IMF warning over credit bubble risks September 13, 2011 PREVENTING severe disruption to financial services that could spill over and damage the “real” economy should be the focus of macroprudential policies, the International Monetary Fund (IMF) said yesterday in its global stability report. Policymakers need to understand the series of shocks that can lead to a build-up of systemic risk, the report said. Regulators [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 12, 2011 FINANCIAL TIMES UNICREDIT CHIEF SIGNALS RIGHTS ISSUE TO INCREASE CAPITAL LEVELS UniCredit has given its clearest signal yet that it will seek to raise its capital buffers as market turmoil continues to hit European bank shares. In his first big interview since becoming chief a year ago Federico Ghizzoni told the Financial Times that details [...]
Concern over Eurozone hits the markets September 12, 2011 JITTERY markets were shaken yesterday over escalating fears of a potential default by the Greek government and subsequent contagion spreading to other Eurozone states. The yield on Greek one-year bonds exploded past the 100 per cent mark, rising nearly a fifth to over 117 per cent. Investors are demanding more than double their money back [...]
LORD FINK WARMS UP FOR PARTY MARATHON September 7, 2011 HE HAS survived running the world’s largest hedge fund and managing the books for the Conservative Party. But the test that will really prove the making of Lord Stanley Fink is a 24-hour, country-hopping bender from London to Spain. Next Thursday, Fink and his business associate David Johnstone, who co-founded the luxury brands holding company [...]
What to do when your firm is hit by disaster September 4, 2011 IF you watched in horror as small businesses around London burned a few weeks ago and wondered what you would do if that happened to your company, you aren’t alone. Destruction of your premises is a tragedy, but it doesn’t need to be fatal. At Carter Backer Winter, we’ve dealt with this stuff before. Here’s [...]
US tries to block $39bn AT&T bid August 31, 2011 US regulators have sensationally moved to block AT&T’s $39bn (£24bn) takeover of T-Mobile USA over competition concerns. The move, which AT&T has vowed to fight, could cost the telecoms provider a staggering $6bn in break-up fees, including $3bn in cash, mobile spectrum and a roaming agreement. The Justice Department filed a lawsuit yesterday claiming that eliminating [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 30, 2011 FINANCIAL TIMES DISPUTE ERUPTS OVER CONTROL OF LIBYA’S $65BN SOVEREIGN FUNG A dispute has erupted over control of Libya’s $65bn (£40bn) sovereign wealth fund, as the national transitional council attempts to maintain stability in the nation. Several NTC members have contested the authority of Mahmoud Badi, who is probing corruption at the Libyan Investment Authority. HONG [...]
Tensions rising again in the markets August 25, 2011 WHEREVER one looks, there is danger in the air. Global equities are down 10.2 per cent in August and 11.3 per cent in the year to date. European and UK shares are down 13 and 10.4 per cent respectively in August, and 16.8 per cent and 11.5 per cent so far this year, Evolution Securities [...]
FTSE steady but drinks industry takes a hit August 24, 2011 THE FTSE edged up on opening but investors remained jittery ahead of a key Fed meeting on Friday and a string of company results – particularly in the beverage industry – which showed weak consumer demand. US Federal Reserve Chairman Ben Bernanke is set to make a key speech at an annual central bank conference [...]
Cost to insure BofA debt at record high August 23, 2011 SHARES in Bank of America tumbled more than six per cent during trading yesterday, as the price of insuring its debt rocketed to an all-time high. The spread on the bank’s five-year credit default swaps (CDS) climbed to 435 basis points in early trades, meaning it would cost £435,000 a year over five years to [...]