CITY A.M. | SHADOW MPC July 7, 2010 ALLISTER HEATH | CITY A.M “The money supply is growing at a faster rate and while the PMI stats are slightly weaker, there will be no double-dip. Fiscal tightening won’t cause a recession. Inflation is too high so rates must go up by 0.25 per cent.” SIMON WARD | HENDERSON “Hike by 25 basis points. [...]
No changes to rates in July July 7, 2010 INTEREST rates should remain on hold this month at 0.5 per cent to offset the impact of fiscal tightening, according to a majority of City A.M.’s Shadow MPC ahead of today’s annoucement by the Bank of England at midday. Seven members of the committee said that policy should remain unchanged this month thanks to concerns [...]
Home loans at a 10-year low July 7, 2010 Mortgage lending by British banks last year fell to the lowest net level since 2000 and bank robberies rose for the first time in seven years as the recession took its toll. Net mortgage lending by British banks fell to £36.3bn last year, compared with £59.4bn the year before and almost £80bn in 2006, according [...]
Germany agrees budget cuts targeting the deficit July 7, 2010 Germany’s government yesterday agreed on a four-year, €80bn (£66.6bn) austerity plan, committing the country to slashing its bloated budget deficit and shoring up chancellor Angela Merkel’s centre-right coalition. The seal of approval from the cabinet on the package is welcome news for Merkel, who had been under pressure to tone down measures criticised at home [...]
Carlyle Group faces $1bn lawsuit over failed fund July 7, 2010 CARLYLE Group is being sued by the liquidators of a failed mortgage-securities fund that was set up by the private equity group, a spokesman for the liquidators said. The lawsuit, which is being filed in the United States and Europe, alleges that Carlyle Group and the former directors of the mortgage-securities fund, Carlyle Capital Corp, [...]
LSE cash equity trading slumps as bonds soar July 7, 2010 ACTIVITY on the London Stock Exchange’s UK cash equity order book slumped in June, though the fall was offset by Europe’s sovereign debt crisis driving volatility and a heightened interest in bond trading. The average daily value of cash equities traded in June was £4.3bn, down one per cent from June last year, while the [...]
Investec may sell Rensburg fund division July 7, 2010 SOUTH African bank Investec yesterday said it had brought in advisers to explore the possibility of hiving off the fund management division of Rensburg Sheppards, which it bought out fully at the end of March. Investec said it had received “a number of expressions of interest” from potential buyers for Rensburg Fund Management (RFM), which [...]
Natural catastrophe costs in 2010 reach record $70bn high July 7, 2010 THE total costs associated with natural catastrophes in the first half of 2010 were $70bn (£46bn), more than the average over the past 10 years and more than for the whole of 2009, according to Munich Re. The world’s biggest reinsurer by revenue said yesterday that losses jumped due to three major earthquakes — in [...]
Henderson hands international property unit to Aviva Investors July 7, 2010 FUND management group Henderson has transferred its international property fund over to Aviva Investors following a strategic review of the fund’s prospects. The international property fund, which faltered under previous owner New Star as redemptions ballooned in the credit crisis, was only re-opened to daily dealing in February after a closed period of over a [...]
FORMULA ONE CHIEF UNLEASHES TAX FURY July 7, 2010 WITH all the hubbub about capital gains tax rates in the run-up to the recent Budget, investors are no stranger to vituperative attacks on their profits, but it does come as a surprise when the abuse comes from someone who’s supposed to be on their own side. The latest high-profile character to get vocal about [...]
