WHAT THE OTHER PAPERS SAY THIS MORNING October 24, 2011 FINANCIAL TIMES ABN AMRO SEEKS NEW LIFE AS GLOBAL FORCE ABN Amro, the Dutch bank that has seen two of its three post-crisis owners collapse, is on a mission to re-emerge as a force in the sector and has promised to be a buyer of Eurozone financial assets that capital-stretched banks are preparing to sell. [...]
Turkish earthquake toll mounts October 24, 2011 As many as 1,000 people were feared killed yesterday when a powerful earthquake hit southeast Turkey, destroying dozens of buildings and trapping some victims alive under rubble. As night fell, survivors and emergency workers battled to pull people out of the debris in the city of Van and town of Ercis, where a student dormitory [...]
Euro crisis immense: Broadbent October 24, 2011 The scale of the deepening financial crisis in the Eurozone is so great that policy can not protect Britain from it, according to MPC member Ben Broadbent. Banking policy would work “only to some extent” as the scale of some problems were such that “one cannot offset them”, he told the Financial Times. The former [...]
Anger grows over £5.2bn deal by G4S October 24, 2011 THE fight to stop security giant G4S’ £5.2bn takeover of Danish rival ISS is mounting with one of the country’s proxy groups speaking of its concerns over the deal. Institutional Shareholder Services, a corporate governance adviser to 1,700 large investors, spoke out over the weekend about concerns over the difficulties of integrating the two firms [...]
Lloyds branch float could lead to delay October 24, 2011 LLOYDS could delay the disposal of 632 branches by up to two years in order to wait out volatile markets if its sale process falls through. The plan was to offload the branches by selling them before 2012. But a lack of interest in the assets could now push Lloyds towards an alternative plan to [...]
Recovery may take time as Buckles gets investors onside October 24, 2011 SHARES in G4S have recovered about a quarter of the 20 per cent-plus they lost on Monday after it announced the ISS deal, but that still leaves the firm chasing a serious hit to its market cap – with no storming comeback visible on the horizon. Mired in a game of tug’o’war with investor groups, [...]
Bank capital timeline seen as unrealistic October 24, 2011 DETAILS of a mass-bailout for Europe’s banks continued to elude the region’s leaders yesterday, but they are now thought to be mulling stress tests that would result in banks having to raise around €110bn (£95.6bn). Banks will have to try and raise the cash themselves by an agreed deadline, whereupon sovereign states will then use [...]
Q&A: EU SUMMIT: THE TOP ISSUES October 23, 2011 Q. WHAT ACTION WILL BE TAKEN TO BOOST THE BAILOUT FUND? A. France wants the euro bailout fund to become a bank and borrow from the ECB, boosting its €440bn firepower. The leveraged fund would then be used to help troubled banks and nations. Germany believes this breaks treaties preventing the ECB from funding state [...]
Rebels set to stick to guns October 23, 2011 THREATS to clamp down on Tory MPs who defy the party’s three line whip are expected to go ignored today, with rebels determined to vote for a referendum on the UK’s membership of the European Union. Despite three line whips unusually being imposed by all three main parties against the motion, around 70 Conservative MPs [...]
Lord Turner admits error in arguing for the euro October 23, 2011 LORD Adair Turner, chairman of the Financial Services Authority, yesterday admitted he “was wrong” to argue Britain should have joined the euro. Turner, a former director general of the Confederation of British Industry, argued in a 2002 paper that “joining the euro would increase our incomes and our standard of living.” “At each stage the [...]
