Republicans retain House but Democrats tighten Senate grip November 7, 2012 REPUBLICANS retained their hold on the House of Representatives yesterday, while Democrats held onto the Senate, maintaining the partisan status quo of the past two years. Republicans guaranteed themselves a majority in the 435-member lower chamber, even before the last results came in through the night. But Democrats increased their majority in the upper chamber [...]
Markets plunge as re-election jitters emerge November 7, 2012 FEARS a split Congress could hamper action on the US economy saw initial market euphoria that the elections had delivered a decisive result rapidly switch to fear on world markets. The Dow plunged 312.95 points in its worst one-day fall for the year, with the FTSE 100 losing 1.6 per cent and the benchmark Eurofirst [...]
How the result might affect UK companies November 7, 2012 As the dust settled on President Obama’s second-term victory, share prices were quick to react yesterday to the impact of another four years of his reign. Financial shares lost ground as any hopes the Volcker rule, part of the Dodd-Frank reforms, curbing proprietary trading by Wall Street banks in securities and derivatives, would be repealed [...]
Greek cuts bill makes it past parliament test November 7, 2012 GREEK LAWMAKERS late last night approved the austerity bill necessary to secure the next tranche of bailout funds from their creditors. The two main governing parties faced down a rebellion from junior coalition partner Democratic Left, and seven of their own MPs, to pass the 500-odd page bill, containing €13.5bn (£10.8bn) worth of cuts 153 [...]
What the other papers say this morning November 7, 2012 THE TIMES EADS offices raided over Austria sale Police have raided several offices belonging to the European aerospace and defence group EADS as part of an inquiry into whether bribes were paid to smooth the sale of Eurofighter Typhoon jets to Austria. THE WALL STREET JOURNAL Occidental Petroleum vying for Yates Occidental Petroleum is among [...]
UK closes in on Typhoon deal November 7, 2012 The UK has made “extremely encouraging” progress in securing an order from the United Arab Emirates for 60 Typhoon fighter jets made by BAE Systems, a British defence source said yesterday. “There is a political agreement. Clearly there are a lot of details to be worked through, but it is extremely encouraging,” the source said, [...]
Justin Welby new Archbishop of Canterbury November 7, 2012 JUSTIN Welby, Bishop of Durham, is expected to be unveiled as the next Archbishop of Canterbury, replacing current Church of England boss Rowan Williams, and pipping Archbishop of York John Sentamu to the post. Welby is a 56-year old Old Etonian and Cambridge graduate, who opposes same-sex marriage and was enthroned as a bishop just [...]
Unemployment to rise again in Europe in 2013 November 7, 2012 THE EUROZONE’S economy will barely grow at all next year, the European Commission warned yesterday, slashing its previously upbeat growth projections. Official forecasts now put 2013’s growth at just 0.1 per cent, well short of the one per cent predicted in May. That gloomy outlook means government debts will keep rising more quickly than expected [...]
ING announces 2,350 job losses as it trims insurance operations November 7, 2012 DUTCH financial group ING will cut more than 2,000 jobs over the next two years as it prepares to separate its banking and insurance operations. The job losses are made up of 1,350 of its 12,000 staff in European insurance operations, and 1,000 of its 10,500 commercial banking employees worldwide. That is thought to include [...]
CBI demands more state aid for businesses November 7, 2012 A NEW industrial policy would help the economy grow by boosting exports, a leading business group claims in a report out today. The Confederation of British Industry (CBI) said it does not want the government to return to a policy of “picking winners” – but it does think some support for selected industries would help [...]
