Finn to play for Otago Volts October 18, 2011 CRICKET: Middlesex’s Steven Finn will play domestic First Class cricket in New Zealand for Otago Volts next month following the England one-day squad’s current tour of India. The 22-year-old will join the Volts for a one-month stint ahead of their opening Plunket Shield match against Canterbury in Rangiora on 7 November. He will remain with [...]
GOVERNOR: TIME IS RUNNING OUT October 18, 2011 BRITAIN’S recovery has been knocked off track by the global financial crisis, Bank of England governor Sir Mervyn King claimed last night, in a sweeping attack on governments and monetary authorities throughout the world. King hit out at monetary authorities that have fixed currencies, and criticised governments for failing to act quickly enough on the [...]
Goldman plunges into red October 18, 2011 GOLDMAN Sachs shocked investors by reporting the second-ever quarterly loss in its history as a public company yesterday. The bank’s net income plunged to a $428m (£273m) loss, with pre-tax profits falling from $2.8bn last year to a $730m loss in the third quarter of this year. Chief executive Lloyd Blankfein admitted he was “disappointed”. [...]
Shock as Apple misses its earnings forecasts October 18, 2011 SHARES in Apple plunged 6.5 per cent in after hours trading last night as disappointing sales of its iPhone meant the tech giant missed its quarterly earnings target. Around $27bn (£17.2bn) was wiped off the value of Apple when it announced its results after the stock closed at $394.78. In its first update since the [...]
Moody’s cuts Spain to A1 October 18, 2011 MOODY’S Investors Service last night cut Spain’s sovereign ratings by two notches, saying high levels of debt in the banking and corporate sectors leave the country vulnerable to funding stress. Worsening growth prospects for the Eurozone will also make it more challenging for Spain to reach its ambitious fiscal targets, the ratings agency added. Spain [...]
Inflation: an undemocratic stealth tax October 18, 2011 INFLATION is taxation without legislation, as Milton Friedman, the Nobel prize winning economist, once said. He was spot on. Yesterday’s figures were truly appalling: inflation on the retail price index measure hit 5.6 per cent, the fastest rate for 20 years. On the official consumer price index measure, it reached 5.2 per cent. Over the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 18, 2011 FINANCIAL TIMES FRANCE WARNS OVER EURO CRISIS France has warned that European unity would be at risk if Eurozone leaders failed to take bold action to tackle its sovereign debt crisis at a crucial summit this weekend. President Nicolas Sarkozy said leaders will take “very important decisions in the coming days” and said the destruction [...]
Charter boss in 3-year deal October 18, 2011 CHARTER International gave its chairman Lars Emilson a three-year extension to his term in June, just five days before Melrose submitted its first takeover bid, it emerged yesterday. The unusual arrangement could cause headaches for Charter’s buyer Colfax, even though Emilson remains on a one-month notice period and the same terms and conditions apply as [...]
Bernanke urges bubble bursting October 18, 2011 Federal Reserve chairman Ben Bernanke said yesterday that central banks may need to resort to monetary policy to combat asset bubbles, although regulation should be a first line of defence. “The possibility that monetary policy could be used directly to support financial stability goals, at least on the margin, should not be ruled out,” he [...]
Groupon set for float roadshow October 18, 2011 Discounting website Groupon is planning to launch its IPO roadshow on Monday or Tuesday, sources said last night. The float is expected to value the daily deals site at more than $10bn (£6.36bn) and is likely to be in the range of $11bn to $12bn. Groupon filed for an IPO of up to $750m in [...]
