Osborne agrees deal for UK as renminbi hub September 8, 2011 CHANCELLOR George Osborne agreed to develop London into an offshore trading centre for China’s renminbi currency after meeting Chinese vice-president Wang Qishan yesterday. The move gave official Treasury support for the City’s push to trade the renminbi, a market expected to grow rapidly for trade, foreign exchange and bond issuance. The step reflects efforts by [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 7, 2011 FINANCIAL TIMES LIBOR ENQUIRY EYES CRIMINAL ANGLE The US investigation into alleged manipulation of interbank lending rates is focusing on possible violations of a commodities law that has previously been used to send financial executives to prison. According to people familiar with the probe into the setting of London and Tokyo interbank offered rates, US [...]
China set to allow UK renminbi trades September 7, 2011 CHINESE authorities are set to approve the trading of the renminbi by British banks in London, it emerged last night. China has been gradually relaxing its control of the yuan over the last 12 months. The news came after a think tank under China’s cabinet endorsed internationalising the yuan, particularly to neighbouring markets. The stride [...]
Green shoots for PhosAgro September 7, 2011 THE chief executive of PhosAgro said he did not plan to cash in his shares in the fertiliser group, as it announced its maiden results since its $538m (£337m) listing in London in July. Maxim Volkov told City A.M. he was “not inclined” to sell his stock after PhosAgro went public, in a float that [...]
Yahoo faces struggle after sacking Carol Bartz September 7, 2011 CONTROVERSIAL Yahoo chief executive Carol Bartz was unceremoniously axed yesterday, ending her strained tenure at the helm of the struggling internet giant. In typically frank style, she informed staff by sending a mass email saying the chairman had just fired her over the phone. Few employees will shed tears for their notoriously ruthless former boss, [...]
HONG KONG: HSBC CAN COME HOME September 6, 2011 HSBC is being wooed by regulators in Hong Kong, who have assured the bank that it would be welcome if it decided to leave Britain and re-domicile back to its original homeland. City A.M. has learned that the Hong Kong Monetary Authority (HKMA), whose permission HSBC would need to move back to the city state, [...]
Unicredit chief says bank plans to double its presence in China September 6, 2011 ITALY’S biggest bank Unicredit plans to double its presence in China to secure growth in the market, its general manager said yesterday. Roberto Nicastro said Unicredit will open new branches in Beijing, mid-west cities such as Chongqing and Chengdu, as well as along the coast to gain a greater foothold in Asia’s biggest economy. “The [...]
Dell to launch a tablet in China in deal with Baidu September 6, 2011 DELL and China’s top search engine Baidu plan to jointly develop tablet computers and mobile phones, targeting the Chinese market dominated by Apple and Lenovo. China is one of the fastest growing markets for tablets and is home to more than 900m mobile phone subscribers, but analysts were sceptical that the partnership would unseat Apple [...]
Not the end of the line for capitalism September 6, 2011 SAU, £20 Alex Singleton YOU might be forgiven for thinking that another book on the financial crisis was unnecessary. After all, Gordon Brown has already written a comprehensive tome. You know, the one in which he forgets about all the mistakes he made with regulation, congratulates himself for saving the world, and bangs on about [...]
FTSE sees modest rise on solid company news September 6, 2011 Stocks have moved higher this morning following heavy selling in the US and Asia overnight, but markets remain under pressure over fears of a global recession. Positive trading updates from a number of companies have given UK shares a modest lift this morning after yesterday’s 189-point slump. But in a warning sign that investor sentiment [...]