Thumbs down for Greek rescue plan February 11, 2010 INITIAL City enthusiasm over an expected bailout for Greece quickly switched to disappointment yesterday as the 16 nations in the eurozone failed to come up with a solid rescue plan. The euro plunged almost one per cent against the dollar – at one stage breaching a fresh eight-month low –?and despite recovering slightly lost most [...]
US property loans may fail February 11, 2010 US banks face a fresh crisis as a wave of commercial property loans threatens to go sour. The US Congressional Oversight Panel (COP), which monitors government spending under the $700bn (£450bn) bailout programme, has warned that $1.4 trillion of loans covering commercial premises such as offices, shops and factories will mature between 2011 and 2014. [...]
Greek rescue doesn’t solve anything February 11, 2010 HOW predictable. Yesterday’s supposed bail-out of Greece was short on details and long on feel-good verbiage, as the City soon came to understand. And even if a loan guarantee from EU countries does eventually materialise, it would merely stave off a temporary cash flow crisis, allowing Greece to meet its next few bond repayments. For [...]
Meares set for Asia move February 11, 2010 HSBC is looking to relocate Chris Meares, the global head of its private bank, from London to Hong Kong in order to take advantage of Asia Pacific’s growing wealth. JP Morgan’s head of private banking, Douglas Wurth, successfully completed his move to the region this week and other financial institutions are now looking to follow [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 11, 2010 FINANCIAL TIMES SHELL STAFF DETAILS LEAKED TO CAMPAIGN GROUPS Royal Dutch Shell has suffered a serious breach of security after contact details for more than 170,000 employees and contractors were e-mailed to environmental and human rights campaign groups. The database, from Shell’s internal directory, gives names and telephone numbers for all the company’s workforce worldwide, [...]
Clinton undergoes heart surgery February 11, 2010 Former US President Bill Clinton has undergone heart surgery at the Columbia Presbyterian hospital in New York. Clinton had two stents – tiny mesh scaffolds used to prop open an artery – inserted in one of his heart arteries. The 63-year-old had quadruple-bypass surgery in New York in September 2004 after experiencing prolonged chest pains [...]
Tories to move fast on reform February 11, 2010 The Conservative government yesterday reiterated its promise to tear up the current structures of financial regulation, and transfer banking supervision to the Bank of England within a year of winning a general election. In the same week that the Financial Services Authority chief executive Hector Sants resigned, the shadow financial secretary Mark Hoban vowed to [...]
IPO market shaken as second firm quits February 11, 2010 The IPO market suffered another blow yesterday when Merlin Entertainments postponed its £2bn flotation. The industry was still reeling from the withdrawal of Travelport’s £2bn listing on Tuesday after it failed to secure enough subscriptions. The developments rocked the hopes of a string of firms planning to list in the coming months. Analysts say furniture [...]
FASHION ICON MCQUEEN DIES February 11, 2010 British Fashion designer Alexander McQueen was found hanged at his flat in Mayfair yesterday. McQueen, 40, who was named British designer of the year four times, is thought to have become depressed over the death of his mother, Joyce, last week. He had been due to attend her funeral today. The Metropolitan Police say they [...]
BT has £9bn pension hole February 11, 2010 BT yesterday revealed a yawning pension deficit of £9bn. Shares in the company – which now has the biggest pension deficit in the private sector – nose-dived as the extent of the black hole was revealed. The firm announced an agreement with trustees to pay back the vast sum over 17 years, adding £525m into [...]
