King opens door for coalition to miss deficit target September 20, 2012 BANK of England governor Sir Mervyn King last night paved the way for the coalition to pile even greater amounts of cash onto the national debt pile, saying that slower economic growth will excuse a higher than expected deficit. Global economic strife, such as the ongoing Eurozone debt crisis, means that the coalition may reduce [...]
Britain needs to embrace the global shale gas revolution September 20, 2012 BRITAIN is missing a trick. We are sitting on a massive amount of untapped energy, in the form of shale gas trapped deep in sedimentary rocks, and yet are failing to make use of this semi-secret treasure trove. To add insult to injury, politicians have imposed ever higher energy costs on the public thanks to [...]
Investment bank jobs slashed in new cuts round September 20, 2012 FIVE YEARS since the financial crisis began, investment banks are embarking on a new round of job cuts, slashing expenses to try to cope with the prolonged economic downturn. Nomura yesterday commenced its $1bn (£617m) savings programme, which is set to see one-third of its European investment bankers lose their jobs – many of whom [...]
What the other papers say this morning September 20, 2012 FINANCIAL TIMES EU faces bacon shortage as herds fall A global shortage of bacon beckons as European farmers continue to cull their pig herds in the face of higher feed prices, an industry association is warning. Data showing the EU pig herd is declining “at a significant rate” in a trend mirrored around the world [...]
MPs call for G4S to be blacklisted from contracts September 20, 2012 SECURITY contractor G4S was today warned it could be blacklisted for future government contracts after being slammed by a cross- party Parliamentary committee for botching its Olympics security contract. The FTSE listed business, which came under fire after promising and then not delivering enough security personnel to police the Olympics, has also been urged to [...]
Universal EMI deal to be passed September 20, 2012 ■ Universal Music’s drawn-out takeover of EMI is expected to be approved by the European Commission today, with the full extent of Universal’s concessions made clear. The £1.2bn deal will come at a price, with Universal already making plans to auction off assets including Parlophone, home to Coldplay and Queen, and Virgin Records. The deal, [...]
Oracle sees software growth September 20, 2012 ■ Oracle’s hardware sales are expected to drop further after tumbling 24 per cent from a year ago, the software maker said last night, as it strives to turn around its Sun computer division amid tight technology budgets. The company run by Silicon Valley billionaire Larry Ellison reported yesterday that hardware product sales fell to [...]
US leverage buyouts double September 20, 2012 ■ US leveraged buyouts (LBO) almost doubled in the third quarter of 2012 from a year ago, reaching their highest levels since before the financial crisis as cheap financing fueled private equity’s appetite for deals. Robust debt markets and buyout funds flush with uninvested capital have combined to give rise to the strongest quarterly US [...]
Xstrata ready to give verdict on Glencore offer September 20, 2012 GLENCORE’s £36bn takeover of Xstrata headed for its climax last night as the Xstrata board prepared to give its verdict on Glencore’s improved offer for the miner. A decision by the Xstrata board is expected as early as this morning for Glencore’s improved offer of 3.05 shares for every one Xstrata share. A Takeover Panel [...]
Madoff victims get $2.48bn boost to compensation fund September 20, 2012 COMPENSATION paid to Bernard Madoff’s fraud victims more than tripled yesterday after liquidators increased the amount set to be paid out by $2.48bn (£1.53bn). Irving Picard, the trustee liquidating Madoff’s firm Bernard L. Madoff Investment Securities, yesterday said he had recovered $3.63bn from the firm – a boost of $2.48bn. Madoff, 74, was sentenced to [...]
