Bernanke is still cautious June 9, 2010 FEDERAL Reserve chairman Ben Bernanke said yesterday the US economic recovery was on a solid footing but cautioned it could be years before the jobs lost during the deep recession of 2008-2009 are restored. While Bernanke said the economy had made an “important transition” to relying less on government support, his emphasis on the struggles [...]
London rises on comments by Fed chairman Bernanke June 9, 2010 BRITAIN’S top share index closed higher yesterday, lifted by gains in miners and banks, as investor appetite for risk was boosted by positive comments on the US economy from Federal Reserve Chairman Ben Bernanke. The FTSE 100 closed up 57.71 points, or 1.2 per cent, at 5,085.86, after a choppy session which saw the index [...]
Wall St slides after BP fall triggers fear June 9, 2010 US stocks fell yesterday in another late-day roller-coaster ride, dragged lower by BP and other energy shares as the US probe of the oil spill in the Gulf of Mexico deepened. The late retreat stocks triggered a bid for safe-haven assets, which pushed US government bonds into positive territory, while the euro edged higher boosted [...]
Bernanke: Europe is committed to euro June 8, 2010 EUROPEAN leaders are committed to ensuring the survival of the euro and have enough money to meet obligations of heavily indebted member countries, Federal Reserve chairman Ben Bernanke said yesterday. In remarks to the Woodrow Wilson Centre in Washington, Bernanke said a euro stabilisation package of nearly $1 trillion was “a lot of money” and [...]
CITY VIEWS: ARE YOU FED UP WITH THE CONSTANT IPHONE UPGRADES? June 8, 2010 RUSSELL HARRISON | NATWEST PRIVATE BANKING “I find it very useful especially the map and the GPS. I don’t think people will get fed up with upgrades because Information technology is always going to be useful.” FABIEN HUESO | LLOYDS BANKING GROUP “I am very happy. I don’t feel pressured at all because I am [...]
US MULLS INTEREST RATE HIKE June 3, 2010 Kansas City Federal Reserve Bank president Thomas Hoenig yesterday said that the central bank should raise rates to one per cent by the end of the summer to avoid having to raise borrowing costs abruptly as the economic recovery gains momentum. His board colleague Dennis Lockhart also said that the US economy is almost strong [...]
Euro drops sharply on contagion fears May 26, 2010 THE euro approached a four-year low against the US dollar yesterday on persistent concerns about Europe’s debt woes and after Federal Reserve chairman Ben Bernanke raised concerns over Eurozone bank funding. Bernanke said swap lines, which were reinstated by the Fed to provide dollar funding to Europe as the Greek fiscal crisis escalated, played an [...]
Fed’s Bullard says EU debt crisis will help US achieve its bullish forecasts May 25, 2010 SAFE-HAVEN flows to the United States triggered by concerns about the Eurozone debt crisis will be beneficial for the United States, St. Louis Federal Reserve President James Bullard said yesterday. At an economic seminar in London, he added that this would help the US economy achieve its growth forecasts for the next few years, provided [...]
BROKEN EURO TROUBLE FOR CHINA AND US May 25, 2010 BORIS SCHLOSSBERG DIRECTOR OF CURRENCY RESEARCH, GFT WITH the yuan up nearly 15 per cent against the euro this year, there was some speculation in the market last week that the People’s Bank of China (PBOC) was a major buyer of the currency as Chinese monetary officials tried to slow the chaotic sell-off. A drop [...]
FORTY YEARS ON AND WE SEEM TO HAVE LEARNED VERY FEW LESSONS May 24, 2010 WHEN you are older than God, as I am, I think you tend to become rather blasé as yet another political or financial crisis unfolds. I was 23 and working as an impecunious bank clerk at Hill Samuel (now part of Lloyds Banking Group, for the youth among you) when I was exposed to my [...]