WHAT THE OTHER PAPERS SAY THIS MORNING November 10, 2011 FINANCIAL TIMES EXXON SIGNS KURD EXPLORATION CONTRACTS ExxonMobil has become the first of the “supermajor” oil companies to venture into Kurdistan, in a controversial move that will be seen as a huge vote of confidence in the semi-autonomous region of Iraq but could spark a backlash in Baghdad. Exxon, the largest international oil company, signed [...]
Let’s agree we’ve had enough of consensus November 10, 2011 IT’S A curious thing that people welcome the end of one consensus by calling for another. On the New Statesman blog this week, Owen Jones wrote “the old neo-liberal consensus is crumbling” and argued this was the moment for Ed Miliband to establish a “new political consensus”. It seems to be the creed of the [...]
The penny drops at last in Europe November 9, 2011 IN a rational market, risk as well as return is at the forefront of investors’ minds. They demand a high rate of interest to lend to risky companies, individuals or countries – and a low one to invest in safe havens. The problem during bubbles is that investors drunk on excessive liquidity – and who [...]
American mortgage demand rises November 9, 2011 US mortgage applications increased 10.3 per cent in the week ending 4 November, according to the Mortgage Bankers Association. The increase was driven by increased refinancing demand as interest rates dropped, the report said. The rise was a significant increase in comparison to the previous week when there was a more modest 0.2 per cent [...]
Markets slip as Italy debt crisis deepens November 9, 2011 Dramatic political changes at two of the Eurozone’s crisis-ridden economies initially boosted world stocks but markets went into reverse as it became clear that Italy’s debt woes were escalating. Italian Prime Minister Silvio Berlusconi said late yesterday that he would step down after parliament passes budget reforms. Greece, meanwhile, was working create a consensus government [...]
Insurer AIG reports $4.1bn loss after fall in Asian group AIA’s market value November 3, 2011 US INSURANCE giant American International Group fell to a bigger-than-expected net $4.1bn (£2.6bn) third-quarter loss yesterday, after the value of its stake in its former Asian subsidiary dropped and it took charges in its aircraft leasing unit. AIG’s core insurance businesses were profitable on an operating basis, and its mortgage insurance unit both raised prices [...]
Freddie Mac sees $4.4bn loss November 3, 2011 MORTGAGE giant Freddie Mac said yesterday it will seek an extra $6bn (£3.7bn) from US taxpayers following its worst quarterly loss this year. The US government-owned company reported a comprehensive loss in the third quarter of $4.4bn, it said in a filing with the US Securities and Exchange Commission. That compared with a $2.5bn loss [...]
Think-tanks: UK’s reply to Tobin is weak November 3, 2011 A EUROPE-WIDE financial transactions tax (FTT) could cost the UK’s economy tens of billions of pounds, the Adam Smith Institute (ASI) warned yesterday – and yet the government is failing to act to stop such a tax being introduced, said the Centre for Policy Studies (CPS). The ASI calculated that the UK will be hit [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 2, 2011 FINANCIAL TIMES LENOVO FOUNDER LIU STEPS DOWN AS CHAIRMAN The man who founded Lenovo and built it into the world’s second-biggest PC maker by sales has retired as chairman, handing over to his chief executive, in a sign of confidence that its recent turnround is on track. The retirement of Liu Chuanzhi came as Lenovo’s [...]
House prices edge up in a soft market November 1, 2011 HOUSE prices nudged up last month, beating expectations for no change, driven by sales in more affluent areas, data from mortgage lender Nationwide showed yesterday. House prices rose 0.4 per cent in October having risen 0.1 per cent in September, pushing them 0.8 per cent higher than a year ago, the first time annual house [...]