Battle for Wall St reaches final stage May 16, 2010 WAHT is being billed by proponents as the biggest shake-up of Wall Street since the great depression could go through the senate this week as politicians desperately haggle over the future of the US financial system. A series of new measures promise to reform many Wall Street practices. Proposals for the new bill include: • Setting [...]
US needs support to stop jobs crisis: Obama economist May 16, 2010 The US economy has begun to climb out of the worst downturn since the 1930 Great Depression but still needs additional steps by the federal government to stem a crisis in the job market, a senior economic adviser to President Barack Obama said yesterday. “What we need now is not the withdrawal of support, but [...]
BROWNE IN THE FRAME FOR WHITEHALL May 16, 2010 LORD Browne, the former chief executive of oil giant BP, is said to have been approached by senior figures in the new coalition government. The Conservatives and Liberal Democrats want Browne to take up a “super-director” post coordinating a drive to improve efficiency across the Whitehall departments.
Swiss Re fights break-up plans May 16, 2010 Walter Kielholz, chairman of insurer Swiss Re, yesterday spoke out against the proposals of Switzerland’s “too big too fail” commission, saying it would be unwise to split up banks. Kielholz, who also sits on the board at Credit Suisse, told a paper that splitting up banks could lead foreign regulators to resort to retaliatory measures, [...]
Driscoll gets backing for new firm May 16, 2010 Adam Driscoll, the former chief of music company Mama Group, is to make a comeback with a new venture, Granon Entertainment. The firm, which plans to target the live music sector, has secured financial backing from venture capital firm Edge Performance. Mama, which represents the likes of Franz Ferdinand and the Kaiser Chiefs, was bought [...]
Hornby set to reveal £1bn Boots profit May 16, 2010 ANDY HORNBY, the man associated with the near-collapse of HBOS, will return to the limelight today as he announces an estimated £1bn profit at the helm of Alliance Boots. Hornby is expected to say the private equity-owned healthcare and beauty products retailer’s trading profit for the year to 31 March grew at a faster pace [...]
Brussels bailout: markets must keep the faith May 16, 2010 A WEEK after the big Brussels bailout and its huge impact is becoming increasingly obvious. This time last week we watched in disbelief as the Eurozone, EU and IMF collectively did what the international markets never thought they had the stomach, pockets or political will to do – shock and awe, Tarp-style. Investors (by way [...]
ShoreBank future is in doubt as Wall Street discusses a rescue May 16, 2010 CHICAGO community development lender ShoreBank was teetering on the brink of bankruptcy yesterday as US authorities and Wall Street banks remained locked in talks over a potential financing package. ShoreBank faces closure if it cannot meet a deadline today to secure the $125m (£86m) in funding it needs to avoid a government takeover. Wall Street [...]
House sellers expect less as market floods May 16, 2010 A FLOOD of properties coming on to the housing market has depressed sellers’ price expectations, with average asking prices rising just 0.7 per cent in May in what is normally a bullish month for vendors, property website Rightmove will say today. Research by Rightmove has shown that there has been a sharp jump in the [...]
Business facing skills shortage May 16, 2010 EMPLOYERS are becoming increasingly concerned over a shortfall in skilled job candidates, despite the legacy of a recession that left large numbers of highly-qualified university graduates unable to get onto the career ladder. Over half of employers expect to have difficulties in filling posts requiring graduate or higher level skills in the coming years, according [...]
