Goldman Sachs slapped with £17.5m fine

first_img Goldman Sachs slapped with £17.5m fine Show Comments ▼ whatsapp Tags: NULL John Dunne Sharecenter_img Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Britain’s financial watchdog slapped a £17.5m fine on Goldman Sachs inadequate disclosure of a US probe into the Wall Street powerhouse.The fine – one of the biggest ever imposed in Britain – was related to Goldman’s troubled Abacus mortgage-security product, which resulted in the investment bank being investigated by the U.S. Securities & Exchange Commission (SEC).In July, Goldman agreed to pay $550m (£357m) to settle civil fraud charges over how it marketed the Abacus subprime mortgage product, ending months of negotiations that rattled the bank’s clients and investors.The Abacus product was marketed by French banker Fabrice Tourre. Tourre, who had dubbed himself as “Fabulous Fab,” denied allegations that he or the bank had misled investors over the high-risk Abacus product.Britain’s Financial Services Authority said on Thursday that Goldman had not adequately informed it of the American investigation into the Abacus affair.“Goldman Sachs International did not set out to hide anything, but its defective systems and controls meant that the level and quality of its communications with the FSA fell far below what we expect of an authorised firm,” FSA director Margaret Cole said in a statement.In a seven-word response to the FSA fine, a Goldman Sachs spokeswoman said: “We’re pleased the matter is resolved.” whatsapp Thursday 9 September 2010 5:43 amlast_img read more

Food inflation could derail VAT increase

first_img Tags: NULL Food inflation could derail VAT increase whatsapp whatsapp Share Sunday 12 September 2010 11:26 pm More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com KCS-content Show Comments ▼ FURTHER rises in food prices could cause annual inflation to accelerate to four per cent and endanger the government’s plans to hike VAT to 20 per cent in January, a leading City economist has warned. Henderson’s chief economist Simon Ward said that recent rises in global food commodity prices may boost annual CPI food inflation to seven per cent by late 2010 from just 1.7 per cent in June. A further increase to 10 per cent would imply annual headline inflation running at four per cent, double the Bank of England’s inflation target. “Such an increase would hit consumer spending and recovery prospects by squeezing real income and money supply expansion. It would also risk destabilising inflationary expectations, particularly if the Monetary Policy Committee (MPC) were thought likely to respond to renewed economic weakness by restarting asset purchases,” he added. “This could warrant postponing or cancelling the coming VAT hike,” Ward cautioned. He said the better-than-expected public sector borrowing numbers could justify cancelling the VAT rise, thereby cutting one percentage point off headline inflation.However, a Treasury spokesman insisted the VAT hike is here to stay, arguing that controlling inflation is a matter for the Bank of England and its monetary policy tools.Other economists have also expressed concern about the impact of rising food prices on the outlook for inflation. Barclays Capital recently raised its forecasts for CPI and RPI inflation based on food prices. last_img read more

ECJ rejects in-house legal privilege plea

first_imgThe ECJ handed down the judgement yesterday morning after a lengthy battle, which called into question whether Europe’s in-house lawyers should receive privilege rights during investigations by competition officials.The legal privilege rule protects any communication between a lawyer and a client, making it confidential and out of reach from third parties. In-house lawyers working in the UK and US currently receive protection from the legal privilege rule.But companies in Europe will have to be cautious when corresponding with in-house legal teams as any communication can be confiscated and used during a probe.The dispute itself stems from a 2003 raid on Akzo Nobel by EU officials, which took documents that thecompany argued were confidential communications between employees and in-house council.Members from the legal and business communities lashed out at yesterday’s decision by the ECJ. “The ECJ’s decision today represents a real missed opportunity to modernise EU rules on legal privilege,” said Dave Anderson, a lawyer with Berwin Leighton Paisner.“Companies need to be able to confer frankly and confidentially with their in-house lawyers on antitrust matters. The current rules, confirmed today by the ECJ’s decision, hinder that severely by making such internal communications vulnerable to discovery in EU antitrust dawn raids,” said Anderson.Matthew Fell, CBI director for competitive markets, said: “We are very disappointed that the court has not taken the opportunity to bring the case law up to date.” whatsapp Tuesday 14 September 2010 8:35 pm ECJ rejects in-house legal privilege plea Show Comments ▼ EUROPE’S legal community was disappointed yesterday after the European Court of Justice (ECJ) refused to grant privilege protection to in-house lawyers practising on the continent.center_img whatsapp Share KCS-content More From Our Partners Feds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Tags: NULLlast_img read more

Cable’s power grab threat to share listings

first_imgWednesday 15 September 2010 8:59 pm More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com KCS-content whatsapp LONDON’S competitiveness as an attractive company listing destination is in danger of being jeopardised by political gesturing between business secretary Vince Cable and the Treasury, one of the UK’s most senior investment bankers has warned.Sir Laurie Magnus, who was yesterday appointed chairman of Lexicon Partners, said plans to separate the regulation of primary and secondary capital raising markets would make London “far more difficult to sell” to firms looking to list in the capital.“The problem is partly that the coalition doesn’t fully understand what it is doing and the consequences,” Magnus said. “It seems there’s a political turf war afoot between Vince Cable and the Treasury.”He added: “We’re sleepwalking towards making life much more difficult for ourselves. I just hope they wake up and realise that.”Magnus, a member of the UK Listing Authority Advisory Committee spoke out in support of the London Stock Exchange chief executive Xavier Rolet. Rolet has warned that the rules would “severely” impact London’s competitiveness and urged other concerned City practitioners to speak out against them.The government’s proposals would see regulation of primary listings pass to a strengthened Financial Reporting Council (FRC), which would be overseen by Cable’s department, while secondary capital raisings would fall under the jurisdiction of the new Consumer Protection and Markets Authority (CPMA).The City is also concerned that the CPMA has the UK’s only vote on Europe’s new super-regulator, the European Securities and Markets Authority (ESMA).“If this goes ahead, the UK’s voice in Europe will be hamstrung,” Magnus said.The government’s consultation process is due to conclude on 18 October. Tags: NULL Show Comments ▼ whatsapp Cable’s power grab threat to share listings Sharelast_img read more

Goldman sees its first half profits slide

first_img Show Comments ▼ Share Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap GOLDMAN Sachs yesterday revealed profits at its London operations fell to less than £1bn for the first half of the year.The bank posted a $1.47bn (£925m) profit, compared to $2.72bn last year, with revenues tumbling from $4.42bn in the first half to just $7.34bn.The bank revealed it paid the Treasury $600m in the one-off bonus tax, but this was offset by a fall of roughly the same amount in the level of corporation tax it paid.The bank does not break out compensation figures for its interim trading period but its “administrative expenses”, which are largely made up of bankers’ pay, fell sharply to $2.9bn.However, last week it emerged the bank handed mid-year bonuses worth tens of millions to around 100 of its London-based partners in the form of stock compensation. The bank recently removed a £1m cap on the wages of its partners and is now desperate to hold onto its talented staff.The bank said tough trading conditions, including sovereign debt crises, put pressure on its operations. It said: “Several Eurozone countries remained under stress, reflecting fiscal challenges and banking sector concerns. In addition, concerns about sovereign debt risk… intensified during the period, contributing to higher market volatility and funding pressures.” whatsapp whatsappcenter_img Goldman sees its first half profits slide KCS-content Tuesday 5 October 2010 8:28 pm Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timeslast_img read more

Arden chief makes a premature exit after Fairfax takeover plan stumbles

first_img Arden chief makes a premature exit after Fairfax takeover plan stumbles Tags: NULL KCS-content whatsapp Show Comments ▼ whatsapp center_img Wednesday 6 October 2010 7:52 pm Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Genius Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap STOCKBROKER Arden Partners said yesterday that its new chief executive officer Jeremy Grime is leaving the company after only four weeks in charge.It is understood that Grime, who was promoted internally from the group’s financials team, wanted to pursue a merger with Fairfax, the boutique investment bank run by Stefan Allesch-Taylor. But his plan was scuppered when he could not take the rest of the board with him and in the end the strategic differences appeared too great for him to carry on in charge.Arden’s statement to the stock exchange omits any mention of the strategic differences and advisers said they were unable to comment on the reasons behind the premature departure.Grime was named as CEO designate in June but he only formally took up the role last month. He had been a highly rated analyst in Arden’s financial services team, having worked previously for Collins Stewart and Altium. Some questioned his appointment at the time because of his lack of management experience.He will be replaced on an interim basis by Jonathan Keeling who moved out of the job and became deputy chairman to order to focus on growing Arden’s Indian business.Arden Partners in September warned that it was unlikely to meet earnings expectations for the year ending 31 October, because of challenging stockmarket conditions. Analysts had been expecting fiscal-year pre-tax profit of around £1.6m. Since then Arden has raised around £120m for two companies, iEnergizer and KSK.Keeling is determined to make a thorough review of the business but he has told friends that he doesn’t want the top job again long-term. He is still committed to growing the group’s Indian business.Fairfax was earlier this year the subject of speculation about a tie-up with Astaire. However, it never confirmed talks had taken place. last_img read more

Obama blames economy for heavy defeat in elections…

first_img REPUBLICANS swept to victory in the US House of Representatives yesterday, picking up 60 seats – well over the 39 needed to take control.President Barack Obama blamed the Democrats’ worst drubbing since 1948 on the fact that unemployment remains at 9.6 per cent, saying he takes “direct responsibility for the fact that we have not made as much progress as we need to make” on the economy. Others suggested that his policy stance on healthcare was more to blame.However, his party managed to hang onto power in the Senate where only 37 seats were being contested. Republicans took six seats, short of the 10 they needed to gain a majority. And some of the most prominent Republican candidates riding the populist wave of the anti-tax tea party movement failed to to take advantage of the nationwide swing away from the Democrats.Delaware senate candidate Christine O’Donnell lost to Christopher Coons by a decisive 17 per cent, Alaska senate candidate Joe Miller lost to an independent and Nevada senate hopeful Sharren Angle failed to decapitate senate leader Harry Reid.Questioned by press, Obama would not be drawn on the specific policy implications of the race. He refused to specify a potential compromise on tax cuts. The tax cuts brought in by former President George W Bush will expire this year without an affirmative vote in both houses, but the parties are deeply divided over how to extend them. Democrats want an extension only for those earning under $250,000 a year, whereas Republicans want to extend them for everyone.The strength of feeling on both sides has fuelled concern that, without a deal, Americans will face inadvertent tax rises of around two per cent even as the Federal Reserve has decided to pump $600bn of quantitative easing into the economy.On the US’s yawning deficit, forecast to hit 11 per cent of GDP this year, Obama promised to set up a bipartisan deficit commission to address the issue. “Hopefully, we can streamline government and cut back on programmes that are inefficient, but not cut into the core investments,” he said.But he said that certain spending plans were “essential to increase job growth”, saying that the US needed to spend on key infrastructure and educational programmes in order to compete with China. The Congressional Budget Office has forecast that even without further spending, the stimulus plan passed in June 2009 will increase the deficit by $814bn over the next decade.Republican representative John Boehner, slated to be the new House majority leader, has called for discretionary spending to be reigned back to 2008 levels. But he has also drawn fire for advocating policies that would in fact increase the deficit further, like plans to extend the Bush tax cuts for the highest taxpayers as well as the middle classes. KCS-content Wednesday 3 November 2010 10:46 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Show Comments ▼ Tags: NULL Obama blames economy for heavy defeat in elections… Share whatsapp whatsapplast_img read more

Airbus aiming to gain altitude despite its A380 engine woes

first_img AIRBUS is targeting higher revenue and deliveries despite the chaos caused by the break-up of a Rolls-Royce engine on one of its super-jumbos, it emerged yesterday.The Toulouse-based aircraft giant expects revenue to rise more than five per cent in the next five years, according to finance chief Hans Peter Ring.Airbus, part of aerospace group EADS, expects to deliver two A380 super-jumbos per month next year and about three a month in 2012, compared with the 20 deliveries it still expects for this year.The news comes despite possible delays arising from a need to switch engines on aircraft already in service after the A380 accident.A Rolls Trent 900 engine on a Qantas A380 partly disintegrated mid-flight on 4 November, forcing the jet to make an emergency landing in Singapore.Rolls-Royce has asked Airbus to return some Trent 900s from production lines to replace faulty ones on jets already in service.The move could further hit a much-delayed A380 programme as Airbus is due to deliver over a dozen Rolls-powered A380s – mainly to Singapore Airlines, Qantas and Lufthansa by the end of next year. Airbus aiming to gain altitude despite its A380 engine woes Tuesday 16 November 2010 8:46 pm whatsapp KCS-content Show Comments ▼ whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Tags: NULL Sharelast_img read more

WHAT THE OTHER PAPERS SAY THIS MORNING

first_img Monday 22 November 2010 8:50 pm KCS-content FINANCIAL TIMESGENEVA SET TO TRUMP LONDON IN OIL TRADINGGeneva will leave London behind and become the world’s most important trading hub for physical energy commodities, including oil, as leading companies relocate dozens of traders to Switzerland, according to industry executives. The transfers threaten the UK capital’s leadership in physical crude and oil products and come amid broader financial industry complaints about stiffer regulation, higher taxes and poor transport infrastructure in London.YANUKOVICH GIVES EUROPE GAS PLEDGEViktor Yanukovich, the Ukrainian president, has promised Europe that it will not face the natural-gas supply disruptions that have plagued it in recent years.The pledge, made while Yanukovich was in Brussels for Monday’s European Union-Ukraine summit, was seconded by Sergei Shmatko, Russia’s energy minister.SPANISH BANKS EYE WHOLESALE EXPANSIONSpain’s big banks have maintained high profits during the economic crisis thus far largely because they diversified into lucrative foreign markets,. Now Santander and BBVA are diversifying across business areas as well as geographical regions. Both are putting more emphasis on the high-margin global business of wholesale and investment banking to reduce dependence on their core retail operations.IN-BUILT SIM FOR APPLE’S IPHONE 5 RULED OUTApple has told European mobile operators that the next version of its iPhone will not include a technology innovation that several network providers fiercely oppose, say people familiar with the situation.THE TIMESDIAGEO IS REACHING ABOVE THE CLOUDS TO ADD ANOTHER TOT OF RUM TO COCKTAILDiageo is in negotiations to add a “super-premium” rum from Guatemala to its drinks cabinet. The drinks group, which already owns Captain Morgan, a spiced rum from Puerto Rico and the Pampero and Cacique rums from Venezuela is in talks to acquire a 50 per cent stake in the Zacapa Centenario from its owner Industrias Licoreras de Guatemala.WAGAMAMA FREEZES SALE AS BIDS FAIL TO MEASURE UPThe Times understands that an auction launched for Wagamama in the summer has been put on ice after final bids fell short of the minimum £230m asking price. Despite the company’s impressive growth, it has not been enough to attact a premium bid.The Daily TelegraphGRANDMOTHERS COULD COST FAMILIES CHILD BENEFIT, GOVERNMENT ADMITSUnder changes to child benefit due to come into force in 2013, households would have their payments taken away if anyone in the family was a higher rate taxpayer. During a debate in the Hosue of Lords Lord Sassoon, failed to rule out a Labour suggestionthat wealthy grandmothers as well as parents would be covered by the move. HALF OF BRITONS WILL START THE NEW YEAR IN DEBTAlmost half of Britons will start the New Year in debt according to new research. The statistics suggest millions of people will take on additional debt because of the strain on their finances. Credit cards will be the most popular type of credit, followed by overdrafts and personal loans.WALL STREET JOURNALSTATOIL NORTH SEA PLATFORM STRUGGLED TO AVERT BLOWOUTNorwegian police have launched an investigation into oil firm Statoil ASA after the country’s oil safety watchdog said only luck averted a major blowout at a North Sea oil-drilling operation earlier this year. The trouble Statoil encountered with the offshore platform, Gullfaks C, shows incidents like the disastrous blowout that ripped apart BP PLC’s Macondo well in the Gulf of Mexico last April may not be as isolated as the oil industry has said.REMOTE BHUTAN AIMS TO DRAW INVESTORS TO THE HIMALAYASThe government of Bhutan, which didn’t have television until the late 1990s and was ignored in the rush to emerging markets in recent decade has a message for the outside world: it is open for business. Tags: NULL WHAT THE OTHER PAPERS SAY THIS MORNING whatsapp whatsapp Show Comments ▼ Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndolast_img read more

EURO IN CRISIS

first_img Show Comments ▼ Tags: NULL KCS-content EURO IN CRISIS Monday 13 December 2010 8:48 pm THE European Central Bank (ECB) bought far fewer government bonds than expected last week, casting doubt in markets over its commitment to the programme.The bank purchased €2.67bn (£2.26bn) worth of bonds, up from €1.97bn the week before, but far short of the €5bn analysts had been expecting.However, the ECB warned the true figure could be higher as transactions take two to three days to close.The ECB does not break down its purchases by region but it is understood to be concentrating exclusively on embattled Eurozone countries Ireland, Greece and Portugal.While the purchases have helped to bring down bond yields in these countries, the ECB is understood to be worried about the amount it is investing.The level of investment remains far below the €16.5bn spent in the first week of the bond-buying programme in the spring, although it is the biggest weekly amount since late June, when the ECB bought more than €7bn a week on average.ING analyst Martin van Vliet said: “We now have a more complete picture of the scale of the ECB’s intervention in peripheral bond markets in recent weeks and, frankly, it is less impressive than we had expected.He added: “Looking ahead, we suspect that the amount of bond buying will be scaled back substantially in the remainder of this year, amid thinning trading volumes. But early next year, when the market returns to normal trading conditions, the ECB will likely again have to step up its role as ‘peripheral bond investor of the last resort’.”Roger Bootle at Capital Economics raised concerns the ECB might withdraw its unconventional policy measures too quickly. He said it “should try to reassure markets by providing a clear exit strategy from the existing emergency measures that are currently in place”.Meanwhile, Angela Merkel appears to have forced the issue of eurobonds off the agenda at a crunch EU summit to discuss the financial crisis on Thursday.The German chancellor has come under intense pressure from businesses in her home country to resist the possibility of joint Eurozone government bonds, with many fearing Germany will be left to shoulder the cost of its weaker rivals.EU leaders will instead use the meeting in Brussels to try to set out changes to the bloc’s treaty and agree on a permanent mechanism for defending the euro against financial upheavals.There is pressure for the European Financial Stability Facility, used to bailout troubled nations, to be extended from its current €750m but this has also been resisted by Germany and allies including Holland, who say it is sufficient. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndo whatsapp whatsapp Sharelast_img read more