Goldman: China to boost yuan 5pc to slow growth February 15, 2010 CHINA could be about to allow its currency to strengthen by as much as five per cent to slow down the country’s fast-growing economy, Goldman Sachs’ chief economist said yesterday. “I have a strong opinion that they’re close to moving the exchange rate,” Jim O’Neill told Bloomberg. “Something’s brewing. It could happen anytime.” O’Neill believes [...]
Barclays set for a bonanza February 15, 2010 BARCLAYS is preparing to give a boost to the banking industry tomorrow, when it is expected to kick off the UK bank reporting season by announcing a bumper £11.2bn profit haul. The figure includes a £6.2bn one-off profit on the sale of its asset management arm Barclays Global Investors to BlackRock last year – a [...]
Ailing share price could cost Lloyds’ Eric Daniels millions February 15, 2010 LLOYDS chief executive Eric Daniels is line to forego a long-term incentive bonus worth millions of pounds as the bank’s share price continues to linger in the doldrums, City A.M. can reveal. Daniels, whose pay is under scrutiny this week ahead of Lloyds’ annual results on 26 February, is now likely to see his combined [...]
Parties row on elderly care plans February 15, 2010 HOPES of a cross-party deal on care for the elderly were blown out of the water yesterday as discussions turned into an acrimonious row on live TV. Conservative health spokesman Andrew Lansley ruled out attending a conference to be held this week unless Labour dropped plans for a one-off levy on the deceased’s estates. However, [...]
Economists call for swift deficit action February 15, 2010 A group of eminent economists and politicians have come together to insist that cuts to the government’s budget deficit take place as soon as the general election has finished. In a letter a to the Sunday Times, organised by Tim Besley a professor of economics at the LSE, the twenty signatories warned that the UK’s [...]
Lebedev misses Indie deadline February 15, 2010 THE deadline for talks on Russian billionaire Alexander Lebedev’s proposed takeover of Independent News & Media’s UK national newspapers, due today, is expected to be missed. Long-running talks to acquire the Independent newspaper titles have not progressed as quickly as hoped, held back by issues thought to include a printing contract with Trinity Mirror that [...]
Toyota report finds no faults February 15, 2010 A REPORT commissioned by Japanese car maker Toyota into sticky accelerator pedals on some of its models has appeared to vindicate the company. California-based engineering firm Exponent looked into the problem, which has caused the recall of 8.5m vehicles around the world and done untold damage to Toyota’s brand. A preliminary assessment from Exponent said: [...]
Orange T-Mobile offer to do a deal on frequency February 15, 2010 THE merger between Orange and T-Mobile is one step closer after the firms offered to hand back a controversial section of the radio waves they own. Rival phone networks complained to the Office of Fair Trading (OFT) that the merger would give the new company an unfair advantage as it would own a part of [...]
Vodafone in iPhone war with O2 February 15, 2010 VODAFONE has stepped up its rivalry with O2 to become the UK’s biggest iPhone retailer. Analysts say a new £25-a-month deal sold without a handset is aimed at O2 customers whose iPhone contracts are up. Customers can request O2 unlock their phones, meaning Vodafone can poach customers without giving away handsets. Vodafone is keen to [...]
B&B shareholders’ £1bn claim February 15, 2010 Shareholders from Bradford & Bingley have accused the government of forcing a “well capitalised and solvent” bank into nationalisation in what amounted to state sponsored theft. The Treasury said it took B&B into public ownership on the grounds that “the FSA determined the firm no longer met its threshold conditions for operating as a deposit [...]
