Fed vindicates Goldman over Greek trades April 14, 2010 A FEDERAL Reserve investigation into contracts between Goldman Sachs and the Greek government ended yesterday without any action being taken. The probe, launched by the Fed, alleged that the contracts distorted the country’s debt levels. Fed chairman Ben Bernanke told Congress yesterday the investment banking giant did sell Greece products that lowered its debt-to-GDP ratio [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 10, 2010 THE SUNDAY The Sunday Telegraph GOOGLE BOSS WARNS UK OVER DEBT MOUNTAIN The chief executive of Google, Eric Schmidt, has given warning to the UK and other western governments that reducing their massive deficits will be far harder than in America because of the dollar’s status as the world’s reserve currency. PET CHAIN SUITORS GIVEN [...]
Post strike costs London 500m as talks restart October 25, 2009 POSTAL strikes are set to cost London more than £500m in lost business, the London Chamber of Commerce (LCCI) will reveal today. The news comes as fresh talks open up between Royal Mail and the Communication Workers Union (CWU), mediated by Brendan Barber, the general secretary of the Trades Union Congress. CWU members walked out [...]
TUC mediates more talks on postal strikes October 26, 2009 CRUNCH talks to avoid further postal strikes enter their second day this morning, as Royal Mail bosses and Communication Workers Union (CWU) leaders thrash it out at the TUC headquarters in London. The talks come after two days of industrial action from postal workers last week, which threw businesses into turmoil, drew criticism from politicians [...]
Six-months’ leave for dads September 14, 2009 GORDON Brown will today unveil plans that will enable fathers to take six months paternity leave instead of the existing two weeks, in a move that will push up employment costs for businesses. Brown will unveil a new system of switching between paternity and maternity leave, which will allow a mother to pass over her [...]
Brown admits need for cuts in spending… September 15, 2009 PRIME MINISTER Gordon Brown finally admitted yesterday that spending cuts would be necessary if the UK is to rein in its £175bn projected government deficit and put the country back on the path towards fiscal sustainability. In a speech to the Trades Union Congress (TUC) Brown said: “Labour will cut costs, cut inefficiencies, cut unnecessary [...]
Mandelson in hint at Labour spending cuts September 14, 2009 BUSINESS secretary Lord Mandelson yesterday promised that Labour would be “wise spenders, not big spenders”, as he sought to regain ground lost to the Conservatives ahead of next year’s general election. Reviving a slogan last used in Labour’s 1997 electoral campaign, Mandelson attacked the opposition, whom he said would hamper economic recovery by withdrawing stimulus [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 1, 2010 FINANCIAL TIMES TOYODA APOLOGY TOUR IN BEIJING Akio Toyoda, chief executive of Toyota Motor, apologised to Chinese consumers yesterday during a visit to Beijing, as he extended his effort to repair Toyota’s image to the biggest-volume car market in the world. Toyoda flew to China from the US where he had received tough criticism from [...]
BROWN AND TUC CLASH ON CUTS September 13, 2009 PRIME Minister Gordon Brown will tomorrow pave the way for a much tougher stance on public spending in a key speech to trade unionists. He will warn increasingly angry trade unionists to support him or face what he claims would be even tougher cuts from the Tories. The speech comes as tension between Labour and [...]
British policymakers sending sterling lower September 15, 2009 IT WAS all go on the City’s currency trading floors yesterday morning. What sparked the furious trading was Bank of England governor Mervyn King hinting to the Parliamentary Treasury Select Committee that the Bank would implement a cut in the interest rate that banks receive on their deposits with the Bank of England. Immediately, the [...]