Bernanke warns US and Asia on imbalances October 19, 2009 ASIA’S export-promotion policies and the US’s massive budget deficit could refuel global economic imbalances and put efforts to achieve more durable growth at risk if not curbed, US Federal Reserve Chairman Ben Bernanke warned last night. Throwing his weight behind a recent call by leaders of the G20 nations to rebalance the global economy in [...]
EC gets tough on derivatives October 19, 2009 The European Commission (EC) plans to drive more trading in derivatives onto exchanges and under the gaze of regulators, according to a draft of the proposals due to be released this week. Critics have blamed this secretive but lucrative market for helping cause the financial crisis. The European Union’s executive arm now wants to impose [...]
Why Boris is wrong to attack the City October 19, 2009 UNTIL now, I thought that Boris Johnson understood how the City works. Now, however, I’m not so sure: yesterday, he said he understood why so many people view Goldman Sachs “as a giant vampire squid wrapped around the face of humanity”. The reason? Because, says Boris, “instead of planning to hand out gigantic bonuses to [...]
Hilton trades lead to Raj October 19, 2009 Unusual trades in Hilton Hotels stock, detected by the New York Stock Exchange (NYSE), helped lead to billionaire investor Raj Rajaratnam and five others being charged with insider trading last week. Sri Lankan-born Rajaratnam allegedly made a $4m (£2.4m) profit in July 2007 by buying 400,000 shares in Hilton after receiving non-public information about the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 19, 2009 FINANCIAL TIMES FURTHER VAT RISES LIKELY AS EUROPE SETS THE PACEBritain will be levying the fifth-lowest value-added tax rate in Europe after it reverts to 17.5 per cent in January, according to a survey that is likely to reinforce expectations of further rises after the general election. A survey by KPMG, the professional services group, [...]
BA holds frank talks with union October 19, 2009 Willie Walsh, the chief executive of British Airways, held “open and frank” discussions with union leaders yesterday, in the latest step to avoid a ballot on strike action. Unions and the embattled airline have been locked in talks over BA’s cost-cutting measures, which involves axing up to 3,700 jobs over the next year. BA wants [...]
Lehman’s PwC fees near record October 19, 2009 Accountancy fees and legal fees for the winding-up of Lehman Brothers in Europe are nearing record highs for fees charged on this continent. PricewaterhouseCoopers said it charged £154m in fees for work on the company just in its first year on the case. And law firm Linklaters has run up £68.9m in fees to 14 [...]
Apple given boost by new iPhone sales October 19, 2009 SURGING iPhone and iMac sales helped technology giant Apple defy the recession in the three months to September, it said last night, leaving high-profile chief executive Steve Jobs “thrilled”. Computer sales were up 17 per cent, and iPhone sales climbed seven per cent, helping profits surge to $1.67bn (£1bn) – or $1.82 per share – [...]
Iceland to repay lost deposit money October 19, 2009 Iceland has agreed to a new deal to repay the UK and the Netherlands billions of pounds of deposits lost when the island’s banks collapsed in 2008, paving the way for new aid from international lenders. Iceland passed a law in August to repay money lost in high-interest Icesave accounts, but the UK and the [...]
Barclays’ Diamond snubs top job interview with Bank of America October 19, 2009 BARCLAYS Capital president Bob Diamond snubbed an opportunity to be interviewed for the top job at Bank of America (BoA), City A.M. can confirm. Diamond was approached by BoA’s board and asked if he would be interested in replacing outgoing chief executive Kenneth Lewis. But he refused because “he’s got a great opportunity where he [...]
