Fundamentals fail to offer a clear picture October 5, 2010 EVERY day there seems to be further bad news from the Eurozone’s periphery. Only yesterday Moody’s rating agency warned it might downgrade Irish bonds. Yet the euro continues to rally against the dollar, reaching $1.3833 yesterday at 6.45pm. The market just does not seem to care what trouble the Eurozone stirs up. All eyes are [...]
BEST OF THE BROKERS October 5, 2010 NATIONAL GRID JP Morgan Cazenove considers the Ofgem decision on the framework for the next transmission and gas distribution to be a friendly move for National Grid’s shareholders. The broker gives the energy giant a “neutral” rating and says the new finance director may offer a fresh look at the financing challenges facing National Grid [...]
FOREX ANALYST PICKS October 5, 2010 FOREX STRATEGIST ILYA SPIVAK My pick: Short euro-US dollar (pending market moves) Expertise: Global macro Average time frame of trades: 1 week-6 months Euro-US dollar has put in a bearish dark cloud cover candlestick formation following a test of resistance at the $1.38 figure, hinting that a turn lower may be ahead. Confirmation is required [...]
THE TIPSTER October 5, 2010 D ESPITE widespread dollar weakness for the US greenback against the Mexican Peso, the pair has not done so badly in the last month and now sits on a good support level offering a possible buying opportunity. Capital CFDs quotes a price of peso12.5500-peso12.5700 for dollar-peso. The Bank of Japan announced yesterday that it will [...]
FSA will flex its muscles over bonuses October 5, 2010 MISHCON DE REYA CITY bonus rounds are always an interesting time, but this year’s promises to be more fascinating than most. This is because it is the first time we will see the impact of the new version of the Financial Services Authority (FSA) Remuneration Code. The first version of the code, which was introduced [...]
Class action hopes quashed by ruling October 5, 2010 FAEGRE & BENSON Since the financial crisis of 2008, shareholders in several companies including RBS, Northern Rock, Lloyds, BP and Porsche have pursued the possibility of suing for fraud in the American courts, where class actions are far easier. But a recent Supreme Court decision could scupper these plans. The verdict in Morrison v National [...]
School of speed October 5, 2010 WE’VE done rather well in this column, test driving Aston Martin sports cars for CityA.M. The City of course is a key market for these cars, which is why I’ve been fortunate enough to get them. But the thing is, the more familiar I became with them the more I realised that UK speed restrictions [...]
CAR TALK October 5, 2010 JAZZ GOES HYBRID The best seller in the B-segment – the Honda Jazz – is now the first to go hybrid. The hybrid version of the Jazz has the same 1.3 litre i-VTEC engine as the Insight hybrid and is able to run on the electric motor alone. This will mean the cars emits only [...]
Osborne’s child benefit U-turn hits middle class October 4, 2010 THE CHANCELLOR yesterday announced sweeping benefit cuts for higher earners, as he seeks to slash the welfare bill and reduce Britain’s yawning budget deficit. Families paying the higher 40 or 50 per cent rate of tax will no longer receive child benefit, affecting hundreds of thousands of professional Londoners. By 2013, families with an adult [...]
Greece sets a tough Budget October 4, 2010 GREECE will cut its budget deficit to seven per cent of gross domestic product (GDP) and launch a fresh wave of cuts in the public sector it said in its draft budget yesterday. The 2011 budget, aimed at convincing European leaders that it is on track to tackle its deficit crisis, would see the debt [...]
