Banks lift markets after Italy IMF bailout claims November 28, 2011 Banking shares helped fuel rises on the FTSE 100 in early trading as reports in Italy suggested that the beleaguered country is to receive an aid package from the international Monetary Fund (IMF). The package would help shore up Italy’s finances by up to €600bn (£515.8bn), newspaper La Stampa said. But the IMF distanced itself [...]
OECD: UK to return to recession November 28, 2011 Britain will slip into a modest recession early next year, the OECD said, slashing its 2012 growth forecast and urging the Bank of England to expand its asset purchase programme. On the eve of Chancellor George Osborne’s latest budget and growth announcements, the Organisation for Economic Co-operation and Development said the government may have to [...]
Government to inject £25bn into infrastructure November 28, 2011 Britain plans to pump £25bn into infrastructure projects, part funded by private investment from pension funds, to help bolster its economy, Treasury Minister Danny Alexander said. Alexander told BBC Radio an agreement had been signed with the big British pension funds to pump £20bn into projects such roads and railways. An additional £5bn of government [...]
Rolls-Royce seals deal with pension fund trustees November 28, 2011 Aero enginemaker Rolls-Royce has reached a deal with the trustees of its pension fund to offset the risk of pension scheme members living longer than expected. Rolls, the world’s second-largest maker of aircraft engines behind US group General Electric said the longevity swap deal it had agreed would give additional security to all members of [...]
China plans raid on European assets November 28, 2011 China’s Commerce Minister plans to lead an investment delegation to Europe next year, hoping to pick up some plum assets on the crisis-hit continent. China has been reluctant to publically commit to buying additional European bonds, despite pleas for help, but could be much more interested in getting hard assets for its cash. “Next year, [...]
Moody’s warns over ratings of all Euro area bonds November 28, 2011 Moody’s Investors Service has warned the rapid escalation of the Eurozone sovereign and banking crisis threatens the credit standing of all European government bond ratings. “While Moody’s central scenario remains that the euro area will be preserved without further widespread defaults, even this ‘positive’ scenario carries very negative rating implications in the interim period,” the [...]
Osborne unveils £20bn loan plan November 27, 2011 The government will guarantee £20bn of UK bank debt over the next two years, chancellor George Osborne revealed yesterday, in a desperate bid to unfreeze credit markets. The Treasury’s credit easing programme will see the government underwrite chunks of lenders’ debt to bring their borrowing costs down, in return for which they will cut the [...]
Army on standby for strike November 27, 2011 THE Army has been put on standby to run Britain’s borders amid fears Wednesday’s mass strike over pensions will paralyse public services. Up to 18,000 immigration officials will join the industrial action, which is set to close up to two-thirds of schools, trigger chaos at ports and airports and disrupt services ranging from refuse to [...]
Chancellor’s plans are a mixed bag November 27, 2011 THIS week’s Autumn statement by the chancellor will be like the proverbial curate’s egg: good in parts, bad in others, and as a result not entirely digestible. While bits of George Osborne’s plans rightly focus on liberating companies and individuals, others involve creating special schemes, funds and interventions, many of them gimmicks, and seek to [...]
The City wants tax cuts – but does not think Osborne shares its hope November 27, 2011 CUTS in corporation and income taxes would benefit the City, but expectations are low for George Osborne to offer any in tomorrow’s Autumn Statement, according to the Voice of the City survey published today. More than two-thirds (69 per cent) said they would be “very favourable” or “somewhat favourable” towards a proposal to cut corporation [...]
