Sterling drops after the PM steps down May 10, 2010 GORDON Brown’s decision to resign as leader of the Labour party caused sterling to slide yesterday as investors reacted to the possibility of a left-leaning coalition with the Liberal Democrats. News of Brown’s decision caused sterling to drop more than a cent against the dollar, from $1.502 to $1.486. The fall came minutes after the [...]
Q&A: WHAT DO THE LIB DEMS WANT? May 10, 2010 Q. WHATARE THE LIB DEMS ASKING FOR? A. Nick Clegg says consensus on how to deal with the national budget deficit and electoral reform are the biggest issues to be ironed out before he will agree to a power sharing deal. Q. WHAT TYPE OF ELECTORAL REFORM? A. Clegg and the Lib Dems are both [...]
The winding paths to the seat of power May 10, 2010 LAST night the parties were still locked in negotiations over who will be allowed to form the next government. The task is to reach the magic number of 321 MPs, giving a clear majority in the House of Commons. Nick Clegg made a Lib Dem-Tory coalition the most likely outcome after saying the party with [...]
Runners and riders line up May 10, 2010 David Crow examines those in line to succeed Gordon Brown as leader of the Labour party GORDON BROWN’S resignation will lead to an almighty battle for Labour’s soul. Those on the centre of the party will be looking for an heir to Tony Blair, the election-winning machine that kept them in power for 13 years. Brown’s backers [...]
Miliband faces a fight against Labour machine for top job May 10, 2010 DAVID Miliband has emerged as the favourite to take over the Labour leadership when Gordon Brown steps down. But the long-touted future leader will still have to go through the gruelling internal selection process. The party is determined hold a leadership contest to distance it from the accusations of shady back-room deals that surrounded the Blair-Brown [...]
World markets boosted by Eurozone agreement May 10, 2010 THE $1 trillion global emergency package to stabilise the euro unleashed a spectacular rally in world stocks yesterday but analysts said EU leaders had only bought time to tackle deep-seated fiscal problems. The “shock and awe” rescue plan – the biggest since G20 leaders threw money at the global economy following the collapse of Lehman [...]
Darling: UK will commit £8bn to European bailout May 10, 2010 CHANCELLOR Alistair Darling said Britain could lose £8bn in an Armageddon scenario under the terms of the €750bn (£645bn) European bailout fund revealed yesterday. The UK has committed to provide a proportion of the €60bn emergency loan component of the deal, which covers the European Union rather than the Eurozone. Although the Chancellor admitted taxpayers’ [...]
Q&A: THE DEAL EXPLAINED May 10, 2010 Q. WHY DOES THE EUROZONE NEED A SAFETY NET? A. Since last autumn fears have snowballed over Greece’s ability to service its huge €300bn (£258bn) debt pile. After credit rating agencies cut Athens’ status, markets cranked up the interest rates on the country’s bonds to unsustainable levels. A separate €110bn package of loan guarantees produced [...]
Banks benefit on regulation May 10, 2010 THE $1 trillion (£672bn) rescue package to stabilise the euro could bolster European banks’ negotiating power as they attempt to fight stricter regulatory capital requirements they expect will hurt economic growth. Europe’s lenders are already significant holders of sovereign euro debt and will be relied upon to buy more state-guaranteed debt as part of the [...]
WILL THE €750BN BAILOUT PACKAGE FIX EUROPE’S DEBT WOES? May 10, 2010 NICK KOUNIS | FORTIS BANK “It’s a very impressive package and it distinctly reduces the chances of a Lehman-type scenario in Europe because it’s large enough to take care of the financing needs of Spain, Portugal and Ireland over the next few years, aside from what’s already in place for Greece. The Eurozone is sending [...]
