OSBORNE SNUBS VICKERS ON LLOYDS BRANCH SALES June 6, 2011 THE Treasury has issued a remarkable snub to Sir John Vickers, chair of the Independent Commission on Banking (ICB), by distancing itself from the main recommendation contained in his interim report on the future of Britain’s banks, City A.M. has learned. Sir John had called for Lloyds to sell “substantially” more than the current 620 [...]
Temporary tax cuts could boost UK economy, says IMF June 6, 2011 TAX cuts could kick start the UK economy if it suffers a “prolonged period of weak growth”, the International Monetary Fund (IMF) said yesterday. Despite a resounding message of support for chancellor George Osborne’s “Plan A” of immediate fiscal consolidation, the IMF proposed temporarily slashing taxes in the event of slower than expected growth. This [...]
Geithner pans UK light touch June 6, 2011 US TREASURY secretary Tim Geithner yesterday hit out at what he said was “light touch” regulation in the UK before the financial crisis, and warned European regulators to take a tough stance on banks. In an outspoken speech, Geithner said: “The UK’s experiment in a strategy of ‘light touch’ regulation to attract business to London from [...]
The IMF is right to back UK austerity June 6, 2011 IT shouldn’t have come as a surprise that the IMF as well as other international bodies have given George Osborne’s austerity plans the thumbs-up. All over the world, profligate nations are working on policies to rein in spending and reduce their budget deficits; those that are failing to do so are finding it increasingly difficult [...]
Barclays forced to pay out June 6, 2011 BARCLAYS is being forced to return $2bn (£1.2bn) in margin collateral to the trustee for the brokerage arm of Lehman Brothers, the collapsed US bank. US bankruptcy judge James Peck yesterday said the trustee, which is liquidating what is left of the brokerage business, is entitled to $4bn in margin assets that have been the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 6, 2011 FINANCIAL TIMES SPAIN TO SEEK REDRESS OVER E. COLI CLAIM Spain will demand “100 per cent” compensation for the damage suffered by its farmers over unfounded accusations that they were the source of the E. coli outbreak in Germany that has killed 22 people and made thousands sick. Rosa Aguilar, Spain’s environment and rural affairs [...]
Strauss-Kahn pleads not guilty June 6, 2011 Former IMF chief Dominique Strauss-Kahn yesterday pleaded not guilty to charges he sexually assaulted a New York hotel maid. He was met at the courthouse by hotel workers chanting “shame on you”. Strauss-Kahn, 62, faces up to 25 years in prison if convicted on charges of attempted rape, sex abuse, a criminal sex act, unlawful [...]
Cable retreats on private equity June 6, 2011 Vince Cable, the business secretary, was forced into a climbdown yesterday after officials at his department hastily moved to “clarify” his comments on the role of private equity firms in providing healthcare. Cable told a GMB conference he had ordered officials to investigate if there was an “underlying problem with private equity companies supplying public [...]
Greece sells telco stake as protests grow June 6, 2011 PROTESTORS crowded into Athens’ Syntagma square outside parliament yesterday as the government announced that it is selling off a ten per cent stake in Hellenic Telecom. The deal sees Deutsche Telekom, which is 30 per cent owned by the German government, buy the equity for $400m (£245m) as part of a €50bn (£45bn) Greek privatisation [...]
Gaunt Jobs unveils iCloud music system June 6, 2011 STEVE Jobs yesterday broke his medical leave to announce a new cloud-based music service that threatens to sink rivals such as Spotify. The gaunt-looking Apple boss unveiled iCloud, a music-streaming and online data storage service that can be accessed on devices such as the iPad and the iPhone. The service will allow users to instantly [...]
