WHAT THE OTHER PAPERS SAY THIS MORNING May 31, 2011 FINANCIAL TIMES UK CONSUMER RECOVERY SET TO BE SLOWEST IN 180 YEARS The UK economy is set to experience the slowest pick-up in consumer spending of any post-recession period since 1830, according to a Financial Times analysis of official forecasts. Families are expected to spend just slightly more by 2015 than they were before the [...]
Belarus devalues its way to hyperinflation May 31, 2011 LAST week, Belarus demonstrated very clearly what happens to a country when it does not address its deficit, does not rein in spending and tries to mask its problems with state intervention. Overnight, the National Bank of Belarus devalued the Belarusian rouble by 56 per cent. The devaluation resulted in an immediate 24 per cent [...]
London jitters thwart Moscow airport float May 31, 2011 MOSCOW’S busiest airport has become the latest group to fall victim to shaky investor confidence in London’s initial public offering (IPO) market. DME Limited, the offshore company that owns Domodedovo airport, announced the withdrawal of its planned $700m-$1bn (£424 – £607m) float in London late on Sunday night, having published its intention to float document [...]
Shock lift for Russia’s rates May 30, 2011 RUSSIA’S central bank surprised markets yesterday by hiking its overnight deposit rate by a quarter of a percentage point, to 3.5 per cent. Its other rates were held steady, as expected, the key refinancing rate sticking to 8.25 per cent and the repo rate at 5.5 per cent. “The decision was made taking into account [...]
G8 countries to warn Greece over its massive debt burden May 26, 2011 THE G8 leaders raised the alarm yesterday about government debts weighing down the world economy but pledged at a meeting in France to find funds to help new Arab democracies. Japan’s deputy chief cabinet secretary, Tetsuro Fukuyama, told reporters the G8 agreed Greece must do more to sort out its finances and work with the [...]
Lagarde confirms IMF bid May 25, 2011 FRENCH finance minister Christine Lagarde officially declared her candidacy for the leadership of the IMF yesterday, confirming speculation that she would make a bid to replace the ousted Dominique Strauss-Kahn. She appears to have few credible challengers, but her candidacy could cause controversy given that her appointment would follow the decades-old tradition that only Europeans [...]
Shell moves in on BP’s failed Rosneft deal May 25, 2011 ROYAL Dutch Shell is moving in on Russia’s Arctic energy reserves in the wake of BP’s failure to resolve its legal issues surrounding a tie-up with Rosneft, Moscow’s national oil giant. Shell chief executive Peter Voser met with Russian deputy prime minister and energy chief Igor Sechin as well as Rosneft chief Eduard Khudainatov yesterday. [...]
Lagarde set to formally enter race for top role at the IMF May 24, 2011 FRENCH finance minister Christine Lagarde is expected to formally announce her bid to run the International Monetary Fund (IMF) this morning. The European Union is said to have reached a consensus on backing her to replace Dominique Strauss-Kahn, who quit last week over sexual assault charges. Lagarde is seen as the frontrunner for the job, [...]
Investment to London keeps up May 24, 2011 London attracted more foreign direct investment in 2010 than every European country apart from France, Germany and Russia, a report from Ernst and Young revealed today. The UK as a whole continues to attract the highest level of investment in Europe, up seven per cent in 2010 from the previous year. While almost half (46 [...]
Russia thinks BP deal is dead May 23, 2011 Russia’s energy minister does not expect BP and Rosneft to revive their historic exploration deal. Sergei Shmatko told reporters yesterday: “I don’t believe there’s any chance of reincarnation of the deal in its current form,” adding that the two oil companies were continuing talks over a new agreement to search for oil in the Arctic. [...]