GM delivers $2bn in profit ahead of IPO November 10, 2010 US CARMAKER General Motors (GM) posted a $2bn (£1.24bn) third-quarter profit yesterday, driven by an accelerating turnaround in North America as it rushes to complete an initial public stock offering (IPO) set for next week. The quarterly profit was the largest for GM since it emerged from bankruptcy in July 2009 and provides the last [...]
Obama defends US dollar policy ahead of G20 November 10, 2010 US PRESIDENT Barack Obama responded to widespread criticism that the United States is deliberately weakening the dollar as he tried to swing the G20 spotlight back onto global imbalances at a gathering of world leaders in Seoul. The US easy-money policy has been under fire since the Federal Reserve announced last week it would pump [...]
Cameron tells China to avoid protectionism November 10, 2010 DAVID Cameron yesterday warned China against protectionist policies and raised the issue of its currency, ahead of today’s G20 meeting of world leaders. In a carefully worded speech, the Prime Minister promised to campaign for greater links between Europe and China, but said the economic superpower needed to rebalance its economy towards domestic consumption. He [...]
A lesson in Confucius for the PM November 10, 2010 CONFUCIUS once said “study the past, if you would divine the future.” Someone should have told David Cameron this before he donned a poppy in Beijing. To show your respect for the fallen is a noble pursuit – one that City A.M. wholeheartedly supports (see p1 and p20) – but in China wearing what we [...]
WAS CAMERON RIGHT TO BRING UP CHINA’S HUMAN RIGHTS RECORD ONLY IN PRIVATE? November 10, 2010 AMMAR DAKER | FDM GROUP “The focus of the visit is the economy and it’s not really for the UK?to interfere with internal issues on human rights. It’s their issue. We can disagree but we can’t change it and if we put a lot of pressure on them, it might affect our relationship.” FRANK MAASSEN [...]
IFS calls for overhaul of tax system November 10, 2010 THE UK tax system is in desperate need of a radical overhaul in order to support the country’s economic recovery, according to a study commissioned by independent think-tank the Institute for Fiscal Studies (IFS). The study, conducted by Nobel Laureate Sir James Mirrlees, found the system was overly complex, inequitable and costly to administer. Mirrlees [...]
FTSE 100 falls after gloomy import data and debt worries November 10, 2010 BRITAIN’S top share index fell to a one-week closing low yesterday, pressured by miners on fears over softening demand from China after downbeat import data, with worries about Ireland’s debt also darkening the mood. The FTSE 100 closed down 58.25 points, or one per cent, at 5,816.94. The index ended up 0.4 per cent on [...]
REWRITING THE RULE BOOK FOR CITY LIFE November 10, 2010 RULES, rules, rules – it’s probably fair to say the financial services industry is getting a little sick of them by now, after being hit by a hammer blow of regulatory changes in the wake of the crisis. But that hasn’t deterred Canon David Parrott, guild vicar of the St Lawrence Jewry church on the [...]
Wall Street rises as dollar hits new high November 10, 2010 THE dollar hit a one-month high yesterday after data pointed to an improving US labour market while Wall Street rose as investors set aside recent worries whether a rally would continue. But global stocks fell as Ireland’s borrowing costs hit another euro lifetime high and investors worried that a Federal Reserve move announced last week [...]
Shard starts tenant hunt November 10, 2010 SELLAR Property, the developer of the Shard skyscraper, yesterday appointed four leasing agents to find tenants for the tower and office block near London Bridge. Jones Lang LaSalle and Knight Frank will act as joint sole agents for the 310m Shard tower, while CB Richard Ellis and Colliers International will advise on nearby London Bridge [...]
