I recreated all my favourite TV tropes, from crawling through pipes to being two kids in a trenchcoat
City bonuses will plunge to 2003 lows October 27, 2011 THE TOTAL value of City bonuses is set to plunge nearly 40 per cent to £4.2bn this financial year as Eurozone turmoil and weaker bank profits drag down payouts to barely a third of pre-crisis levels. The level of bonuses in 2011-12 will be the lowest for nine years, according to the Centre for Economics and [...]
Markets surge on US growth and euro plan October 27, 2011 AMERICA’S economy grew at its fastest pace in a year, official data for the three months to September claimed yesterday. Stocks surged as the bell rang on Wall Street, after the government’s figures estimated annual GDP expansion of 2.5 per cent in the third quarter. The Dow Jones industrial average soared by over 258 points [...]
Markets wait for the devil in the details October 27, 2011 “THE EURO continues to rest on solid fundamentals,” proclaimed the Eurozone statement put out at 4am yesterday morning. Despite surpassing markets’ low expectations and providing some patches of long-desired detail, the statement was met with increasing scepticism by the evening. Leaders agreed to leverage the European Financial Stability Facility (EFSF) – the region’s bailout fund [...]
Why the euphoria was not justified October 27, 2011 MARKETS are hugely preferable to central planning – but sometimes capitalism’s finest get it spectacularly wrong. Yesterday’s deluded jump in stock prices – the FTSE is now back up to 5,713.82 – was a gross over-reaction to the Eurozone’s deal. A sigh of relief that the outcome wasn’t worse would have been understandable; but there [...]
MPC’s Fisher: Significant risk of a double dip recession in the UK October 27, 2011 A RECESSION may be on the way, Paul Fisher from the Bank of England’s monetary policy committee (MPC) warned yesterday, as new data revealed retail sales and consumer confidence are plummeting. The economy could “slide back approaching a recession, which is always possible with the sort of financial crisis overhanging,” Fisher told Bloomberg Television. In [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 27, 2011 FINANCIAL TIMES MAYOR TELLS EU TO DROP FINANCIAL TAX Boris Johnson has stepped up London’s opposition to European Union plans for a tax on financial transactions, urging Brussels to drop the proposal “at the earliest opportunity”. The mayor says he is “strongly opposed” to the scheme, which would drive business out of London. THE TIMES [...]
Sarkozy says Greece joining euro was a mistake as Osborne hints at IMF cash October 27, 2011 IT WAS a mistake to let Greece join the euro single currency when it did because its economy was not ready to form a monetary union with others in the club, French President Nicolas Sarkozy said yesterday. “It was a mistake,” Sarkozy said, when asked during a TV interview about having Greece adopt the euro [...]
EU banks: we won’t need public money October 27, 2011 EUROPE’S banks insisted yesterday that they can handle ramped-up capital requirements from EU authorities without resorting to state bailouts. Despite some analysts having called a nine-month timeline for raising billions in new funds “unrealistic”, lenders are determined to appear unruffled. Yesterday, the European Banking Authority (EBA) unveiled preliminary results of the stress tests it is [...]
Leaders face falling GDP October 27, 2011 A WAVE of weak data in the Eurozone points towards a recession, analysts are warning, piling more pressure on Eurozone leaders. Figures out yesterday from the European Commission showed consumer and business confidence worsening into October. Economic sentiment slipped to a 22-month low, falling 0.2 points to 94.8. Consumer confidence declined 0.8 points to -19.9 [...]
Bond spreads narrow as investors react October 27, 2011 TEN-YEAR yields on German government bonds jumped by the most in almost three months yesterday and spreads across the Eurozone narrowed, as investors reacted to politicians’ plans by shifting their risk exposure. German bunds became a less attractive safe haven after the country’s parliament backed an increase to the European Financial Stability Facility, to which [...]
