Brussels will lure private cash to bulk up bailout mechanism September 25, 2012 GERMANY’S government yesterday played down reports that Europe’s new rescue fund could be leveraged four-fold to €2 trillion. Yet a spokesman acknowledged that discussions were underway in Brussels on giving the European Stability Mechanism (ESM) certain instruments to lure private investors and thus boost the fund. German weekly Der Spiegel BY CITY A.M. REPORTER reported [...]
Michel Barnier calls for a tough crackdown in the wake of Libor September 25, 2012 EUROPEAN commissioner Michel Barnier called for jail terms for interest rate manipulators yesterday, while a top US regulator called for the benchmark interest rate to be based on real transactions, not estimates. Barnier told a European parliament hearing that “an EUwide ban on manipulation” would “get rid of this ‘everything is allowed’ attitude.” “Any manipulation [...]
Greeks deny €20bn finance hole September 25, 2012 ■ The Greek government yesterday denied that it would need to plug a €20bn gap in its finances to appease international bailout lenders – a claim made in German magazine Der Spiegel. In a briefing note the government said that its shortfall would be dealt with by austerity measures that are currently being finalised. Negotiations [...]
Van Rompuy calls for progress September 25, 2012 ■ Economic reform programmes across Europe must be continued with renewed vigour, European Council president Herman Van Rompuy insisted yesterday. The European Union can not afford to be complacent even as the 27-nation bloc makes progress building a framework to protect itself from financial shocks, the senior Brussels official said in a video published on [...]
Italy needs long-term efforts September 25, 2012 ■ Mario Monti’s technocrat Italian government has laid the base for a reform effort that must be pursued for many years if Italy is to emerge from stagnation, the top economist of the Organisation for Economic Cooperation and Development (OECD) said yesterday. “As OECD chief economist, the message is to carry on with the reforms,” [...]
Retailers say mobile commerce is driving high street renaissance September 25, 2012 HIGH street stores are seeing rising sales driven by mobile commerce, with £1 in every £10 spent coming via a mobile channel, according to research from the Centre for Economics and Business Research (CEBR) released today. The report, conducted by the CEBR on behalf of software company Netsuite, said that mobile sales – including purchases [...]
Bango lifted by mobile tie-up with Facebook September 25, 2012 SHARES in British mobile payments firm Bango soared yesterday as it launched a tie-up with Facebook to let the social network’s users make purchases on smartphones. The service, which allows people to purchase extra content on Facebook – such as game extensions and virtual gifts – and charge it to their monthly network bill, will [...]
Do you use your mobile phone to make online payments? September 25, 2012 EMMANUEL KUYI | SNL PROPERTIES Yes I do, as it allows me to buy online whenever and wherever I want. I also know that if I ever have a problem with a purchase it is easy to contact someone on the same device and ask for help. JAKE CONSTABLE | TOYOTA TSUSHO METALS I have [...]
Watchdog says no signs yet of audit collusion September 24, 2012 THE COMPETITION Commission said its probe of the country’s market for company audits had not uncovered any evidence so far of collusion among the Big Four accounting firms over market share. Yesterday’s paper is the watchdog’s first comments of substance since it formally launched its investigation last year, with preliminary findings due in November. The [...]
HSBC increases lending despite rejecting government support September 24, 2012 HSBC raised lending to small firms over the last nine months, and yesterday announced another round of targets on SME credit, arguing that it can do its bit to help the economy without needing support from the government. Rival banks including Barclays, RBS and Lloyds have all cut interest rates to businesses and households in [...]
