Canada blocks $5bn Petronas bid for Progress October 22, 2012 CANADA insisted over the weekend that it still invites foreign investment in natural resources despite its surprise rejection of a C$5.17bn (£3.25bn) takeover of Progress Energy Resources by Malaysia’s Petronas, a deal that had been expected to pass muster easily. The rejection late on Friday of the buyout of Progress, a natural gas producer, has [...]
Regulators dominate list of top women October 22, 2012 AS THE coalition and other governments around the world push through reforms to address the last financial crisis, a new survey lists the women at the forefront of the decision making and trying to shape the regulatory environment. The annual table of the 100 most influential women released today by Financial News is dominated by [...]
Sign of the changing times at LME’s annual traders’ dinner October 22, 2012 TO the London Metal Exchange, where last week the historic British institution welcomed its new owner – Charles Li of Hong Kong Exchanges and Clearing (HKEx) – to its annual dinner. At a glamorous affair at the Grosvenor Hotel, packed to the rafters with around 2,000 traders, Li rather stole the limelight from guest speaker [...]
Pension fund protector sees stellar returns October 22, 2012 THE PENSION Protection Fund (PPF) will today announce that it made a surplus of more than £1bn in the last financial year, providing greater security for its 128,000 members. The statutory body looks after the defined benefit pension schemes of companies that have been declared insolvent. The fund’s annual report shows total assets under management [...]
Hong Kong authorities weaken currency to maintain price cap October 22, 2012 THE HONG KONG Monetary Authority (HKMA) sold off domestic dollars in an effort to weaken the currency on Friday after the Hong Kong dollar appreciated strongly. It is the first time in almost three years that the HKMA has had to step in to defend its currency cap, which allows the currency to trade at [...]
Households get more confident as squeeze lifts October 22, 2012 THE TIGHT squeeze on household finances showed signs of loosening in October, data showed today, just as consumer sentiment improved to its best level in a year, according to separate figures. Household budgets were deteriorating at their slowest pace for two years in October, Markit said, as the UK climbs out of the second dip [...]
Remortgaging recovers after hitting 12-year low in August October 22, 2012 REMORTGAGE lending bounced back in September, according to data released by LMS today, but not enough to erase the declines over the past year. Remortgage lending climbed 9.5 per cent last month, the data showed, hitting £3.2bn after August’s 12-year low of £2.9bn – but lending was still 27.8 per cent below where it was [...]
Pension saving gender divide widens in 2012 October 21, 2012 THE GAP between men’s and women’s retirement savings widened further over the past year, data from Scottish Widows revealed yesterday, as the second dip of the recession hit personal finances. Women are saving £776 less than men a year, the report said, up from £700 reported last year. If the divide persists, a 30-year-old woman [...]
Think-tank says alcohol duties steer drinkers to illegal booze October 21, 2012 HIGH ALCOHOL duties are driving drinkers to dangerous and duty-free illegal beverages, a report from the Institute of Economic Affairs claimed today. As the price of legally-purchased alcoholic beverages rises, more and more consumers are turning to illicit alternatives, the report claims, losing the exchequer as much as £1.2bn every year. “The government’s focus on [...]
Fed expected to sit on hands in October after flurry of activity October 21, 2012 THE FED will hold fire at this week’s policy setting meeting, analysts predicted over the weekend. The Federal Open Markets Committee – which sets interest rates and quantitative easing (QE) – will keep the status quo at this week’s meeting, analysts say, after a flurry of accommodative monetary policy measures at the last meeting in [...]
