ECONOMISTS’ VIEWS: SHOULD THE MPC INTRODUCE MORE QE? September 4, 2011 PHILIP RUSH | NOMURA “It is good to have it on the table and no benefit in ruling out the possibility. There is a weak case for further easing compared even with last year, though, when the MPC backed off from it. Pursuing an expansionary policy when interest rates have not yet peaked would be [...]
Ritblat nears Plantation Place takeover September 4, 2011 DELANCEY Estates, the investment vehicle led by Jamie Ritblat, is poised to take control of Plantation Place, one of the largest buildings in the City of London, in a deal valuing the property at £500m. Delancey, which is backed by George Soros’s Quantum fund, is understood to be in exclusive talks to buy the 550,000 [...]
US call to Swiss over tax dodgers September 4, 2011 THE US has written to Switzerland to demand it hands over detailed information this week on its citizens using Swiss accounts to dodge tax or see Credit Suisse and nine other banks face charges, it was reported yesterday. The letter, quoted by two Swiss newspapers, was sent by US Deputy Attorney General James Cole on [...]
British tax probe after HSBC leak September 4, 2011 THE taxman is investigating the affairs of around 800 wealthy British HSBC clients who held money in Swiss bank accounts after their names appeared on a leaked computer disc. HM Revenue & Customs (HMRC) could raise hundreds of millions of pounds from the probes, which were launched after the details of 7,000 British clients were [...]
City’s bright stars named September 4, 2011 FORTY of the brightest young stars in the City will be named this morning, including brokers, traders, policy advisers, lawyers and analysts . The list aims to celebrate the most innovative men and women under the age of 40 from trading and technology. “Tempting as it might be to dismiss the individuals here as nerds [...]
August slump for leading hedge funds September 4, 2011 MANY of the best-known names in hedge funds suffered in August despite the slump in financial stocks that helped them make gains during the banking crisis. SAC Capital Advisors, Third Point Offshore Fund and T2 Partners were among the losers in a month when the Eurozone debt crisis, an anaemic global recovery and British concerns [...]
The case for a fresh round of monetary stimulus September 4, 2011 WHEN the European Central Bank (ECB)’s council meets in Frankfurt this week, it faces a dilemma. Should it do the right thing and cut rates? Or should it sit tight and hope that the economic outlook improves and that history will judge its two recent rate hikes favourably? Sadly, I suspect that pride will come [...]
Banks face $200bn US subprime suit September 4, 2011 LENDERS were dealt a heavy blow on Friday as a US federal agency filed 17 lawsuits against banks for allegedly mis-selling securities based on mortgages in the run-up to the financial crisis. Shares in Bank of America, the worst-hit, tumbled more than eight per cent on the news. The Federal Housing Finance Agency, which oversees [...]
If life gives you rotten lemons … sue the banks September 4, 2011 ROLL up for the latest round of the sub-prime blame game! In an almost farcical turn of events, the world’s biggest buyers of dodgy mortgages and mortgage securities – government-sponsored Fannie Mae and Freddie Mac – are now suing banks for selling them the “old lemons”, as Goldman allegedly called the stuff in private. In [...]
Morrisons looks to build on its rising sales trend September 4, 2011 SUPERMARKET chain Morrisons reports its half yearly results on Thursday in which it is expected to give an update on its £320m cost saving programme and the performance of its new convenience stores under the M Local brand. The group’s first quarter figures showed a surprise like-for-like rise in sales, excluding fuel, of 2.5 per [...]
