AIG makes $25bn from disposals December 1, 2009 Insurance giant American International Group yesterday cut its debt to the US taxpayer by $25bn (£15bn) by selling stakes in two of its subsidiaries to the Federal Reserve Bank of New York. AIG said that under the debt-for-equity swap the NY Fed would receive preferred shares with a liquidation preference worth $16bn in American Life [...]
Your attitude to risk key to 2010 trading December 1, 2009 IT WAS no surprise that the Dubai debt scare saw investors running back to safe-havens such as the US dollar, Japanese yen and the Swiss franc. Risk appetite is one of the biggest drivers of the foreign exchange markets. The story of recent months in forex markets has been one of increasing investor confidence, which [...]
Ex-MPC man joins Citi November 30, 2009 A CONTROVERSIAL former member of the Bank of England’s monetary policy committee is to become the chief economist of US banking giant Citigroup. Willem Buiter, who is a professor at the London School of Economics, will take up his post in January, replacing Lewis Alexander, who left in March to advise the US Treasury. Buiter, [...]
SEASONAL THOUGHTS FROM THE CITY GIRL November 30, 2009 As 2009 comes to a close, City folk are craving a bit of fun. After being forced to keep their heads down all year amid the misery, bailouts and chaos, most bankers I know are desperate to let their hair down, get drunk and embarrass themselves. One of the things I miss most about the [...]
White House calls on big bosses November 29, 2009 Top US companies such as Google, AT&T, FedEx and Disney are set to attend a White House summit to devise ways of fighting unemployment. Around 130 business leaders and academics will be at the 3 December forum, which is aimed at decreasing joblessness from its current rate of 10.2 per cent. It is the first [...]
ECONOMIC DIARY November 29, 2009 Monday 30 NovemberUK: November GfK Consumer Confidence (12am)November Hometrack Housing Survey (12am)CBI Service Sector Survey (12am)October Net Consumer Credit (9.30am)October Net Lending Secured on Dwellings (9.30am)October Mortgage Approvals (9.30am)October Final M4 Money Supply (9.30am)Eurozone: November CPI Estimate (10am)US:November Chicago PMI (2.45pm) Tuesday 1 DecemberUK:November PMI Manufacturing (9.30am)November Nationwide House Prices (7am)Eurozone:November PMI Manufacturing (9am)October Unemployment [...]
RISK TRADE IS STILL IN PLACE DESPITE DUBAI November 29, 2009 JANE FOLEYRESEARCH DIRECTOR, FOREX.COMTHE shocking news that Dubai is on the brink of default is a reminder that the financial crisis still has a few tricks up its sleeve and the global economic recovery is far from firmly established. Economic data suggests that next year will see only slow growth in the US, Eurozone, Japan [...]
Tesco is serious about building a profitable telco November 26, 2009 It’s hard to think of two brands more different than Apple and Tesco. One is famed for its sleek gadgets, while the other piles high and sells cheap the kind of electronic goods that wouldn’t look out of place in a Latvian discount store. A Lodus television and a Technika DVD player might be cheap, [...]
THE NEW YORK REPORT November 25, 2009 Stocks rose in light trading volume yestesrday, supported by data that pointed to stabilisation in the labour and housing markets, areas that have fed concerns about a “double dip” recession. Trading volume was among the lightest of the year one day before the Thanksgiving holiday, with many senior traders absent from trading floors. Even so, [...]
THE TIPSTER November 25, 2009 THANKSGIVING in the US means that the American markets are closed and traders are expecting a quiet day ahead. But that doesn’t mean spread betters should be ignoring the markets. There is plenty of scope for traders to start pulling money off the table to minimise risk. Nonetheless, the Dow index has had a huge [...]