S&P eyes new downgrade as US fights back August 7, 2011 US MORTGAGE agencies Freddie Mac and Fannie Mae are likely to have their credit ratings cut by Standard & Poor’s today after its downgrade of the US sovereign debt rating last week. S&P is likely to lower the two government-backed housing agencies to AA+ from triple A due to their dependence on the US government [...]
Credit rating agencies caught in political web August 7, 2011 NEXT Tuesday marks the three-year anniversary of Moody’s downgrading nearly 700 mortgage-backed bonds. As the subprime crisis ploughed on, the move followed thousands of other screeching U-turns on mortgage-backed assets by the three main credit rating agencies – S&P, Fitch and Moody’s. The trio’s cash cow had come back to bite, with a wave of [...]
Britain can’t hide behind America forever August 7, 2011 IF you’re in a crowd that’s at risk of being shot at then it helps to be behind someone else and preferably behind something that poses a much bigger target. And that’s where the UK finds itself, shielded from the fire of ratings agencies and bond vigilantes by the Eurozone and the US. In part [...]
Just half of City saw downgrade coming August 7, 2011 THE majority of the City was unprepared for S&P’s historic decision to strip the US of its triple A debt rating, according to the City A.M./PoliticsHome Voice of the City panel. Members of the panel, which has been specially recruited to represent a cross-section of London’s financiers and business people, were interviewed by email last [...]
US parties bicker over who to blame for loss of triple-A rating August 7, 2011 US POLITICAL parties yesterday traded blame for the country’s loss of its top-tier triple credit rating from S&P, raising doubts lawmakers can still find a common ground to solve the country’s debt problem. “It’s a partial wake up call. I think this is without question, a Tea Party downgrade,” US Democratic senator John Kerry said. [...]
London streets left smouldering as riots continue August 7, 2011 A SECOND night of violence hit London yesterday, as police clashed with rioters in Enfield and Edmonton, and officers assessed the damage following a night of arson attacks and looting in Tottenham. Unrest broke out in the north of the capital late on Saturday after a peaceful vigil by friends of family of Mark Duggan [...]
US probes more Swiss banks on secret accounts August 7, 2011 US PROSECUTORS investigating whether Swiss bankers helped high-worth Americans avoid paying tax have extended their probe to at least six more Swiss banks and one Liechtenstein private bank. Court documents reveal the banks, which have not been named, allegedly opened accounts for UBS clients after the Swiss bank closed its US business in 2008 because [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 7, 2011 FINANCIAL TIMES INVESTOR IRE SPARKS ICAP PAY REVIEW Icap, the largest interdealer broker, is to undertake a thorough review of its remuneration policy for the first time in eight years. The FTSE 100 group is making the move after a substantial minority protest vote at the annual meeting in mid-July. ONGC EYES SALE OF DEEPWATER [...]
Melrose meets investors as Charter chair rebuked August 7, 2011 INDUSTRIAL investor Melrose and its takeover target Charter International are each preparing to butter up shareholders this week as the battle for Charter heats up. Melrose, which tabled a £1.4bn offer for Charter, will meet its investors today to get approval for a £373m return of capital from the sale of its investee company Dynacast. [...]
Level-headed Swede with lots to wrap up August 7, 2011 CHARTER International’s chairman Lars Emilson was thrown briefly back into the executive seat last month after the engineering group’s chief executive issued a third profit warning and resigned. Formerly the chief executive of packaging giant Rexam, Emilson now faces the task of calming mutinous shareholders while bedding in a new chief executive and executing a [...]
