A £53M CHEQUE GETS YOU THINKING February 25, 2010 WITH The Capitalist taking a well earned holiday, this ancient scribe has been ruminating over a few whimsical anecdotes that he has come across over the past 47 years in the City of London. My first recollection while learning the merchant banking ropes at Philip Hill, Higginson, Erlangers was to be sent to collect a [...]
Fed insists rates set to remain low February 24, 2010 FEDERAL Reserve chairman Ben Bernanke yesterday insisted that US interest rates would remain low for an “extended period”, quashing fears that the US central bank was moving towards tightening monetary policy. In his first appearance before Congress since he won a second term as chairman, Bernanke was downbeat on the economic recovery, warning the current [...]
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 [...]