Three big bets see odds on Kohn for top US Fed job shorten September 18, 2013 All eyes on the bookies for an indication of who might replace US Federal Reserve chairman Ben Bernanke. The odds for the second favourite – Donald Kohn – have narrowed after three big bets on his name. The disance between him and the clear favourite – Janet Yellen – is now a lot narrower. @LorcanRK [...]
Before the open: Markets await Fed decision on tapering September 18, 2013 The Nikkei closed up as today's Federal Open Markets Committee keeps markets waiting this morning. Fed officials have stressed that some form of tapering could happen by the end of the year if data from the third quarter supports it. Market consensus seems to be in the region of $10bn to $15bn taper of [...]
JP Morgan pours staff and cash into crackdown to end scandals September 17, 2013 JP MORGAN’S boss Jamie Dimon yesterday vowed to end the run of crises hitting the bank by simplifying the business and dedicating unprecedented resources to ensuring that rules are followed. It comes as the bank faces the prospect of paying hundreds of millions of dollars to settle with regulators over the London Whale scandal, on [...]
Jefferies feels the pain over Fed tapering September 17, 2013 INVESTMENT bank Jefferies yesterday reported an 83 per cent plunge in third quarter profits after being squeezed by this summer’s bond market nervousness. The bank, which has London offices on Upper Thames Street, said net income – a measure of profit – fell from $70.2m a year ago to $11.7m for three months ending August. [...]
Stable inflation fuels taper talk in the States September 17, 2013 INFLATION readings in the US barely rose in August, but gains in rents and medical care costs pointed to a stabilisation in underlying inflation that could allow the Federal Reserve to start trimming its bond purchases. The Labor Department said yesterday its consumer price index (CPI) edged up 0.1 per cent last month after rising [...]
London Report: FTSE drops from six week highs on Lloyds sale September 17, 2013 THE UK’S top share index fell off one and a half month highs yesterday, with Lloyds bank among the worst stocks, while traders held off adding to positions in fear of the US Federal Reserve reducing stimulus measures. The blue-chip FTSE 100 index closed down by 0.8 per cent, or 52.69 points, at 6,570.17 points [...]
New York Report: Expectation of modest taper lifts US shares September 17, 2013 US STOCKS advanced yesterday on expectations the Federal Reserve will make only moderate changes to its stimulus that has been highly supportive of stocks and other assets at the conclusion of its two-day meeting tonight. The policy-setting Federal Open Market Committee began meeting yesterday to discuss whether to trim its bond purchases, also known as [...]
Letters to the editor – 18/09 – Banking reform, Best of Twitter September 17, 2013 Banking reform [Re: We should replace Fed monetary superheroes with rules-based policy, yesterday] A bigger concern is that central banks themselves have been given superhero status. There is now a belief that they can solve any economic woes, and this is then transmitted to whoever is in charge. Central banks should do less, and leave [...]
Dessert master on his nan’s doughnuts September 17, 2013 By Jacob Kenedy , chef and co-owner of Bocca di Lupo and Gelupo THIS recipe for doughnuts comes from my Hungarian grandmother, Agnes. It is quite simply the best doughnut recipe ever, and is absolutely charged with emotion for me. The smell of the rising dough, the hot oil, the sweet yeasty toastiness of freshly [...]
Golf Comment: Johnson peaking as FedEx Cup finale nears September 17, 2013 THE BMW Championship may have ended a day late due to bad weather but there’s not too much wrong with Zach Johnson’s timing as the finale to golf’s richest competition arrives this week. Former Masters winner Johnson’s victory on Monday was his first of the year but capped a superb run of six top 10 [...]