Sarkozy suffers downgrade as Spanish PM vows austerity January 15, 2012 FRENCH Minister Francois Fillon declared he would do “everything” to get France’s triple-A rating back after Standard And Poor’s cut it to AA+ on Friday, leading to president Sarkozy losing ground in polls. “It is always better to have the best rating,” Fillon told Le Journal du Dimanche, a Sunday newspaper. His claims could clash [...]
Merkel and Monti try to inspire hope January 11, 2012 SPENDING cuts and economic reforms are making Italy stronger and provide a vital contribution to the stability of the euro, Angela Merkel announced yesterday as she and Italian Prime Minister Mario Monti (both pictured below) tried to persuade investors that Italy was no longer a risky place to put cash. “High interest rates could have [...]
Panicking investors now pay Germany to take their cash January 9, 2012 ● Safe haven reward for Germans ● Merkel wants euro budget deal ● Sarkozy to forge ahead on FTT ● Cameron urges transfer union YIELDS at a six-month German debt auction became negative yesterday, as investors were so desperate to lend to Europe’s safest state that they paid the government to take their cash. Germany [...]
Eurotunnel eyes up ships after SeaFrance sinks January 9, 2012 CROSS-CHANNEL ferry operator SeaFrance sank into official liquidation yesterday after France’s Tribunal de Commerce ruled a £165m bailout by the French government illegal. Eurotunnel told the French press yesterday that it could mount a surprise bid to buy up SeaFrance’s fleet in the wake of the collapse, only to draw criticism from a rival ferry [...]
Financials under pressure as Greek default fears rekindled January 9, 2012 BRITAIN’S FTSE 100 closed down yesterday with financials under pressure after a warning by German Chancellor Angela Merkel reignited fears of a Greek default, while GlaxoSmithKline fell on worries over its key lung drug Relovair. London’s blue chip index closed down 37.42 points or 0.7 per cent at 5,612.26, with volumes just 88 per cent [...]
A slippery time ahead for oil prices January 9, 2012 CONTINUED geopolitical issues in Iran and its stand-off in the Strait of Hormuz has pushed up oil prices over fears of a threat to supply, but will global economic weakness be enough to take the edge off these rises in the long term? SHORT TERM FEARS “Crude traders were of course spooked by the escalating [...]
FTSE dented by GSK January 9, 2012 The FTSE 100 was dented by pharmaceutical giant GlaxoSmithKline today after concerns over one of its new treatments. GSK shed 2.6 per cent after reported problems with tests on its lung medication Relovair. Traders and investors were eyeing events in Berlin where German leader Angela Merkel and French President Nicolas Sarkozy are meeting today. The [...]
FTSE solid as banks edge up January 9, 2012 The FTSE 100 saw modest advances today ahead of talks between France and Germany on how to create the environment for a sustained recovery in the Eurozone. The bloc’s debt crisis will be top of the agenda when German Chancellor Angela Merkel and French President Nicolas Sarkozy meet in Berlin. Later this week the European [...]
Tobin tax could cost EU billions January 8, 2012 A EUROPEAN Tobin Tax would knock GDP and end up costing governments billions of euros in lost revenue, accounting firm Ernst &Young will argue today – yet France looks set to press ahead with the tax without waiting for pan-European agreement. The European Commission’s estimation that a financial transactions tax (known as a Tobin Tax) [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 5, 2012 FINANCIAL TIMES NEW CLASHES BREW OVER TOBIN TAX Britain and France are set for another European clash as Paris attempts to frame a new Eurozone financial transaction tax in a way that is likely to have a significant impact on the City of London. President Nicolas Sarkozy of France wants to include the so-called Tobin [...]