Debt crisis echoes subprime June 13, 2010 THE debt crisis hitting southern Europe resembles the 2007 subprime crisis more than the financial crisis following the collapse of Lehman Brothers, a report by the Bank for International Settlements (BIS) said yesterday. In its quarterly review, the bank also said investors were concentrating on signs of stress in the financial system and neglecting positive [...]
Obama leads push to hike US government spending June 13, 2010 PRESIDENT Barack Obama and his aides are stepping up a push for further government spending to boost the economy as signs grow of the recovery’s fragility. The White House is calling for Congress to urgently pass measures to extend jobless benefits, aid cash-strapped states and provide targeted tax breaks to encourage research and development by [...]
HOUSEBUILDING COLLAPSE WARNING June 13, 2010 THE National Housing Federation (NHF) has warned the number of new affordable homes built this year could slump by 65 per cent to 20,390 because of funding cuts and planning changes. The NHF has urged housing minister Grant Shapps (above) to ensure the government honours spending commitments on new housing schemes.
French deficit target on track June 13, 2010 European Central Bank board member Christian Noyer yesterday said France’s aim to bring its budget deficit down to three per cent from eight per cent of GDP by 2013 was realistic. Noyer was echoing a similar pledge by Prime Minister Francois Fillon at the weekend who said France planned to cut its deficit by €100bn [...]
No prize for honest leaders June 13, 2010 A $5m prize for former African leaders who set examples of honest, democratic government will not be awarded for a second year running, the sponsor said yesterday. Mo Ibrahim, a Sudanese-born telecommunications entrepreneur, founded the world’s largest individual award as a way to encourage good governance in a continent blighted by corruption and a frequently [...]
Paternoster hires for valuation June 13, 2010 British pension buyout firm Paternoster has hired bankers to put a valuation on the company, the Independent on Sunday reported. It said Deutsche Bank, the largest shareholder, is likely to buy out investors and merge the business into its Abbey Life insurance operation.
Sack unethical bankers, says commission June 13, 2010 BANKERS that have behaved “unethically” should be struck off by a new professional standards board, according to an influential commission into the banking industry. The Future of Banking Commission released its long-awaited report yesterday, with a radical blueprint for the industry in the wake of the financial crisis. It recommends that a new body should [...]
Law on health and safety set to be reviewed June 13, 2010 HEALTH and safety red tape that costs businesses billions of pounds a year could be slashed. The Prime Minister will today announce the appointment of Lord Young as health and safety tsar, charged with finding a “sensible new approach” to avoid “overwhelming businesses with red tape”. Lord Young, who was the special adviser that helped [...]
Top two defence officials given marching orders June 13, 2010 BRITAIN’S top two defence officials will step down later this year, the government said yesterday, but denied they were being blamed for mistakes in Afghanistan or for wasteful military spending. Britain’s most senior military officer, chief of the defence staff Jock Stirrup, and Bill Jeffrey, the top civil servant at the Ministry of Defence, are [...]
Hiking capital gains will just hit aspiration June 13, 2010 CITY A.M. CAMPAIGN LIKE many MPs, I have received an avalanche of letters and emails from angry and perplexed constituents since the rise in capital gains tax was floated. These do not come from the ranks of the super wealthy or short-term City speculators. Instead, my anxious correspondents are predominantly people who have “done the [...]
