WHAT THE OTHER PAPERS SAY THIS MORNING September 22, 2011 FINANCIAL TIMES EU TO SPEED RECAPITALISATION OF 16 BANKS European officials look set to speed up plans to recapitalise the 16 banks that came close to failing last summer’s pan-EU stress tests as part of a co-ordinated effort to reassure the markets about the strength of the 27-nation bloc’s banking sector. A senior French official [...]
Monaco’s calling September 22, 2011 TIMES are tough for property in some parts of the world. Not, however, in Monaco, where investors seeking classic, mature markets feel comfortable. The fact that it’s still one of the most glamorous locations on earth – with some of the world’s best restaurants and casinos (and let’s not forget the marina) – doesn’t hurt, [...]
M&C Saatchi profits surge by a quarter September 21, 2011 ADVERTISING icon M&C Saatchi yesterday hit a 17 month share price high after announcing a surge in first-half profits. The firm saw its pre-tax profit jump almost a quarter to hit £7.7m, with revenues rising 23 per cent to £71.9m. A strong performance in its core UK business, which accounts for 43 per cent of its [...]
Funding pressure as China pulls out of Eurozone forex September 20, 2011 MONEY market strains worsened yesterday after Standard & Poor’s cut Italy’s credit rating and the Bank of China halted foreign exchange swaps with several European banks. Eurozone bank borrowing at the European Central Bank’s weekly tender surged to €201bn, the highest in seven months in a sign of growing stress in the sector. Three-month dollar [...]
RALLIES TURN TO DECLINES AHEAD OF FED September 19, 2011 GLOBAL equity markets rallied sharply last week. The initial catalyst came from rumours that China stood ready to purchase Italian debt. Then stocks shrugged off worries about the credit-worthiness of the largest French banks, after German Chancellor Merkel and French President Sarkozy insisted that Greece will remain a member of the Eurozone. Greek Prime Minister [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 16, 2011 FINANCIAL TIMES BTG PACTUAL LOOKS AT IPO AS IT EYES EXPANSION BTG Pactual, Brazil’s largest independent investment bank, is looking to hold an initial public offering as early as next year as one option to fund an ambitious expansion in Latin America. The move comes as the bank is also strengthening its foothold in Asia [...]
China lies at the heart of euro survival September 14, 2011 THE effects of speculation that China would be buying up Italian sovereign debt displayed just how much sway the Chinese government holds over the world currency markets. China has been accumulating foreign currency reserves at a rapid rate – its forex reserves increased by $750bn between June 2010 and June 2011. It is reported that [...]
Euro chaos as markets reel over rumours September 13, 2011 NERVOUS investors jumped at every rumour yesterday, as politicians failed to calm the spiralling Eurozone crisis and choppy markets. The euro gained against the dollar on reports of an impending “Merkozy” statement between Germany’s chancellor and France’s president. But the single currency slumped back as President Sarkozy’s office denied that any joint statement would be [...]
EU ministers fail to address euro’s flaws September 13, 2011 SUCH is the precariousness of the Eurozone project that every bit of hearsay sends the currency markets scrambling. Yesterday afternoon, the word was that we would see a reappearance of Merkozy – the Euro-Frankenstein merger of German Chancellor Angela Merkel and French premier Nicholas Sarkozy that first had life breathed into it at an emergency [...]
Colfax weighs in with £1.5bn Charter offer September 12, 2011 US industrial giant Colfax raised the stakes in the battle for Charter International yesterday, tabling a formal bid valuing the company at £1.5bn and gaining the backing of Charter’s board. Colfax, which makes industrial pumps and valves, tabled a 910p per offer with 80 per cent in cash and the rest in its shares, trumping [...]