Aussie to struggle in the short term November 3, 2009 IT was a surprise to nobody that the Reserve Bank of Australia (RBA) yesterday took the well-publicised step of hiking the interest rate by 25 basis points to 3.5 per cent. What might have surprised currency traders, though, is the subsequent pullback in the Aussie dollar against the greenback. The Aussie dollar has been a [...]
THE TIPSTER November 3, 2009 THE Bank of England’s Monetary Policy Committee (MPC) begins its meeting today to decide whether its QE policies should be extended further. Sterling has fared better than might have been expected, but given the poor economic data and banking sector woes, pressures on sterling remain to the downside. With analysts revising US non-farm payrolls upwards, [...]
Why insider trading is hard to prove November 3, 2009 LAST month, the FBI smashed an alleged $20m insider trading scheme centring on the New York hedge fund Galleon, when they raided its offices and arrested billionaire financier Raj Rajaratnam and five accused accomplices. In the wake of criticism of the Financial Services Authority (FSA) in this country over its percveived toothlessness, the regulator is [...]
CSR IS BOTH GOOD AND PROFITABLE November 3, 2009 DESMOND HUDSONCHIEF EXECUTIVE, THE LAW SOCIETY LAST week, City law firm Simmons & Simmons announced that it is putting corporate responsibility at the heart of its new business strategy. CSR-type work will appear on timesheets, and be considered in appraisals. This has ignited the debate about the “real” motivations behind corporate community investment. The rather [...]
New Merc is in an (E) class of its own November 3, 2009 I HAD a nice massage today, while driving a Mercedes through the forests on the outskirts of Wiesbaden. We reviewed the new E Class Coupe recently and this wagon is from the same grown-up stable. It’s the workhorse of the family, and just the thing for taking the children back to prison after half term [...]
How brand perceptions differ across the pond November 3, 2009 HOW different are British and American perceptions of the same brands? We took a quick look at the BrandIndex UK and US scores of three pairs of brands. Not surprisingly, American Airlines did better in America (average for the last year, plus 14) than in the UK (plus 6), and British Airways did better in [...]
BP and CNPC sign a huge Iraqi oil deal November 3, 2009 OIL major BP and China’s CNPC yesterday signed Iraq’s first major new oil deal since the 2003 US invasion, snapping up a lucrative development contract for the Rumaila oilfield – one of the world’s biggest. The 20-year contract for the southern oilfield is the first of several deals Iraq expects to sign in the coming [...]
BEST OF THE BROKERS November 3, 2009 RYANAIRRBS said that there is a lack of visibility on Ryanair’s equity, as it reiterated its “buy” rating with a reduced target price of 350p. The broker highlighted the airline’s uncertain growth rate as it comes to terms with the maturing of its business, and said that getting Boeing to engage in serious aircraft negotiation [...]
Madoff accountant pleads guilty to fraud but denies knowledge of Ponzi November 3, 2009 THE former accountant to convicted Ponzi fraudster Bernard Madoff yesterday pleaded guilty to fraud and other charges in connection with auditing work for Madoff – but maintained he had no knowledge of the Ponzi scheme. The judge ordered David Friehling to remain free on bond of $2.5m (£1.5m) until he is sentenced next year. “At [...]
CITY MOVES WHO’S SWITCHING JOBS November 3, 2009 Gleacher ShacklockThe corporate advisory firm has appointed Peter Alcaraz as a senior adviser, effective from next spring.Alcaraz, who will be tasked with helping to develop the firm’s franchise in the services sector, joins from Close Brothers Corporate Finance, where he was most recently a managing director and head of the services sector team. He has [...]
