Nato ends Libya intervention October 31, 2011 Nato chief Anders Fogh Rasmussen yesterday hailed the end of the alliance’s military intervention in Libya, which helped bring about the death of deposed leader Muammar Gaddafi. “It’s great to be in Libya, free Libya,” Rasmussen told a news conference in the capital Tripoli. Shortly after he spoke, members of the ruling National Transitional Council [...]
China PMI falls in October October 31, 2011 China’s purchasing managers’ index fell in October for the first time in three months, figures out this morning show. The PMI fell from 51.2 down to 50.4, just above the 50 threshold between expansion and contraction. While the measure has not fallen out of an overall growth reading since 2009, new export orders fell to [...]
Profits edge up at Barclays October 31, 2011 BARCLAYS surprised investors by booking a rise in profits in all but one of its businesses yesterday. Stripping out the effect of accounting gains and one-off provisions, its quarterly pre-tax profits rose five per cent on last year to £1.27bn despite earnings halving in its biggest division, Barclays Capital. Profits more than doubled in its [...]
Credit Suisse to axe hundreds in its London investment bank October 31, 2011 CREDIT Suisse has just concluded another round of job cuts that will see hundreds of jobs go in its London investment bank, according to a source familiar with the matter. The cuts, which could be announced as early as this morning alongside its third-quarter results, will see an estimated 1,000 jobs slashed globally, with 750 [...]
Stripping out banks’ accounting tricks October 31, 2011 IF investment bank analysts remember 2011 for anything other than an earnings wipe-out, it will be the year of the debt value adjustment (DVA) – or “own credit” tweak. In the first nine months of this year, a drop in the value of Barclays’ debt amounted to a whopping £2.97bn gain on the bottom line. [...]
UK slams EU for watering down rules October 31, 2011 THE BANKING FILES THE UK is becoming increasingly alarmed at Europe’s attempts to water down international capital regulations for continental banks, which would put the City at a disadvantage, City A.M. can reveal. HM Treasury (HMT) slams what it calls Brussels’ “weakened” approach to implementing capital rules in an internal lobbying document obtained by City [...]
British view on international regulation is labelled chaotic October 31, 2011 SENIOR City figures lashed out at the government’s approach to financial regulation yesterday, saying that its failure to take into account international initiatives is causing chaos. Responding to City A.M.’s revelation yesterday that major parts of the coalition’s flagship banking policy could be ruled illegal by the EU (see inset), Clifford Chance partner Simon Gleeson [...]
MPs lambast Bank’s secrecy October 31, 2011 AN INFLUENTIAL committee of MPs has criticised the Bank of England for excessive secrecy and a lack of accountability, particularly surrounding its actions during the financial crisis. The Treasury Select Committee (TSC), led by Andrew Tyrie, yesterday published its correspondence with Sir David Lees, chairman of the Bank’s court. The letters reveal that Lees repeatedly [...]
SMEs: Britain is anti-business October 31, 2011 MORE companies feel that the UK is less “business friendly” than a year ago, reversing a slight improvement in 2010, according to the Institute of Chartered Accountants in England and Wales (ICAEW). The accountancy body’s enterprise report showed that the attitude to the UK regulatory and tax environment has worsened, with 53 per cent of [...]
Eurozone set for patches of contraction October 31, 2011 THE EUROZONE is likely to hit “patches” of economic contraction, the Organisation for Economic Co-operation and Development (OECD) warned yesterday. OECD economists predict growth of just 0.3 per cent next year across the 17 nation single currency area, a level so low that it could involve periods of “mild negative growth”. Yet policymakers could still [...]
