Osborne launches audit of UK’s books May 17, 2010 GEORGE OSBORNE will commission an independent audit of the nation’s battered public finances today, ahead of an emergency Budget at the end of June. The chancellor has asked Sir Alan Budd, a former economic adviser to the Treasury, to head up the Office for Budget Responsibility, which will publish the review. Budd will also be [...]
BP closer to plugging leak May 16, 2010 BP executives celebrated some success yesterday after the oil giant moved one step closer to capturing some of the oil leaking into the Gulf of Mexico. After inserting a four-inch tube into a broken 21-inch pipe, also known as a “riser”, BP said that it had successfully completed the first stages of a siphoning process [...]
Brussels is about to clobber the City May 16, 2010 HOW absurd. A successful British industry, one which even banker-bashers admit wasn’t responsible for the financial crisis, will this week be hammered by the European Union, marking the new government’s first foreign policy defeat and the latest blow to London’s prosperity. I’m of course referring to the EU’s attack on alternative investment managers, including hedge [...]
Senators soften on banks May 16, 2010 TWO Democrat politicians have indicated they will soften their position on tough new derivatives laws as the US financial reform bill moves into its final week in the Senate. Chris Dodd, chairman of the Senate banking committee, and Blanche Lincoln, chairman of the agriculture committee, hinted a compromise could be agreed with the banking industry [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 16, 2010 FINANCIAL TIMES HEDGE FUNDS HIT BY MAY VOLATILITY Some of the world’s biggest hedge funds have suffered significant losses this month after high levels of volatility across markets and the shortlived stock market plunge in New York combined to wipe billions from portfolios. Losses in the first week of May alone erased all gains made [...]
London trails as business centre May 16, 2010 London has been ranked below Manchester and 35 other cities as a centre for business competitiveness by a KPMG survey. The accountant compared 112 cities, mostly in the developed world, using New York, Los Angeles, Chicago and Dallas as baseline models. Manchester was ranked first in Europe, an accolade local commerce figures said was down [...]
Google and Intel launch web TV May 16, 2010 Google, the search giant, and Intel, the chipmaker, are close to revealing a “Smart TV” platform that will allow viewers to access the internet through their televisions. The integrated devices will run on Intel’s Atom microprocessors and Google’s Android operating system, it is understood, while Sony will also play a role in making the hardware.
Lottery winner takes £84.4m May 16, 2010 An unidentified person has won £84.4m on the National Lottery, the largest-ever UK jackpot. Camelot, the operator, said the prize money for Friday’s EuroMillions draw could be awarded today.
Tories braced for defeat in hedgie fight May 16, 2010 GEORGE Osborne will go to Brussels tomorrow to make the case against controversial anti-hedge fund and private equity legislation, although hopes of averting a draconian crackdown are fading fast. Osborne has privately admitted that he is resigned to failing his first major test as chancellor, after a last-ditch appeal to delay tomorrow’s crunch vote fell [...]
Pru gets the all-clear for its cash call May 16, 2010 PRUDENTIAL received clearance from the Financial Services Authority for its mammoth rights issue over the weekend and could launch the deal as early as this morning. The prospectus for the $21bn (£14bn) cash call, which was delayed after the regulator raised fears over Prudential’s capital position, is likely to price the rights at the lower end [...]
