REVOLUTIONISING the runabout March 16, 2010 OFTEN it’s the least exciting cars that are the most surprising. Testing an eco model from the most traditionally conservative car segment – the Supermini or B segment – promises to be, if not dull, then certainly a pedestrian experience. Yet, in a difficult car market, the Supermini segment is where all of the action [...]
Europe: UK needs to slash deficit March 15, 2010 PRIME minister Gordon Brown will this week receive a direct order to up his game from the European Commission, which is concerned the UK is not doing enough to cut its burgeoning budget deficit. In a damning indictment of the state of the UK’s finances, leaked draft documents conclude that the government’s fiscal programme “is [...]
BA rejects last minute Unite offer March 15, 2010 BRITISH Airways (BA) last night rejected a last-minute offer from trade union Unite to suspend strikes set to affect thousands of passengers this weekend. Unite joint general secretary Tony Woodley said that if BA reinstated last week’s offer “there would be no reason why the strikes could not be suspended”. BA had offered to save [...]
Fed wins in Dodd shake-up March 15, 2010 THE Federal Reserve would take on a greatly expanded role in financial regulation under new legislation unveiled yesterday by a top US Senate Democrat, in a push to move ahead with the regulatory reform that has been a top priority of President Barack Obama. The bill by Senator Christopher Dodd would give the Federal Reserve, [...]
End our smoke and mirrors economy March 15, 2010 AMERICANS are great at producing lengthy, blow-by-blow investigations into crises, debacles and disasters. Last week’s 2,200 pager into the Lehman Brothers collapse from US examiner Anton Valukas is a case in point. His revelations about how Lehman was able to downplay the size of its balance sheet are especially riveting. It is clear that the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 15, 2010 FINANCIAL TIMES RBS eyes £10bn debt buy-back as it plans balance sheet shake-up Royal Bank of Scotland is planning a vast balance sheet restructuring in an attempt to boost its capital strength and its standing with bond investors. The move could involve at least £10bn (€11bn) of the bank’s £28bn of debt being bought back [...]
Polls differ over Tory lead March 15, 2010 There are mixed messages for the Tories today, with a trio of opinion polls differing on the party’s lead over Labour. A YouGov poll in the Sun today has the Tories on a five point lead, but an ICM poll for The Guardian gives them a nine per cent advantage. An Opinium poll for the [...]
ICG chief to step down today March 15, 2010 The chief executive of Intermediate Capital Group Tom Attwood will step down today as Europe’s biggest specialist mezzanine lender places greater emphasis on third-party fund management. The move comes after the London-listed company had to repair its balance sheet by raising £351m from a rights issue last July and by cutting new lending to the [...]
E&Y set to be quizzed over Lehman role March 15, 2010 ERNST & Young (E&Y) has said it will co-operate fully with the Financial Reporting Council (FRC) after it was asked to hand over audit information in relation to Lehman Brothers in the UK. The professional services firm was asked yesterday by the FRC to hand over any audit information regarding Lehman Brothers so it could [...]
Eurogroup says it will help reduce Greece debt March 15, 2010 EUROGROUP chairman Jean-Claude Juncker said eurozone finance ministers will help Greece to reduce its debt pile as they studied options facing the struggling country yesterday. Although he did not go into detail, Juncker said the support will most likely come in the form of bi-lateral loans and that the final decision would be up to [...]
