Car trade in first surplus since 1976 May 15, 2012 BRITAIN has posted its first quarterly trade surplus in cars since 1976 after cashing in on rising foreign demand for vehicles made in the UK. The value of car exports hit £6.1bn in the first quarter of the year, £561m ahead of the value of imports and up 20 per cent on the final three [...]
Dimon faces no pay revolt despite FBI probing loss May 15, 2012 JP MORGAN’S Jamie Dimon won the support of 91 per cent of shareholders for his pay package yesterday despite having presided over a $2bn (£1.25bn) trading loss from a botched hedging strategy. US regulators widened their investigation into the losses, with the FBI and Department of Justice now “looking into it”, according to the FBI, [...]
Government’s job is to shield UK taxpayers from Euro chaos May 15, 2012 WHEN a country’s president warns that its banks are in danger, and reveals that depositors are pulling out cash from their accounts at a record rate, it is time to dig out the tin hats and the cans of baked beans. Yet that was exactly what happened in Greece yesterday on another pivotal day for [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 15, 2012 FINANCIAL TIMES EU to push for binding investor pay votes Shareholders in Europe’s listed companies will be given a binding vote on pay while those who invest in banks will gain powers to set a cap on bonus levels, under plans being drawn up by senior EU officials. The initiative from Michel Barnier, the EU’s [...]
US dollar soars to highest level since January May 15, 2012 THE LONGEST greenback rally in over two and a half decades saw the dollar climb to its strongest level since January yesterday, as the US currency is increasingly seen as a quick safe haven investment. A report revealing disappointing sales on the high streets and malls of America failed to dampen demand for the dollar, [...]
ETX gets WorldSpreads businesses May 15, 2012 Spread-betting company ETX Capital has taken over the Greek, Spanish and Danish businesses of rival WorldSpreads, which fell into administration in March. ETX said last night that the deal would broaden its revenue stream and customer base, and formed part of its plans to expand further in overseas markets. It did not disclose the financial [...]
Strauss-Kahn sues NY hotel maid May 15, 2012 Former IMF chief Dominique Strauss-Kahn has filed a $1m (£624m) countersuit against the hotel maid who accused him of sexual assault, costing him his job and any chance of being elected president of France. The countersuit was filed on Monday on the anniversary of the incident. Strauss-Kahn denies all wrongdoing in the countersuit and accuses [...]
Santander UK calms Spain fears May 15, 2012 Santander UK has moved to reassure customers as fears mount over the health of Spain’s financial sector. Steve Pateman, head of corporate and commercial banking, said the Spanish parent would need FSA approval to take out a dividend, telling the BBC: “We are a separate stand-alone subsidiary and therefore by definition are ring-fenced.”
UK climbdown leaves City on worse footing May 15, 2012 THE UK performed a huge climbdown over new banking rules for Europe yesterday as it agreed to sign up to rules that George Osborne said only two weeks ago would make him look “like an idiot”. The result is the worst possible outcome for British banks, because while the UK won the right to goldplate [...]
MPs told pay row hurts RBS price May 15, 2012 POLITICAL interference in the running of Lloyds and RBS will make it hard for taxpayers to break even on the sale of their stakes, shareholders in the banks have told MPs. In a hearing of the Treasury Committee of MPs, Standard Life’s Keith Skoech said that political anti-bank rhetoric has “had knock-on effects… on sentiment”. [...]
