Stelios starts easyJet rival September 26, 2011 EASYJET founder Sir Stelios Haji-Ioannou has told the airline he is planning to launch a rival airline called Fastjet, in the latest twist in a series of bitter disputes between the tycoon and the firm he set up 16 years ago. The shock move comes just a week after easyJet’s management promised to pay out [...]
Keynesians failing their own theory September 26, 2011 LET us assume for a moment that today’s self-styled Keynesians are right and that what the UK and the West need is not austerity but even greater public spending. To me, given that the UK government could borrow £130bn this year, that the OECD puts public spending at 50.1 per cent of UK GDP, and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 26, 2011 FINANCIAL TIMES BP PROPOSES FOURTH PIPELINE ROUTE TO BRING AZERBAIJAN GAS TO EUROPE BP is planning a pipeline stretching 1,300 km across three countries to bring gas from Azerbaijan to Europe. The scheme is a new entrant in the highly charged competition to construct a supply route to the Caspian basin and reduce Europe’s dependence [...]
US may charge S&P over sub prime ratings September 26, 2011 CREDIT rating agency Standard & Poor’s could be hit with legal action from the US markets regulator for mis-rating a risky package of sub-prime mortgage bonds in 2007, it disclosed yesterday. S&P said the Securities and Exchange Commission was considering recommending action against it for violating securities laws in its rating of a collaterised debt [...]
London clings to top spot as finance hub September 26, 2011 LONDON clung to the top place on a list of the most important global financial centres yesterday but saw its lead over rivals slashed to almost zero as its competitive edge vanished, a new report showed. In a worrying sign that the City is losing its place as the world’s leading finance hub, London’s competitiveness [...]
Ed Miliband launches attack on the private equity industry September 26, 2011 ED Miliband, the Labour party leader, will use his conference speech today to attack businesses he labels “asset strippers”. His speech shows Labour keen to draw a line between “good” businesses that behave responsibly and “bad” firms that make profits recklessly. Miliband places in the “bad” category firms such as care home operator Southern Cross, [...]
French bailout would dwarf 2009 rescue September 26, 2011 FRENCH banks will need a capital injection in the tens of billions, according to analysts. In several notes yesterday, analysts began to lay out how a new bailout of the country’s lenders could happen, with some suggesting that it is “the best risk-reward medicine”. Following comments by Banque de France governor Christian Noyer that Europe’s [...]
Returns on US Treasuries set to pass 30 per cent this year September 26, 2011 RETURNS on US Treasuries have boomed in recent months, as investors have turned to long-term American debt. Hopes of political action over the Eurozone crisis saw Treasuries slip yesterday, yet 2011 as a whole is on course to be one the most successful ever years for bond-buyers. Despite losing around one and a half points [...]
Germany denies imminent plans for trillion-euro fund September 26, 2011 THE Eurozone descended into confusion yesterday, with officials giving contradictory signals on the prospects for a capital increase for the region’s bailout fund. German finance minister Wolfgang Schäuble denied that the Eurozone is considering plans to boost the firepower of the European Financial Stability Facility (EFSF) by a factor of five so that it could deploy [...]
Gold’s safe haven status questioned by investors September 26, 2011 PRECIOUS metals plunged again yesterday morning as investors continue to be spooked by the unexpected downturn in supposed “safe havens”. Gold and silver both pared losses later in the day, yet have taken a huge hit since earlier in the month. Spot gold tumbled as much as 7.4 per cent to a low of $1,534.49 [...]
