Comet’s star goes out as the retailer nears administration October 31, 2012 HIGH STREET stalwart Comet is preparing to bring in administrators, as increasingly tough conditions for its consumers and suppliers have made trading almost impossible. Electricals retailer Comet, which was bought by private investment firm OpCapita for just £2 earlier this year, has recently struggled to secure the credit insurance needed to buy supplies. The pre-Christmas [...]
David Cameron deserved to be defeated on the EU budget October 31, 2012 IT is hard to know what David Cameron, the Prime Minister, is playing at. His humiliating defeat at the hands of an unholy alliance of Tory Eurosceptic MPs and Labour opportunists was yet another blow to his authority. The rebels’ cause was a good one: Cameron wants to freeze the EU budget in real terms [...]
Bank of England official questions impact of QE October 31, 2012 A SENIOR Bank of England rate-setter last night cast doubt over the effectiveness of its ongoing quantitative easing programme, known as QE3. Speaking in Hull, Charlie Bean said QE could still hold down yields, but questioned “the degree of traction these lower yields have on demand at the present juncture.” It is “plausible” that the [...]
What the other papers say this morning October 31, 2012 FINANCIAL TIMES Small TNK-BP investors left in doubt Igor Sechin yesterday added to concerns about investor rights in Russia when the Rosneft chief executive said the state-controlled oil group had no obligation towards minority investors in TNK-BP. He was speaking as Rosneft moved ahead with plans to buy TNK-BP, Russia’s third-largest oil producer, in a [...]
New York climbs back to life as markets reopen October 31, 2012 THE NEW York Stock exchange re-opened yesterday after a two-day closure caused by Hurricane Sandy. Although much of the city remained without power, and a severely reduced transport system was in place, New York’s financial hub returned to life with many returning to work despite offices relying on backup power. After New York’s mayor Michael [...]
Slaughter and May cuts bonuses October 31, 2012 Magic circle law firm Slaughter and May said yesterday it is cutting bonuses it pays trainees and associates, blaming economic uncertainty. The firm will pay a discretionary bonus for this year of five per cent to associates, down from eight per cent last year, and 2.5 per cent to all trainees – down from four [...]
Netflix shares up as Icahn invests October 31, 2012 Billionaire investor Carl Icahn has bought 10 per cent of Netflix, it was revealed yesterday, raising the possibility that the pioneering video-streaming company would get acquired. Netflix shares rose 14 per cent to close at $79.24 on the Nasdaq after he disclosed the holding. Icahn, known for shaking up management, said Netflix was undervalued and [...]
China takes Heathrow board seat October 31, 2012 An arm of China’s sovereign wealth fund yesterday took a 10 per cent stake in the holding company controlling Heathrow, Britain’s largest airport. The deal will give a Chinese government representative a seat on Heathrow – the company formerly known as BAA. Heathrow’s majority owner is Spanish infrastructure group Ferrovial. The firm’s chief executive said [...]
Barclays facing $435m in fines from US action October 31, 2012 BARCLAYS was last night hit by two US regulatory investigations, one of which could leave it facing a fine of $435m (£269.7m). The news emerged on the same day the bank said it had lost money in the third quarter as PPI claims rose and credit charges grew. Barclays said the US Department of Justice [...]
JP Morgan takes former boss of the London Whale to court October 31, 2012 THE MANAGER of the London trader who cost JP Morgan at least $6.2bn (£3.84bn) is being taken to court by the banking giant, court papers revealed yesterday. The so-called London Whale’s derivative trades built up a huge and damaging position within the bank’s chief investment office, and dealt a major blow to the institution when [...]
