WHY WE WILL NOT SEE A RED OCTOBER October 5, 2009 EVERYBODY is saying it: the correction is coming. After rallying since March and with various records being broken, it is claimed that global stocks are overdue a sell-off. Analysts are desperate to tell us that “investors have become over-excited with the positive-trending economic data” or that “the fundamentals are being ignored”. Commentators are falling over [...]
DUNSTONE ALL SET FOR UPCOMING NUPTIALS October 5, 2009 FORGET Simon Cowell’s star-studded 50th birthday bash – this weekend will see the party of the City’s year when Carphone Warehouse tycoon Charles Dunstone finally ties the knot with PR executive Celia Gordon Shute. Dunstone – who recently enjoyed an impressive motoring-themed stag do split between the Goodwood estate and on the Isle of Wight [...]
TORIES TO UP PENSION AGE TO SIXTY-SIX October 5, 2009 A WAR of words is set to erupt between Labour and the Tories as both parties attempt to seize the initiative on spending cuts. George Osborne will today announce that a Tory government would increase the state retirement age to 66 by 2016, ten years ahead of Labour’s deadline, in a bid to cut the [...]
FSA WARNED ON LIQUIDITY PLAN October 5, 2009 THE Financial Services Authority (FSA) was told yesterday that its new liquidity rules could put London at a competitive disadvantage. The FSA unveiled plans to force UK banks to hold an extra £110bn in government bonds, in a bid to prevent a repeat of the banking crisis. Liquidity requirements will be delayed to allow banks [...]
Bullish Goldman note on banks lifts US shares ahead of earnings season October 5, 2009 US STOCKS surged yesterday after investment bank Goldman Sachs upgraded the banking sector to “attractive” from “neutral” ahead of the third-quarter earnings season that kicks off tomorrow. Wall Street shrugged off a four-day losing streak after Goldman issued a note saying that while the big banks’ earnings have surged by nearly 40 per cent this cycle [...]
O’Leary ready for departure October 5, 2009 MICHAEL O’LEARY, the ubiquitous boss of budget airline Ryanair, could stand down within a year, industry experts said yesterday. The news came as the airline dismissed reports that Ryanair could take control of Aer Lingus through a rights issue. “Our position on Aer Lingus was recently confirmed at the Ryanair AGM, which is that we [...]
FSA is right to focus on bank liquidity October 5, 2009 FOR perhaps the first time this year, I agree (at least in the main) with a decision by the Financial Services Authority – and disagree with some of the criticisms leveled at it by opponents, reported on page 1. Before you ask, I haven’t suddenly joined the dark side – I have always thought that [...]
Boris backs City bankers October 5, 2009 LONDON Mayor Boris Johnson yesterday vowed to defend the banking community, which he said is viewed as a “leper colony” by the public, warning that the City’s role in bringing the UK economy back to health will prove critical. Johnson, speaking at the Conservative party conference in Manchester, said he knew how far he was [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 5, 2009 FINANCIAL TIMESUK COURT RELAXES CURB ON SAAD CASHA bitter legal dispute involving prominent Saudi Arabian businesses and families opened in the English courts yesterday, with Maan al Sanea failing to overturn a $9.2bn (£5.8bn) freezing order on his worldwide assets. The High Court eased the order to allow the billionaire $4m spending money a year [...]
Banks prepare for Latvia crisis October 5, 2009 Banks are preparing themselves for a full-blown economic and political collapse in Latvia, after reports leaked to a Swedish newspaper said that Sweden’s finance minister Anders Borg has secretly told banks that Latvia’s rescue talks were on the verge of breaking down.
