SLOW SHIFT IN YUAN WILL HELP RISK FX June 22, 2010 BORIS SCHLOSSBERG DIRECTOR OF CURRENCY RESEARCH, GFT LAST weekend Chinese monetary authorities announced that they were ending the yuan peg to the dollar that was adopted during the credit crisis to protect the country’s exporters. The People’s Bank of China (PBoC) noted: “In a continuation of the foreign exchange reforms launched in 2005, the yuan [...]
OUT OF OFFICE June 22, 2010 TAPAS FANTASTICA Feel like you need a break from World Cup madness? Or more to the point, if you love tapas and Rioja (and who doesn’t, really), don’t miss this Spanish gastro-fair taking place this weekend at Tower Bridge. There will be stands from 40 of Rioja’s top wineries, along with 11 Spanish restaurants serving [...]
Poorest to pay no income tax at all June 21, 2010 ■ Osborne will announce £1,000 increase in income tax threshold ■ Banks braced for levy to raise over £3bn – more than first expected ■ Basic rate payers to get £200 tax break but higher rate payers lose out ■ Chancellor to say richest will bear brunt of deficit reduction measures GEORGE Osborne will today [...]
Barclays boss rejects claim June 21, 2010 BARCLAYS president Bob Diamond was labelled “evasive” by a US judge yesterday as the legal clash between the British bank and parties representing Lehman Brothers intensified. Testifying before a bankruptcy court in Manhattan, Diamond accepted Barclays took Lehman Brothers’ US brokerage at a good price “in the context of the turmoil in the financial markets”, [...]
Cuts the best way to ensure growth June 21, 2010 TODAY is D-day for George Osborne; his first Budget, presented to Parliament at 12.30pm today, could be remembered as a turning point in modern British economic history. If he flunks it, Osborne is finished; if he pulls it off, stabilises the national debt, begins to unwind the excess of the Labour years and ensures that [...]
Renminbi awakens bulls June 21, 2010 WORLD stockmarkets began the week with a bounce as traders digested China’s decision to allow its currency, the renminbi, to appreciate modestly against the US dollar. Believing the move makes the prospect of a trade spat between Washington and Beijing less likely and increases China’s buying power in dollar terms, investors piled into equities and [...]
AgBank lines up sovereign funds June 21, 2010 Sovereign wealth funds from Qatar and Kuwait have agreed to invest $3.6bn (£2.4bn) as cornerstone investors in the $23bn initial public offering (IPO) of China’s Agricultural Bank. Singaporean wealth fund Temasek and Li Ka-shing, Hong Kong’s richest man, have also queued up for a slice of what is tipped to be the biggest flotation in [...]
Crédit Agricole bins French team June 21, 2010 Crédit Agricole has axed an advertising campaign starring the French World Cup squad following dire on-pitch performances and arguments between the players and coach. The bank cut short the adverts, due to run until 25 June, as other corporate sponsors voiced their anger at the team’s disarray.
Tesco buys Fresh & Easy suppliers June 21, 2010 Tesco has bought out the US operations of Wild Rocket Foods and 2 Sisters Foods, suppliers to its recently-launched Fresh & Easy business. The supermarket hopes to improve their performance and underscore its commitment to America.
WHAT THE OTHER PAPERS SAY THIS MORNING June 21, 2010 FINANCIAL TIMES LEHMAN CREDITORS GET A LIFT AFTER $620M OF ASIAN ASSETS ARE SOLD The Hong Kong-based liquidators of Lehman Brothers’ Asian operations have sold $620m (£420m) of the failed investment bank’s portfolio of loans, bonds and equity positions in the region. The transactions, which achieved an average recovery rate of 100 per cent, mark [...]
