We must resist a tax that isn’t FTT for purpose February 6, 2012 AS THE European Parliament held its public hearing on the proposed financial transaction tax (FTT) on Monday, the battle positions were clearly drawn. For the Eurozone, an FTT represents a smallish subsidy to repair damaged national balance sheets; for the UK, the adoption of an FTT would represent a massive drag on the country’s economic [...]
BAE loses to Dassault over £7bn contract January 31, 2012 BAE Systems has been beaten in the race to secure an Indian government fighter jet contract by French manufacturer Dassault. The Dassault Rafale is understood to have been identified as preferred model for the contract, worth up to $11bn (£7bn), ahead of the Eurofighter Typhoon – in a major blow to UK manufacturing. The Typhoon [...]
EU LEADERS SIGN FINANCIAL PACT January 30, 2012 UK opts out of treaty but Cameron gives ground EUROPE took a major step towards full fiscal union last night, as every EU member country except the UK and the Czech Republic vowed to cut budget deficits and submit themselves to greater scrutiny from the European Commission. Prime Minister David Cameron refused to agree to [...]
Eurosceptic fury over PM climbdown January 30, 2012 EUROSCEPTIC Tory MPs last night convened in Westminster to plot how to fight back against the Prime Minister’s perceived U-turn over a new Eurozone fiscal compact. David Cameron was hailed last month for appearing to protect European Union institutions from being utilised as part of increased fiscal union between euro member states. Yet despite describing [...]
Sarkozy agrees Tobin tax and labour reform January 29, 2012 FRANCE will forge ahead with its own Tobin tax in August, French president Nicolas Sarkozy declared yesterday in an attempt to boost his flagging poll ratings. The tax will be levied at 0.1 per cent on all financial transactions, he said, although he did not specify exactly what asset types it will capture. In an [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 26, 2012 FINANCIAL TIMES OUTSOURCER SERCO TO CUT 500 JOBS Serco, the FTSE 100 outsourcer, is to overhaul its management structure, axeing at least 500 jobs, as it adapts to tougher market conditions in the UK, according to people close to the company. The group, which runs services including London’s bicycle hire scheme and four prisons, is [...]
Yet another fine mess in the search for a European solution January 24, 2012 EURO-DOLLAR had another up and down ride yesterday. The release of better than expected Eurozone PMI composite figures gave the pairing an initial jump, but this brief optimisim that pushed euro-dollar up to $1.3062 quickly subsided when markets were reminded that the Eurozone is fundamentally more than a little shaky. Finance ministers rejecting a 4 [...]
French would-be president Hollande slams world of finance in key speech January 22, 2012 SOCIALIST challenger Francois Hollande, front-runner in the race to unseat French President Nicolas Sarkozy, declared war on the world of finance yesterday in a speech to 25,000 supporters, three months before the presidential election. The address, attended by Socialist Party top-brass and some showbiz celebrities, was more an exercise in presidential style than substance. Without [...]
Monti begs Merkel for aid as leaders press for Tobin tax January 16, 2012 ITALIAN Prime Minister Mario Monti wants Germany to take more action to support Eurozone countries with their debts, in an attempt to push down Italy’s borrowing costs and ease the pressure on his government. French President Nicolas Sarkozy and Spanish Prime Minister Mariano Rajoy joined Monti in criticising Standard & Poor’s, which downgraded all three [...]
AAA-ratings are ready to go the way of the dodo January 16, 2012 THE downgrades of France and Austria on Friday followed by yesterday’s walloping of the European Financial Support Facility (EFSF) may have been widely anticipated, but that does not mean that they are irrelevant. After all, analysts have predicted the timings of seven of the last three sovereign downgrades. But more than anything this latest move [...]