These cuts should have gone further May 24, 2010 THE build-up to the election saw all of the major parties arguing over when to start cutting public spending. Straight away, some said. This year is too early, we could put the recovery at risk, others replied. What we didn’t hear was how they would cut spending. The new coalition is right to think that [...]
BP oil spill clean up bill set to top $1bn in weeks May 24, 2010 THE cost of cleaning up the oil spill in the Gulf of Mexico is is inching closer to $1bn. So far, BP has spent $760m as it pushes on with its efforts to plug a leak currently spewing thousands of barrels of oil into the sea. Analysts expect costs to breach the billion dollar mark [...]
It’s the not knowing that is hurting BP May 24, 2010 PREDICTING the cost of oil spills before they’ve been cleared up is a mug’s game. For what it’s worth, Barcap reckons BP will shell out $3bn on the disaster. Independent stock market research house Fat Prophets puts it nearer an unlikely $10bn. The truth is nobody knows. Yesterday, BP issued a bullish statement in response [...]
CITY VIEWS: DOES THE OIL SPILL JEOPARDISE BP’S LONG-TERM FUTURE? May 24, 2010 MATT JOHNSON | UNITED INSURANCE BROKERS “It’s such a big task to sort. They are not doing enough to stop it, since the well is still leaking weeks on. In the trade press, it’s such a big story and it’s surprising the national press aren’t covering it more. I think Obama has done the right [...]
FORTY YEARS ON AND WE SEEM TO HAVE LEARNED VERY FEW LESSONS May 24, 2010 WHEN you are older than God, as I am, I think you tend to become rather blasé as yet another political or financial crisis unfolds. I was 23 and working as an impecunious bank clerk at Hill Samuel (now part of Lloyds Banking Group, for the youth among you) when I was exposed to my [...]
US banks face fresh home loans inquiry May 24, 2010 A COMMISSION set up by the US government to investigate the roots of the global financial crisis is probing the banks’ sales of billions of dollars worth of bad home loans. The Financial Crisis Inquiry Commission (FCIC) is understood to be planning to help an investigation by the New York Attorney-General into whether banks caused [...]
Household unit’s liabilities fall to $70bn for HSBC May 24, 2010 HSBC, Europe’s biggest bank, is working off $20bn (£13.9bn) worth of loans per year in its US Household Finance unit as it winds down the business, the bank’s chief executive said yesterday Household Finance’s liabilities stood at about $70bn, chief executive Michael Geoghegan said in Hong Kong ahead of the bank’s annual shareholder meeting in [...]
UNICREDIT’S PROFUMO BACKS THE EURO May 24, 2010 THE chief executive of UniCredit, Italy’s biggest bank, Alessandro Profumo said there was little chance of the euro failing despite what he called weak political leadership. He said: “We can see a two per cent risk. The euro will continue to remain alive.” Profumo added: “There aren’t leaders with a strong European commitment”.
Rio Tinto boss warns Aussie tax is big risk May 24, 2010 GLOBAL miner Rio Tinto yesterday said it is reviewing all investments in Australia due to a proposed new tax, describing the country as its top sovereign risk concern and sending a weak Australian dollar even lower. Australia, which accounts for the bulk of Rio’s revenue from iron ore, coal and other commodities, had been considered [...]
Lonmin setback as furnace shuts again May 24, 2010 LONMIN, the world’s third-biggest platinum producer, suffered a setback with its troublesome number one furnace in South Africa, which was shut down again shortly after being repaired. “Lonmin’s troubled smelter has failed yet again, further undermining the company’s outlook for the rest of this year,” said Charles Kernot at Evolution Securities. One smelter failure is [...]
