Credit easing could hit EU law delay November 30, 2011 THE GOVERNMENT could have to wait to implement its credit easing programme until the spring of next year as it contends with EU law, a Treasury source told City A.M. The government is desperate to flood the economy with cheap credit as soon as possible to combat a funding crunch that is choking off growth. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 30, 2011 FINANCIAL TIMES GADDAFI’S GIFT TO LONDON SCHOOL OF ECONOMICS The London School of Economics accepted a £1.5m donation from the family of Muammer Gaddafi that may have been raised from bribes paid to the dictator’s family by companies seeking “business favours”, an independent report has revealed. GERMAN REFORMS ARE UNFAIR, SAYS BETFAIR The fight for [...]
THE FED’S LIQUIDITY COST CUT November 30, 2011 Q.WHAT IS THIS LIQUIDITY THAT’S BEING OFFERED? A.The Federal Reserve offers dollars to other central banks, in exchange for their currency, at a fixed exchange rate. Those central banks – including the Bank of England – then lend it out to banks that need cash but can’t get it from the market. Q.HAS IT BEEN [...]
Data shows deposits fleeing Irish lenders November 30, 2011 IRISH banks suffered a near €3bn (£2.6bn) outflow in deposits in October, reversing two months of inflows, as the deepening Eurozone debt crisis spooked some savers, central bank data showed yesterday. Irish banks, including local units of foreign banks, had nearly €350bn in deposits from residents and non-residents at the end of October compared to [...]
10 days to save the Eurozone, Rehn warns currency’s political leaders November 30, 2011 COLLAPSE looms if Eurozone leaders do not take urgent action to integrate fiscal policy, EU commissioner Olli Rehn warned yesterday. “The economic and monetary union will either have to be completed through much deeper integration or we will have to accept a gradual disintegration of over half a century of European integration,” Rehn said. Emphasising [...]
UK business slams Barnier audit reforms November 30, 2011 A number of business groups, including the CBI, yesterday slammed Michel Barnier’s proposals to shake up the audit market, saying they were “the latest in a long line of unnecessary distractions coming out of Brussels that would only serve to add to business costs”. Matthew Fell, director for competitive markets at the CBI, the employers’ [...]
DRAFT AUDIT REFORMS: KEY POINTS November 30, 2011 ● Mandatory rotation Companies will have to change audit firm after a maximum of six years, or nine years if they employ more than one auditor. Audit firms will not be allowed to tender for the same client’s business until after a four-year “cooling-off” period when the contract ends. ● Mandatory tendering The biggest companies [...]
Britain closes Iran embassy November 30, 2011 BRITAIN shut its embassy in Tehran yesterday saying that Tuesday’s rioters, who burned British flags and ransacked offices, could not have acted without consent from Iranian authorities. The Iranian embassy in London has also been closed and its diplomatic staff instructed to leave the UK within 48 hours. William Hague told parliament: “If any country [...]
FARMVILLE DEVELOPER CLOSES IN ON FLOAT November 30, 2011 Zynga, the developer behind Farmville, has pencilled in a date for its much-anticipated IPO. The firm is starting a roadshow next week, with a view to pricing its shares on the Nasdaq on 16 December. The listing of around 10 per cent of the firm is likely to value the company at a lower-than-expected $10bn [...]
Demand for new laws to defeat unions November 30, 2011 THE coalition is under pressure to introduce new curbs on industrial action as fears grow that union bosses will call a series of winter strikes despite winning the backing of only a minority of members. Dominic Raab, a prominent Tory backbencher, told City A.M. there was an “overwhelming” case for extra “safeguards” after a day [...]
