HISTORIC FINANCIAL REFORM BILL PASSED July 15, 2010 US LAWMAKERS last night passed a landmark financial reform bill allowing the broadest overhaul of rules governing America’s largest financial institutions since the 1930s. The Senate approved the bill by a 60 to 39 vote last night and will now send it to President Barack Obama to sign into law next week. The bill, which [...]
Obama’s reforms at a glance July 15, 2010 SYSTEMIC RISK A council of regulators chaired by the secretary of the Treasury would be created to monitor big-picture risks in the financial system. The Financial Stability Oversight Council could identify firms that threaten stability and subject them to tighter oversight by the Federal Reserve. The Fed and the council could break up firms that [...]
Some good bits – but lots of bad stuff July 15, 2010 SO there you are: President Obama has finally got his Wall Street reform bill, a gargantuan, 2,315-page piece of legislation over which politicians and lawyers will argue for years. As we explain on page 1 and below, there is a huge amount of detail in the final version, with rules governing everything from investment banks [...]
Fed reduces forecast for 2010 growth July 14, 2010 THE US economy’s recovery will be slower over the rest of the year than originally forecast, according to the Federal Reserve, which yesterday revised down its growth projections for the first time since the economic rebound began. Minutes of the Fed’s meeting, published yesterday, showed its central forecast is now for the economy to grow [...]
Wall St falls after gloomy Fed cuts growth forecast July 14, 2010 US stocks broke a six-day winning streak yesterday, with the S&P 500 ending a hair lower after the Federal Reserve suggested additional measures may be needed to combat a weakening economy. Optimism over the start of earnings season limited declines after Intel reported better-than-expected results on signs of renewed corporate spending. Shares of Intel rose [...]
Hard work starts here for Capello July 14, 2010 THE Football Association have one almighty PR exercise on their hands if they are to generate interest for England’s friendly with Hungary on 11 August. After leading a dismal World Cup campaign, I feel it’s down to coach Fabio Capello to come out and shoulder the blame, while assuring fans of a brighter future. If [...]
SMEs will save the UK… but my kids are all learning Spanish just in case July 12, 2010 WOL KOLADE, managing partner at Isis, is worried. The future of private equity – and the UK economy as a whole – is at a turning point, he says, and he’s not sure which way things will go. And when Kolade worries, people should listen – he knows what he is talking about. He joined [...]
Shop prices seen stabilising July 6, 2010 SHOP prices are expected to be less volatile for the rest of the year but January’s VAT hike to 20 per cent will put upward pressure on inflation in 2011, the British Retail Consortium will say today as it reveals that overall shop price inflation slowed to 1.5 per cent in June from 1.8 per [...]
Spice rejects Cinven again July 6, 2010 UTILITIES services company Spice will talk with its largest shareholders today after knocking back an improved takeover offer from Cinven, the private equity house. The FTSE 250 firm rejected a second approach of between 62p and 65p per share, worth up to £230m, as it revealed full-year results in line with expectations yesterday. Spice delivered [...]
Oranje-Boom! Holland march into World Cup final July 6, 2010 URUGUAY (2) vs HOLLAND (3) HOLLAND survived late Uruguayan pressure to maintain their incredible 25-game winning streak and book their place in the World Cup final. The Cape Town skyline descended into a sea of orange as Bert van Marwijk’s side remained on course to lift the country’s first-ever world trophy and finally bury the [...]