Second term for Bernanke January 28, 2010 THE US SENATE yesterday approved Ben Bernanke’s nomination to a second four-year term running the world’s most powerful central bank despite deep misgivings over his perceived policy missteps. The Senate voted 70-30 to confirm Bernanke in his post again as chairman of the US Federal Reserve, America’s central bank. However, the Fed chief suffered the [...]
FTSE hits lowest level since November on valuation fears January 28, 2010 RENEWED worries about the global economy dragged Britain’s top share index to its lowest close in nearly three months yesterday, with commodity stocks falling sharply and drugmaker AstraZeneca dipping on weak results. The FTSE 100 ended down 1.4 per cent, or 71.73 points, at 5,145.74, its lowest close since 6 November, after the index finished [...]
WHAT DOES THE FED’S RATES DECISION MEAN FOR THE US POLICY OUTLOOK? January 28, 2010 BRIAN FABBRI | BNP PARIBAS While the FOMC left the federal funds rate at 0–0.25 per cent, this was the first time since emergency conditions were set in place that a formal dissent has been made. Moreover, the text exposed important nods in the direction of a more confident view of the economic recovery than [...]
Geithner under fire in Congress over AIG bailout January 27, 2010 AMERICAN lawmakers turned up the heat on US Treasury secretary Timothy Geithner over his role in the bailout of insurer AIG, challenging his claim he did not influence a decision to keep quiet AIG payments to big banks. Both Democrats and Republicans questioned whether Geithner, who led the New York Federal Reserve Bank at the [...]
Wall St rises after Fed rates held again January 27, 2010 US stocks rose yesterday after the US Federal Reserve said it will keep interest rates near zero and ahead of President Barack Obama’s State of the Union address tonight. But the Nasdaq got a late surge from of almost one per cent in the shares of Apple after the iPad’s debut. Market analysts said the [...]
BULLISH FED FUELS HOPE ON ECONOMY January 27, 2010 THE US Federal Reserve signalled yesterday that the economic recovery was gathering strength as it kept interest rates near zero. The Federal Open Market Committee adopted a generally more positive tone in its policy statement than in December, noting that economic activity “has continued to strengthen” and that the deterioration in the labour market is [...]
How London fell for American cuisine January 27, 2010 FIVE years ago, McDonalds was the best-known export of US cuisine in London. Yes, there have been other venues dedicated to that fine nation’s culinary tradition, such as Joe Allen and the Chicago Rib Shack, which have both been around since the 1970s. But mostly it’s been burgers and bad steaks, confined to slightly grotty [...]
US: Shares spike as consumer confidence hits 18-month high January 26, 2010 AMERICAN equities made solid gains yesterday, before ending the day slightly lower, after US consumer confidence data painted a picture of a strong recovery in the world’s largest economy. Fresh data from the Conference Board revealed a third consecutive month of gains in its consumer confidence data in January. The index rose to 55.9 in [...]
Paulson and Friedman asked to explain AIG pay to banks January 26, 2010 FORMER US Treasury Secretary Henry Paulson and ex-New York Fed chairman Stephen Friedman will testify today at a congressional hearing on bailed-out insurer American International Group’s (AIG) payments to banks, a committee aide said yesterday. Paulson and Friedman, both former longtime executives and chairmen at Goldman Sachs, were considered among key figures in AIG’s government [...]
US POLITICAL TURBULENCE HITS DOLLAR January 26, 2010 DIRECTOR OF CURRENCY RESEARCH, GFT DURING times of stress in the markets, the dollar generally rises as risk averse investors flock to the safety of the world’s reserve currency. However, that dynamic could be reversed if the political problems in Washington are not brought under control. Last Friday, news that Fed chairman Ben Bernanke may [...]