Europe: UK needs to slash deficit March 15, 2010 PRIME minister Gordon Brown will this week receive a direct order to up his game from the European Commission, which is concerned the UK is not doing enough to cut its burgeoning budget deficit. In a damning indictment of the state of the UK’s finances, leaked draft documents conclude that the government’s fiscal programme “is [...]
Europe is risking a trade war with US March 11, 2010 ONCE again, the European Union has got it wrong. It doesn’t have a clue about regulating hedge funds, private equity or other financial products and players. Brussels is tilting at windmills, attacking problems that don’t exist, inserting dangerous protectionist barriers into its proposed new rules and all the while ignoring the very real weaknesses and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 11, 2010 FINANCIAL TIMES PUSH FOR CLEARING HOUSES FAILS TO MOVE OIL TRADERS Big oil traders are choosing to keep more derivatives deals private, in spite of a global regulatory campaign to steer such contracts to clearing houses. Their willingness to take on risks viewed as intolerable just a year ago reflects renewed faith in the strength [...]
Darling rules out a giveaway budget but tax rises not expected March 11, 2010 Alistair Darling says his budget on 24 March will not be a “giveaway.” He said the budget, Labour’s last chance to set out its plans for the economic recovery, before an expected 6 May election, will be “a budget for the times in which we live.” He said: “I don’t think anyone’s expecting some sort [...]
The public’s priorities are mixed up March 7, 2010 THERE was a rather interesting set of findings in this weekend’s BPIX poll for the Mail on Sunday. When presented with options about what would make people more likely to vote for a political party, 45 per cent said a harsher approach to crime, with the same number backing a tougher immigration policy – no [...]
Government told to lay out deficit plans March 7, 2010 THE British Chamber of Commerce (BCC) has urged the government to come up with a credible plan for cutting the budget deficit or risk having the UK’s credit rating damaged. The BCC said the plan must include freezing the total public sector wage bill and bringing public pensions into line with the private sector. The [...]
Pru brings in 30 banks for rights issue March 3, 2010 A RAFT of big-hitting investment banks including Citigroup, Deutsche Bank, Morgan Stanley and Merrill Lynch have been brought in to help underwrite Prudential’s $20bn (£13.4bn) rights issue. The British insurer’s three global advisers – Credit Suisse, JPMorgan and HSBC – have syndicated underwriting duties to 30 institutions for the cash call, which will go towards [...]
EASTERN PROMISE March 1, 2010 PRUDENTIAL signed a gargantuan deal to buy the Asian assets of American International Group for $35.5bn (£24bn) yesterday, a move that will see it hold a heavily discounted rights issue in May. Chief executive Tidjane Thiam described the merger with American International Assurance as “transformational” as he announced the British insurer had the approval of [...]
Investment banks line up for advisers’ fee bonanza March 1, 2010 HSBC, JPMorgan and Credit Suisse stand to take a healthy slice of the action by underwriting Prudential’s $20bn (£13bn) cash call for American International Assurance. The 162-year-old insurer is tipped to pay $735m in fees to the investment banks for underwriting and advising on the rights issue. Dealmakers will enjoy a three per cent upfront [...]
How to manage your wealth in 2010 March 1, 2010 HASSIUM ASSET MANAGEMENT YOGI DEWAN WE have seen a volatile start ot the new year, but whatever is happening in the markets, some things never change. When choosing what to do with your cash, the first thing to remember is always to focus on long-term wealth preservation. Growth comes a definite second. When managing your [...]