Geech: Wilko and Riki are a dream ticket February 24, 2010 BRITISH LIONS legend Sir Ian McGeechan believes the centre partnership of Jonny Wilkinson and Riki Flutey holds the key to England’s Six Nations hopes. Coach Martin Johnson has only just been able to field his dream midfield combination due to injury, but the pair have so far failed to hit it off and came under [...]
Banks boost FTSE on hopes that RBS results bring cheer February 24, 2010 BRITAIN’S top shares rose 0.5 per cent yesterday, led by banks and echoing gains on Wall Street as US Federal Reserve chairman Ben Bernanke assuaged fears of an earlier than expected interest rate rise. The FTSE 100 ended 27.83 points higher at 5,342.92 buoyed by the Fed chairman’s statement and after it had closed 0.7 [...]
INVESTORS’ GLOSSARY February 24, 2010 DISCOUNT RATE Last week the Federal Reserve announced that it would raise the discount rate by 25 basis points to 0.75 per cent. But what is the discount rate? According to the Federal Reserve Board, it is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional [...]
FTSE rocked as mining shares fall on commodity price drop February 23, 2010 BRITAIN’S top shares shed 0.7 per cent yesterday, tracking early falls on Wall Street and pressured by weaker miners and energy issues as commodity prices fell with a firmer dollar after dull data. At the close, the FTSE 100 was 36.98 points lower at 5,315.09, having hit a one-month high earlier in the session. US [...]
Data undermines hopes of recovery February 23, 2010 US stocks suffered their biggest one-day decline in nearly three weeks yesterday after a sharp drop in consumer confidence heightened worries over one of the most vulnerable areas of the economy. Consumer confidence in February slumped to a 10-month low as the short-term outlook on jobs worsened. Results from retailers added little hope, as bellwethers [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 22, 2010 FINANCIAL TIMES NORTEL AIMS TO BLOCK PENSIONS CLAIM Nortel Networks and its creditors are seeking to block the UK pensions regulator from pursuing a claim worth as much as £2.1bn ($3.3bn) against the company’s worldwide assets to cover the shortfall in its UK scheme. The Canadian telecommunications equipment maker and its UK subsidiary filed for [...]
Wall Street waits for Bernanke’s view on growth February 22, 2010 US stocks finished flat yesterday as investors held back before congressional testimony by Fed Chairman Ben Bernanke, while scattered buying lifted shares of health insurers and banks. President Barack Obama revised plans for an overhaul of US healthcare. The Morgan Stanley healthcare payor index rose 1.7 per cent, but investors said financial shares bene fited [...]
Torode offers more sizzle than steak February 22, 2010 The Luxe On hearing the name of John Torode, those in the know are likely to grunt with satisfaction as the image of a large, juicy steak enters their head. Perhaps they’ve even read his book, called Beef. Others will murmer an approving “ah yes” as a great cocktail, smoothie, or debaucherous night out at [...]
How a secret rule caused the crisis February 22, 2010 SLOWLY but surely, some economists are beginning to piece together the real causes of the crisis. And as you might imagine, their findings are strikingly at odds with the conventional explanations, which tend to revolve around greed, bankers’ animal spirits and deceit. One brilliant new paper shows how an obscure regulation deliberately encouraged US retail [...]
Honeywell International chief to join Obama panel February 22, 2010 The White House is considering naming the chief executive of Honeywell International, a former vice chairwoman of the Federal Reserve to a new panel on tackling budget deficits. Confirmation by the Obama administration comes after a Republican and two Democrats emerged as leading candidates to be among Obama’s six appointments to the panel. Republican David [...]