‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
SPORT | IN BRIEF May 16, 2010 Nadal sees off Federer in Madrid TENNIS: Four-time French Open champion Rafael Nadal stepped up his preparations for this year’s tournament by beating world No1 Roger Federer to win the Madrid Masters. Nadal’s 6-4, 7-6 (7-5) triumph, which followed his wins in Rome and Monte Carlo, means he has now won 18 Masters titles and [...]
WINNERS & LOSERS May 16, 2010 A WEEKEND is a long time in sport, as this lot will attest. But while for some it was a few days to remember, others may wish they had never set foot out of the house. ENGLAND CRICKETERS They made us wait 35 years but England have finally won a limited-overs cricket tournament, and few could [...]
Wall Street hit as bank probe widens May 13, 2010 TOP banks and rating agencies have been subpoenaed by the New York authorities as part of a probe into how they dealt with subprime securities in the run-up to the financial crisis. UBS, Citigroup, Credit Suisse, Deutsche Bank, Credit Agricole, Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley are the subjects of a [...]
Pru deal held on knife edge May 13, 2010 ONE of Prudential’s most vocal supporters has urged the insurer to be honest about recent regulatory problems when it publishes the prospectus for its mammoth rights issue. Chief executive Tidjane Thiam and chairman Harvey McGrath have effectively staked their careers on pushing through the $21bn (£14bn) cash call and $35.5bn acquisition of AIA in Asia. [...]
Cameron right to cut ministers’ pay May 13, 2010 IT was good to see David Cameron announcing a 5 per cent pay cut for all government ministers. The savings will be relatively trivial when compared with the £163bn budget deficit but that wasn’t really the point: any organisation that wishes to usher in a new culture where belt-tightening is the norm must be ruthless [...]
BP: we weren’t prepared May 13, 2010 TONY Hayward, BP’s embattled chief executive, admitted yesterday that the oil giant could have been more prepared for a deepwater leak and that as a result his job could be on the line. After two days of grilling from US Senate representatives, Hayward said that with hindsight, BP could have done more in the past [...]
Govt to raise stake in Allied Irish Banks May 13, 2010 ALLIED Irish Banks confirmed yesterday that the government’s stake in the bank has reached 18.6 per cent and that its core Irish business continues to face challenges from weak consumer demand and higher costs of funding. As had been expected, the bank said it is making an annual coupon payment on €3.5bn (£3bn) in government [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 13, 2010 FINANCIAL TIMES TENSIONS LIE AHEAD FOR TREASURY Early this year, a top Treasury official sipped coffee in the departmental canteen and mused about the process of deficit reduction. It would be a long grind, he said, requiring hard work and persistence. Most important, he predicted, would be the task of “keeping a coalition in favour [...]
Crossrail hails decision to finish the link May 13, 2010 CROSSRAIL hailed the decision by new Lib-Con transport secretary Philip Hammond not to scrap the £16bn east-west rail link across the capital yesterday. Terry Morgan, chairman of Crossrail, said: “This is welcome news. To get such early and firm support from the government means the project can go forward with confidence.” Morgan added: “This construction [...]
Obama’s bank reformer says UK should copy US bank rules May 13, 2010 PAUL Volcker, the 82-year-old adviser to Barack Obama on financial regulation, held a meeting yesterday at the Bank of England at which he is believed to have advised the governor of the need to rein in UK banks in the name of reducing risk in the financial system. Minutes before dashing to a meeting with [...]
