UK hopelessly optimistic on pensions May 25, 2011 IT is hard to know what is most depressing about Britain’s approach to retirement. The findings of HSBC’s survey on the subject, released this morning, paint an all too accurate picture of an “ostrich generation” convinced it will be able to retire early despite not saving anything. How else can one describe a situation where [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 25, 2011 FINANCIAL TIMES BRANSON WANTS 600 BRANCHES OF LLOYDS Sir Richard Branson has set his sights on buying a network of branches from Lloyds Banking Group as he attempts to go head-to-head with some of the biggest banks on the UK high street. Sir Richard met António Horta-Osório, Lloyds chief executive, on Tuesday and plans [...]
Lagarde confirms IMF bid May 25, 2011 FRENCH finance minister Christine Lagarde officially declared her candidacy for the leadership of the IMF yesterday, confirming speculation that she would make a bid to replace the ousted Dominique Strauss-Kahn. She appears to have few credible challengers, but her candidacy could cause controversy given that her appointment would follow the decades-old tradition that only Europeans [...]
Flights return as ash cloud clears May 25, 2011 Airports reopened and flights resumed across Europe yesterday as the ash cloud from Icelandic volcano Grimsvotn cleared. Berlin and Hamburg airports both reopened during the day, but Hamburg warned that “it is possible that operations will be limited” until a backlog of disrupted flights clears. Germany had seen 450 flights cancelled yesterday due to the [...]
Oil trader denies manipulation May 25, 2011 Oil trader Arcadia Petroleum has vigorously denied claims that it attempted to manipulate oil markets in early 2007, preceding a price rally that saw the price of a barrel soar over $140 (£85.90). The US Commodity Futures Trading Commission (CFTC) has sued two oil traders and their employers, Arcadia and Parnon, for an alleged manipulation [...]
Shell moves in on BP’s failed Rosneft deal May 25, 2011 ROYAL Dutch Shell is moving in on Russia’s Arctic energy reserves in the wake of BP’s failure to resolve its legal issues surrounding a tie-up with Rosneft, Moscow’s national oil giant. Shell chief executive Peter Voser met with Russian deputy prime minister and energy chief Igor Sechin as well as Rosneft chief Eduard Khudainatov yesterday. [...]
Rewards of up to $1m for US whistleblowers May 25, 2011 CORPORATE whistleblowers could score multi-million-dollar payouts for reporting financial wrongdoing under a new programme approved by US securities regulators yesterday. A divided US Securities and Exchange Commission (SEC) voted 3-2 to finalise the measure that has grown into one of the most contentious requirements of last year’s Dodd-Frank Wall Street overhaul law. Tipsters would be [...]
Maple Group goes hostile with its offer for TMX May 25, 2011 MAPLE Group, a consortium of Canadian banks and pension funds, last night decided to go hostile with its C$3.7bn (£2.3bn) bid for the TMX, the Toronto exchange group. Its bid was rejected in favour of the London Stock Exchange’s friendly C$3bn bid, a move that Maple said was “disappointing”. But Maple has the support of [...]
OECD downbeat over UK growth outlook for 2011 May 25, 2011 HIGH inflation will squeeze UK household budgets well into next year, the Organisation for Economic Co-operation and Development (OECD) said yesterday. The OECD cut its forecast for British growth to 1.4 per cent this year, down from March’s estimate of 1.5 per cent. Back in November it was still expecting 1.7 per cent growth for [...]
Euro tycoons flee to London May 25, 2011 TYCOONS in Europe’s troubled southern periphery are buying up homes in London’s most affluent postcodes and shifting cash to the City’s banks as they flee the Eurozone debt crisis, according to new research. The proportion of non-British western Europeans buying prime residential property in London has risen to 14 per cent this year from 11 [...]
