The overheated Aussie needs to be cooled quick November 27, 2012 THE Australian dollar (Aussie) has been riding a tsunami wave over the last few years. Since lows at the end of 2008, the currency has rocketed by nearly 75 per cent against the US dollar. But as Asian economies realign, its rise looks set to end, bringing downward pressure on the currency. COMMODITIES SUPER CYCLE [...]
Functional but not the finished article November 27, 2012 FUNNY HOW the MPV, once the auto industry’s latest, cleverest idea, now seems a little old-fashioned. The compact SUV has pretty much superseded small MPVs because they have similar flexibility – for transporting mountain bikes, flat-pack furniture, dogs, as well as people – in a trendier 4×4 package. But it seems there’s still a place [...]
CAR TALK November 27, 2012 Dacia know how to give you value for money It doesn’t matter how wealthy you are, bargains are always an attractive proposition. At just £5,995, Dacia’s forthcoming entry-level Sandero Access model is the UK’s most affordable new car and can be had for as little as £69 per month. Meanwhile, the Dacia Duster SUV starts [...]
Profits rise at All Bar One owner November 27, 2012 Pub and restaurant chain Mitchells & Butlers has announced better-than-expected full-year profits, boosted by improved food sales. The company operates brands including All Bar One, O’Neills and Toby Carvery, serving 130m meals and 420m drinks each year. Adjusted pre-tax profits for the year to 22 September rose to £162m from £156m, while like-for-like sales were [...]
Argentina fights to stave off default November 27, 2012 Argentina has begun proceedings to fight against a US court order that risks plunging the country into default, The court has ordered Argentina to repay bondholders – led by US hedge funds – who in 2005 and 2010 refused to swap defaulted debt for bonds that paid a lower rate. But bondholders who did accept the swaps [...]
The City has a new king November 26, 2012 CHANCELLOR George Osborne stunned the City yesterday by appointing Canada’s Mark Carney as the new governor of the Bank of England – the most powerful unelected role in the UK. Former Goldman Sachs executive Carney is currently head of Canada’s central bank, a position he will give up on 1 June 2013 in order to [...]
Meet Mark Carney: the Canadian flown in to save the UK economy November 26, 2012 IN APPOINTING Mark Carney the new governor of the Bank of England, the government has found an ex-Goldman Sachs director comfortable with garnering the views of the City – yet unafraid of standing his ground at times of conflict. The Canadian famously clashed with JP Morgan chief Jamie Dimon after a fierce disagreement over the [...]
An unusually brilliant move by Osborne will give City a huge fillip November 26, 2012 TO my great surprise, George Osborne has just pulled off an amazing hire. Appointing a new governor of the Bank of England was always going to be Osborne’s most important decision. I thought the chancellor would go for the easy choice – I was wrong. His wooing of Mark Carney, who will shake up the [...]
What the city made of George Osborne’s latest appointment November 26, 2012 VIJAY KRISHNASWAMY HYMANS ROBERTSON “We see this as an exciting and bold step for the Bank of England. Mark Carney is a well-respected financial figure with a strong track record.” PHILIP SHAW INVESTEC “Mark Carney is a surprise choice but he is highly respected, and experienced, regulating the Canadian banking system and chairing the G20’s [...]
Stepping into a historic banking job November 26, 2012 WHEN he takes up the mantle at the Bank of England, Carney will be stepping into shoes filled by 119 others over 319 years, since first governor Sir John Houblon. Carney succeeds Sir Mervyn King, who took the role on in 2003, and led the institution through the UK’s worst recession for decades. Sir Mervyn’s [...]
