Spanish trades unions protest against cap on public spending September 6, 2011 THOUSANDS of trades union members marched in Madrid yesterday to protest against austerity measures and a swift constitutional reform to cap government spending, which they say threatens government-funded social programmes. The workers and members of the youth Indignados movement gathered in Puerta del Sol square — ground zero for anti-government protesters in Spain — in [...]
Currency war fear as Swiss set franc floor September 6, 2011 SWITZERLAND’S central bank shocked currency markets yesterday by pegging its burgeoning currency to the euro to limit its soaring value as a safe haven and shore up battered Swiss exporters. The Swiss National Bank said it was “prepared to buy foreign currency in unlimited quantities” to keep the franc at a minimum 1.20 exchange rate [...]
ANALYST VIEWS: WHAT WILL THE SNB’S DECISION ACHIEVE? September 6, 2011 JENNIFER MCKEOWN | CAPITAL ECONOMICS In theory, this policy should be successful in devaluing the franc as there are no limits to the amount of francs that the SNB can “print”. The franc has already dropped by seven per cent to 1.20 on today’s news and we now see it remaining at around that level [...]
Exporters gain breathing space but investors could suffer losses September 6, 2011 FROM banking giant UBS to watchmaker Swatch, Swiss exporters were the biggest winners from yesterday’s decisive central bank move to take on the currency speculators. The 30 per cent appreciation in the franc against the euro since 2009 has decimated profits at companies such as Nestle and Roche that make the majority of their revenues [...]
Costs cut at Goldman as revenues fall September 6, 2011 TOTAL costs at the European arm of Goldman Sachs fell sharply in the first half of the year, according to figures published yesterday. Administrative expenses, which include pay, bonuses and the other major costs of running the business, came to $1.802bn (£1.13bn) at Goldman Sachs International (GSI), down 38 per cent from $2.907bn for the [...]
Carlyle set to go public despite market turmoil September 6, 2011 PRIVATE equity giant Carlyle Group will launch its long-awaited US flotation once market turbulence calms. City A.M. understands Carlyle wants to raise hundreds of millions, rather than billions, of dollars from the initial public offering. The figure of $100m listed with the Securities and Exchange Commission is merely a placeholding figure. Carlyle, which declined to [...]
Wood Group and 3i drop out of the FTSE 100 September 6, 2011 WOOD Group and 3i were the losers in the FTSE 100 reshuffle yesterday, dropping out of the index and losing out on the benefits bestowed upon companies big enough to eat at the top table. They are likely to be replaced by investment firm Ashmore and equipment supplier Bunzl, pending a final decision later today [...]
NotW execs say Murdoch misled MPs September 6, 2011 THE SPOTLIGHT once again fell on James Murdoch yesterday, after two former News International executives told a parliamentary committee they told him phone hacking was not limited to a single rogue reporter and he failed to act. Former editor Colin Myler said he told Murdoch about an email titled “for Neville” which appeared to prove [...]
NBNK suspends shares ahead of possible deal September 6, 2011 NEW banking venture NBNK Investments suspended its shares yesterday as it confirmed it was in talks that could lead to its maiden acquisition. However, the bank declined to name its target, despite sources yesterday confirming that it would look to buy the UK operations of National Australia Bank. “There can be no certainty that a [...]
Tony Hayward nears £2.5bn oil purchase September 6, 2011 FORMER BP chief executive Tony Hayward will imminently seal his return to the oil industry by buying into Turkey’s Genel Enerji, in a deal valuing the target at around £2.5bn, a source close to the matter said yesterday. Vallares, an acquisition vehicle established by Hayward and financier Nat Rothschild, has agreed in principle to a [...]
