DIMON: I WAS DEAD WRONG May 13, 2012 In an extraordinary mea culpa, JP Morgan chief executive Jamie Dimon said yesterday that he had been “dead wrong” to deny rumours that the bank could lose billions on a botched hedging strategy, a scandal that is likely to force several of the bank’s senior executives to quit. “I was dead wrong,” said Dimon in [...]
Voters inflict huge defeat on Merkel May 13, 2012 GERMAN leader Angela Merkel suffered a crushing defeat in local elections yesterday, after voters voiced their opposition to the Greek bailout at a time of austerity at home. In a shock blow to Merkel’s efforts to keep the Eurozone intact, the Social Democrats (SDP) received 38.8 per cent of votes in North Rhine-Westphalia and the [...]
City jobs market growing as recovery gathers pace May 13, 2012 THE NUMBER of newly available financial services jobs jumped to its highest level in six months in April, recruitment industry data showed today, as the sector continued to recover from last autumn’s crunch in financial markets. New City placements rose 19 per cent on the month, from 2,797 to 3,339 according to Morgan McKinley’s latest [...]
Grexit will happen much more quickly than politicians think May 13, 2012 CURRENCIES are social constructs. They are only worth something because everybody else believes them to be worth something. That was partly true even of traditional, commodity backed currencies – you can’t eat gold – but it is undoubtedly the case of today’s paper money. We accept notes and coins – or digital claims to them [...]
Greek elections loom as talks collapse again May 13, 2012 Greek politicians failed again last night to form a new government, increasing the likelihood of fresh elections next month. President Karolos Papoulias hosted a meeting of the three largest parties’ leaders but could not build a deal between pro-bailout PASOK and New Democracy, and anti-bailout Syriza. The two pro-rescue parties did offer to renegotiate parts [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 13, 2012 FINANCIAL TIMES Canary Wharf claims high ground on City Canary Wharf will finally come of age over the next two months when the UK’s “new” financial centre overtakes the traditional City of London as the biggest employer of bankers in Europe. According to Financial Times research, the transfer of 8,000 jobs by US bank JPMorgan [...]
London property searches soar May 13, 2012 Financial and political turmoil in southern Europe caused a surge of interest in London property last month with buyers from Greece and Spain showing strongly among investors seeking a safe haven for their money. The number of Greeks searching for homes costing more than £1.5m on the website of property agent Savills jumped 39 per [...]
Vauxhall nears Ellesmere deal May 13, 2012 Carmaker Vauxhall looks close to agreeing a deal with union leaders that could safeguard jobs at Ellesmere Port. Parent company General Motors has only promised to keep the Cheshire site open until 2014 and its future has been in doubt since GM revealed its European arm lost £355m in 2011. But talks between Vauxhall and [...]
Thai food giant mulls £2.5bn Birds Eye offer May 13, 2012 A THAI food firm has emerged as the latest suitor in the £2.5bn battle for the frozen foods group behind Birds Eye. Charoen Pokphand Foods, Thailand’s largest agribusiness firm, is preparing a bid for Iglo, which has been put up for sale by buyout firm Permira. The first deadline for bids was on Thursday when [...]
Yahoo looks for its fifth chief in five years after Thompson quits May 13, 2012 YAHOO’S chief executive Scott Thompson is stepping down after a shareholder drew attention to a fake computer science college degree on his company biography. The embattled internet firm will now begin the hunt for Thompson’s replacement, and its fifth leader in as many years. Meanwhile, global media head Ross Levinson will act as interim chief [...]
