Mandarins and banks talk growth October 20, 2011 SENIOR Treasury mandarins are locked in talks with banks in a desperate bid to boost lending, and have discussed relaxing the UK’s ultra-strict regulations to help stimulate growth, City A.M. can reveal. Three banking sources have told City A.M. that senior Treasury (HMT) officials are “sympathetic” to their ideas, but could be put off pursuing [...]
Earnings rise at Microsoft October 20, 2011 MICROSOFT matched market expectations for its first-quarter earnings yesterday, turning a solid performance despite weakness in the PC market that hit sales of its flagship Windows software. The software giant’s strong foothold in the business market helped insulate it from the slowdown in consumer spending, and it said it had set a new record for [...]
Politicians fiddle while Rome burns October 20, 2011 SO Angela Merkel and Nicolas Sarkozy agree – there is a problem in the Eurozone, apparently, and something needs to be done about it. But as to what that should be, forget it. With this weekend’s get-together bound to fail, the EU’s so-called leaders may call yet another summit on Wednesday. The situation would be [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 20, 2011 FINANCIAL TIMES KKR BETS ON CHINA SLOWDOWN WITH HK EXPANSION Kohlberg Kravis Roberts is set to expand into Hong Kong in an early bet by the US private equity group on a slowdown in the Chinese economy. The buy-out group, which is among the largest in the world, is planning to expand into Hong Kong [...]
Tory: renegotiate with EU October 20, 2011 TORY MP George Eustice wants colleagues to support a renegotiation of Britain’s membership of the European Union, according to a proposed amendment circulated last night. The amendment was widely seen as an attempt to water down next week’s parliamentary motion, which proposes an “in or out” referendum on whether or not the UK should remain [...]
Capital One posts earnings gains October 20, 2011 US loan and credit card provider Capital One reported a bigger than expected quarterly profit yesterday as net interest income rose and it set aside less money for loan losses. Total revenues rose 3.4 per cent to $4.2bn (£2.7bn) while net income rose 1.2 per cent to $813m or $1.77 per share, above expectations for [...]
S&P owner’s profits disappoint October 20, 2011 McGraw-Hill, the owner of Standard & Poor’s ratings and indices, posted worse-than-expected profits and a fall in revenues yesterday as it said demand for its rating services had slumped in the past quarter. While its indices and report provider Platts performed well, fewer clients wanted ratings, while sales in its education division fell 11 per [...]
Merkozy fail to agree deal to save euro October 20, 2011 HOPES for a decisive breakthrough on a Eurozone rescue package at this Sunday’s summit collapsed as France and Germany failed to agree on the purpose of the European Financial Stability Fund (EFSF) yesterday. Officials said another summit might be held early next week to continue discussions on private sector involvement in a second Greek bailout, [...]
G4S slammed for £5.2bn acquisition October 20, 2011 THE fifth-largest shareholder in G4S has broken ranks and revealed its hostility to the security firm’s £5.2bn deal to buy facilities manager ISS. Parvus Asset Management described it as “an untested vision” it could not support, just a day after it took a 3.7 per cent stake in G4S, after swapping out of contracts for [...]
EC plan to stop ratings in crises October 20, 2011 BLACKOUTS will be forced on credit ratings of weak sovereigns at crucial moments, if the European Commission (EC) gets its way with proposals to be unveiled next month. The EC would not confirm the reports, based on a leaked document, as internal discussions are ongoing. However, a source told City A.M. the plan is to [...]
