Kearney crowned Europe’s best May 21, 2012 RUGBY UNION: Leinster and Ireland full-back Rob Kearney has been recognised for his Heineken Cup winning exploits by being named European player of the year. The 26-year-old saw off competition from team-mate Jonny Sexton, ex-England fly-half Jonny Wilkinson and Ulster pair Stephen Ferris and Ruan Pienaar.
Thumbs down for Facebook May 21, 2012 FACEBOOK shares plunged on their second day of trading yesterday as traders rejected the social networking giant’s much-hyped flotation. Facebook shares sank by five per cent in pre-market trading, opening at $36.53 before dipping by as much as 14 per cent to a low of $33. The shares eventually settled at $34.03, a drop of [...]
Critics say Bank probe too limited May 21, 2012 AN investigation into the Bank of England’s performance in the financial crisis will be too limited in scope and has come too late to influence a massive shake-up of financial regulation, prominent MPs said yesterday. The Bank announced three new reviews covering its emergency support to RBS and Lloyds, the liquidity it provided to the banking [...]
Coalition split over report into slashing regulations May 21, 2012 BUSINESS minister Mark Prisk was forced to defend the hard-hitting Beecroft report yesterday, after its proposals to slash red tape were attacked by both Labour and the coalition’s own business secretary Vince Cable. A leak of the government-commissioned report prompted the Department for Business, Innovation and Skills (BIS) to publish it earlier than planned, revealing [...]
Research that shows why lower taxes are good for growth May 21, 2012 IT is often wrongly asserted that there is no evidence that high levels of tax and public spending have a negative effect on economic growth. Whether the state spends and taxes 30 per cent of GDP or 50 per cent is irrelevant, it is argued, and should merely be seen as a question of taste. [...]
Parliamentary probe turns eye to Jeremy Hunt May 21, 2012 JEREMY Hunt came under renewed pressure yesterday as the parliamentary watchdog launched an investigation into claims that the culture secretary failed to declare donations from media companies. Hunt has been in the firing line since emails released to the Leveson inquiry earlier this month suggested he supported News Corp’s takeover bid for BSkyB while supposed to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 21, 2012 FINANCIAL TIMES SFO lawyer warned against pursuing Tchenguiz case The lead lawyer in the Serious Fraud Office’s investigation of the Tchenguiz brothers warned the agency two months before the property tycoons’ arrest that it should not pursue the case. In January 2011, Wayil Eisa, the lawyer tasked with drafting the case for the prosecution, submitted [...]
Barclays to sell £3.8bn stake in BlackRock May 21, 2012 BARCLAYS has decided to sell its $6.1bn (£3.8bn) stake in investment manager BlackRock because new regulatory requirements mean the asset cannot generate a decent return. BlackRock itself has agreed to buy back $1bn of the stock, which Barclays acquired in 2009 in part-payment for its sale of Barclays Global Investors to BlackRock. The bank has now [...]
JP Morgan calls halt to $15bn share buyback to focus on Basel May 21, 2012 JP MORGAN has called a halt to its $15bn (£9.5bn) share buyback programme following $2bn in trading losses. The bank said it wants to instead prioritise getting its capital up to the levels required by the Basel III rules. Chief executive Jamie Dimon told an investor conference yesterday that the bank wants to “box this [...]
EU gives Google time to comply May 21, 2012 THE EU’s antitrust chief has given Google a matter of weeks to come up with solutions after a probe found four areas where its practices “may be considered” as abuse of its dominant position. EU Competition commissioner Joaquin Almunia wrote to Google chairman Eric Schmidt following an 18-month probe after competitors accused Google of manipulating [...]
