Former Northern Rock finance chief fined July 27, 2010 THE former finance director of Northern Rock, the bank which nearly collapsed during the credit crisis and had to be nationalised, has been slapped with a fine for mis-reporting mortgage arrears figures. Financial Services Authority (FSA) officials confirmed that David Jones had been ordered to pay £320,000. It also banned him from “performing any function [...]
Market calm on bank tests July 26, 2010 EUROPEAN lenders’ credit default swap (CDS) spreads narrowed and the euro was steady yesterday as the market gave a mild thumbs-up to the region’s bank stress test results. The cost of insuring against default on debt issued by key banks fell after the Committee of European Banking Supervisors (CEBS) said just seven of 91 institutions [...]
Europe’s banks are at a crossroads after tests July 26, 2010 IF THE results of European bank stress tests were designed to draw a line under fears about the robustness of the system, then they failed miserably. The tests conducted on 91 banks across Europe were met with a hefty dose of scepticism from the investment community after only seven banks failed and the combined funding [...]
Those with the stomach for it should go long on food demand July 26, 2010 WELSH lamb-farmers have every reason to celebrate as they edge closer to signing a lucrative export deal with China. The deal is just another of many signs that emerging markets’ growing demand for hard commodities like steel and oil is leading to a boost in demand for soft commodities like wheat and cocoa. As infrastructure [...]
Banks lead the way as resurgent FTSE gives bulls a glimpse of higher plains July 26, 2010 BRITAIN’S top share index hit its highest close in 10 weeks yesterday, led by banks after European stress tests passed without major incident, and as strong economic data from the US boosted investor confidence. The FTSE 100 index ended up 0.7 per cent, or 38.50 points, at 5,351.12, its highest closing level since 13 May. [...]
European bank stress tests were too soft, analysts say July 25, 2010 LONDON’S stockmarket will give its verdict on the European Union’s bank stress tests today after analysts warned they were not tough enough to give investors real confidence. Only seven of the 91 institutions investigated failed to meet the capital requirements demanded by the Committee of European Banking Supervisors under three “economic shock” scenarios. Five Spanish [...]
Business chiefs join PM in trade mission to India July 25, 2010 DAVID Cameron will this week lead this country’s strongest ever trade mission to India, in a drive to boost cooperation between the UK and one of the fastest-growing economies in the world. Over 50 of the UK’s top business leaders will join the Prime Minister, chancellor George Osborne, foreign secretary William Hague, business secretary Vince [...]
ECONOMIST VIEWS: WAS SECOND QUARTER GDP AS GOOD AS IT WILL GET? July 25, 2010 HETAL MEHTA | E&Y ITEM CLUB “The second quarter is likely to represent the high point as fiscal tightening and a renewed slowdown in global activity constrains a more robust recovery. This preliminary estimate does not radically change the basic picture of a patchy recovery that will only pick up speed gradually.” SIMON HAYES | [...]
THE TIPSTER July 25, 2010 ARM Holdings had a cracking start to the year with the company’s share price racing ahead. Signs of a global economic recovery and an increase in corporate spending on technology is helping the sector. But with the share price trading at the top end of analyst estimates, Tuesday’s interims could be the trigger for profit [...]
High Street cheers after World Cup fillip July 22, 2010 WARM weather and the World Cup encouraged Britons back to the high street last month, boosting retail sales volumes by 0.7 per cent in June, official data showed yesterday. The Office for National Statistics (ONS) also revised up the May increase to 0.8 per cent. Consequently, retail sales volumes rose 1.7 per cent in the [...]