Double dose of defeat leaves hopes in tatters for suffering Scots and Irish September 9, 2009 SCOTLAND’S World Cup dreams were left shattered last night, as they slipped to a 1-0 defeat against the Netherlands at Hampden Park. George Burley’s men needed a win to have any realistic hope of snatching a play-off place but Dutch substitute Eljero Elia stepped off the bench to hit a late winner and break Scottish [...]
Aviva names USchief executive September 9, 2009 Insurance giant Aviva has named Christopher Littlefield as chief executive officer of its US business. Littlefield, who was chief operating officer, will lead the firm’s US life and annuity business. He will still report to Tom Godlansky, who runs the overall Aviva North America region. Littlefield joined AmerUs Group – which was later acquired by [...]
USmortgage applications surge September 9, 2009 Mortgage applications in the US surged last week to their highest since late May as consumers sought to take advantage of the lowest interest rates in months. Mortgage Bankers Association data said rates on 30-year fixed-rate home loans fell to a three-month low, spurring a surge in demand for home refinancing loans. Applications to buy [...]
FTSE SMASHES THROUGH 5,000 September 9, 2009 THE FTSE 100 share index closed above 5,000 yesterday, for the first time in nearly a year, fuelled by the return of mega-mergers and optimism for economic recovery The large-cap index breached the psychologically important level in early afternoon and, despite some wavering, closed up by 1.2 per cent at 5,004.30. This week so far [...]
Lloyds gets support for a cash call September 9, 2009 LLOYDS Banking Group executives believe they have secured sufficient appetite from investors for a share placing that would allow the bank to reduce its participation in the government’s costly Asset Protection Scheme (APS), City A.M. can reveal. The bank has been sounding out selected investors over the past few weeks and has received assurances that [...]
MPC to hold but more QE is possible September 9, 2009 QUANTITATIVE easing and interest rates should be kept on hold this month say a majority of City A.M.’s shadow monetary policy committee (MPC) ahead of the Bank of England’s policy decision due at midday today. A number of members say that we need to give quantitative easing (QE)more time to take effect. But they warn [...]
Hostile bid on Kraft’s radar September 9, 2009 KRAFT has opened talks with its bankers to arrange the financing necessary for its £10.2bn bid for Cadbury, in a sign that the US group could go hostile. It is understood that the group is talking to its advisors, Deutsche Bank and Citigroup, about a loan facility of around £5bn, which would be repaid with [...]
Firms still don’t have much spare cash September 9, 2009 MUCH nonsense will be written on quantitative easing (QE) over the next few days, regardless of what the Bank of England decides to do today. So it is worth taking a look at what Mervyn King’s massive purchases of gilts have actually achieved, apart from merely bailing out Gordon Brown. By the end of last [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 9, 2009 FINANCIAL TIMES BAXTER BEHIND ON ORDERSBaxter, the US pharmaceuticals company, has failed to meet its pledge to rapidly deliver flu vaccine, stalling efforts to reduce the impact of the pandemic. British officials said they had received less Celvapan vaccine than agreed with Baxter, one of two companies with which the Department of Health signed a [...]
CITY A.M. SHADOW MPC September 9, 2009 ALLISTER HEATH CITY A.M.“Interest rates need to remain on hold, as does QE. The money supply, when measured properly, is showing signs of slightly better growth. With GDP now growing again, the Bank should wait and see.” SIMON WARD HENDERSON NEW STAR“Hold. Broad money trends look a bit better than last month and velocity is [...]
