehall’s Banqueting Hall, under the glow of a delicately lit ceiling of Rubens masterpieces and near the site where King Charles I was [...]
Persimmon wary as UK housing market struggles November 15, 2010 HOUSEBUILDER Persimmon warned yesterday that the housing market remained flat throughout autumn, with a lack of available mortgages and mounting consumer worries stunting sales. Persimmon, which posted a 27 per cent jump in annual revenue in August, said it has reached sales targets for the year and has homes worth £460m reserved for 2011. However, [...]
US retail sales jump on solid motor sales November 15, 2010 SALES at US retailers rose more than expected in October to post their largest gain in seven months, providing further evidence the economy was regaining strength after hitting a soft patch in the summer. But yesterday’s upbeat report from the Commerce Department was tempered somewhat by news that a manufacturing gauge in New York state [...]
Bank of England’s Weale says no need to change policy yet November 15, 2010 THERE is no compelling case to change monetary policy right now given the uncertainty about the degree of slack in the economy and stubborn above-target inflation, Bank of England policymaker Martin Weale said. In comments published yesterday, Weale struck a balanced tone and suggested he was in no rush to either raise interest rates from [...]
Japan’s economic growth picks up in third quarter November 15, 2010 JAPAN’S economic growth accelerated in the third quarter as expiring government incentives gave consumption a last-minute boost before a long-anticipated slowdown that analysts say is already under way. Indeed, many expect the economy to stall or even contract slightly in the next two quarters as the strong yen’s damage to exports becomes more evident and [...]
Tory MPs urge against Irish bailout November 15, 2010 EUROSCEPTIC Conservative MPs urged David Cameron not to use taxpayer’s money to contribute to a bailout fund for Ireland last night. The MPs spoke out ahead of a meeting of European finance ministers today amid speculation Ireland could ask for financial help. and leave British taxpayers with a bill of up to £7bn. Most vocal [...]
No cheap fixes for Ireland’s woes November 15, 2010 NO ONE wants to pay for Ireland to be bailed out. But Britain must face, along with its European partners, the danger that an Irish default presents. Britain is liable for 13.6 per cent of the €60bn (£50bn) European Financial Stabilisation Mechanism. An Irish bailout from the fund could therefore cost Britain as much as [...]
Greece’s 2009 deficit is revised up for third time November 15, 2010 THE EU’s statistics agency Eurostat revised Greece’s 2009 deficit upwards for a third time yesterday, to 15.4 percent of gross domestic product (GDP) compared with a previous 13.6 per cent estimate. Greece’s finance ministry said it would still manage to bring the shortfall below the e]urozone’s three per cent of GDP ceiling in 2014, despite [...]
