UK manufacturing shrinks at fastest pace in over 3 years in July August 1, 2012 Britain’s manufacturing sector shrank at its fastest rate in more than three years in July, the latest PMI survey showed today, dealing a blow to hopes the country may come out of recession over the summer. The grim figures will fuel expectations that the Bank of England will add further stimulus once the current £50bn [...]
Markets jump as ECB hints at more support for Spain July 26, 2012 EUROPEAN markets soared yesterday after European Central Bank boss Mario Draghi promised he would do “whatever it takes” to end the Eurozone crisis – a hint that more government bond purchases could be on the way to ease the pressure on struggling states like Spain. He told an audience at the Global Investment Conference that [...]
France’s Tobin Tax will make a little but damage a lot August 1, 2012 WHEN Napoleon Bonaparte’s regime executed an aristocrat on trumped-up charges of treason, stirring up bloody memories of the Revolution, his chief of police is said to have remarked that it was “worse than a crime; it was a blunder”. The same could be said of this week’s introduction of a Tobin Tax in France. The [...]
FTSE dwindles as defensive stocks drop ahead of Fed and euro news September 10, 2012 BRITISH blue chip shares dipped yesterday as weakness in defensive stocks outweighed strength in risk-sensitive cyclicals, such as miners, and investors positioned for more newsflow out of Europe and the United States. The FTSE 100 closed down 1.60 points, or 0.03 per cent, at 5,793.20, with the index yo-yoing in a tight range around the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 15, 2012 FINANCIAL TIMES Europe’s banks face tougher demands The head of Europe’s top banking regulator has raised the bar for lenders’ capital requirements, insisting that the nine per cent capital ratio they had to hit as a “temporary buffer” by June is to become permanent. “The key thing will be capital conservation,” Mr Enria told the [...]
RAPID RESPONSES July 4, 2012 Systemic failure [Re: Crisis threatens UK’s entire politico-financial establishment, yesterday] This crisis is not essentially about greed or malfeasance by commercial banks, but about the toxic environment created by decades of misconceived policies by governments, and enablors and abettors in central banks. The Barclays’ affair is potentially explosive, so let’s hope the media start asking [...]
After China’s growth slowed to 7.6 per cent last quarter, should we remain optimistic? July 15, 2012 YES Duncan Innes-Ker China’s economy slowed in the last six months but, in contrast to the downturn of 2008, the local jobs market has held up well. It’s hard to be that worried about a country in which the average city-dweller saw their income rise 13.3 per cent between the first half of this year [...]
ECB rejects Greece’s bailout negotiation July 2, 2012 THE GREEK government should stop wasting time and money trying to renegotiate its bailout deal, and focus on implementing reforms to get its economy back on a path to growth, a top European Central Bank (ECB) official said yesterday. Prime Minister Antonis Samaras wants to ease some of the tough austerity conditions attached to the [...]
FTSE retreats from 3-month high as ECB’s failure to act disappoints August 2, 2012 BRITAIN’S leading FTSE share index fell yesterday, retreating from a three-month high after the European Central Bank (ECB) failed to deliver widely expected stimulus measures to help tackle the Eurozone debt crisis. ECB president Mario Draghi said the bank would draw up a mechanism in coming weeks to make outright debt purchases to stabilise peripheral [...]
FSB calls on banks to raise capital buffers June 19, 2012 BANKS should rapidly build up capital buffers to create a solid foundation for economic growth and relieve pressures on indebted sovereigns, the international Financial Stability Board (FSB) claimed in a new report last night, arguing that short-term costs of cutting lending are rapidly repaid. The FSB also told the G20 nations that more cross-border action [...]