WHAT THE OTHER PAPERS SAY THIS MORNING January 26, 2010 FINANCIAL TIMES ATHENS INVITES BEIJING TO BUY BONDS Greece is wooing China to buy up to €25bn of government bonds, a move that underlines Beijing’s growing financial power, as Athens struggles to fund soaring public debt. Goldman Sachs, the US investment bank, has been promoting a Greek bond sale to Beijing and the State Administration [...]
Tories blame Labour for weak growth January 26, 2010 OPPOSITION parties hit out at the government’s handling of the economy yesterday, after Britain’s GDP grew at an anaemic 0.1 per cent in the fourth quarter – much less than economists had expected. Chancellor Alistair Darling said that the country should be “confident but cautious” after exiting its longest recession on record, adding that he [...]
Pimco: UK gilts are a ticking timebomb January 26, 2010 THE manager of the world’s largest bond fund has urged investors to shun UK gilts, describing them as “resting on a bed of nitroglycerine”. The intervention by Bill Gross, co-founder of Californian fixed income house Pimco, came as a heavy blow to chancellor Alistair Darling on the day official figures confirmed Britain emerged from recession [...]
IMF sees higher global growth in 2010 but fears stimulus removal January 26, 2010 THE International Monetary Fund hiked its global growth expectations for 2010 yesterday, but warned that an early withdrawal of stimulus packages was the biggest downside risk for western economies. The IMF said world output would expand by 3.9 per cent this year, a significant rise on its forecast of 3.1 per cent in October. Britain’s [...]
Cries of Yahoo as net firm is set to recover January 26, 2010 INTERNET company Yahoo said yesterday the start of 2010 could see revenues grow for the first time in more than a year as it posted fourth quarter results in line with Wall Street expectations. Remarking that demand for display advertising had picked up, chief executive Carol Bartz said: “Our business has positive momentum and we [...]
Last gasp Spyker buyout keeps Saab on the road January 26, 2010 DUTCH car maker Spyker has snapped up Saab in a last-minute deal worth $400m (£248m). The tiny super-car manufacturer has catapulted itself into mainstream car production and saved the troubled company from the jaws of oblivion. Sources close to the two sides predicted the acquisition would collapse but dealmakers were able to breathe life into [...]
US deficit not as bad as first thought: CBO January 26, 2010 THE US budget deficit for this fiscal year has been revised lower to $1.3 trillion (£806bn) by analysts at the Congressional Budget Office [CBO] it was announced yesterday. This compares with an earlier estimate of $1.4 trillion posted in 2009. Although this is an improvement, 2010’s US budget deficit still represents 9.2 per cent of [...]
Pitman to take Virgin money chair January 26, 2010 FORMER Lloyds TSB chairman Sir Brian Pitman is expected to be named chairman of Virgin Money as early as today. Pitman, 78, will join chief executive Jayne-Anne Gadhia in planning Virgin’s assault on high street banking. He won widespread respect for his 18-year tenure at Lloyds and will be a heavyweight addition to the team.
Hermes green fund launches January 26, 2010 HERMES Private Equity yesterday launched its new Environmental Investment Fund (EIF) with £125m of capital at first close, as part of a government programme to underpin the economic recovery by supporting investment in UK growth businesses. Hermes, along with the European Investment Fund, was last month appointed as one of two fund of funds managers [...]
Pearl bondholders expect to vote down compromise deal January 26, 2010 DISGRUNTLED Pearl bondholders believe they have sufficient support to vote down a deal over suspended interest payments at a crucial meeting to be held today. One source close to the bondholding group led by lawyers Bingham McCutchen told City A.M. yesterday: “We definitely have enough proxies to vote the proposals down.” Pearl, founded by the [...]
