WHAT THE OTHER PAPERS SAY THIS MORNING October 24, 2011 FINANCIAL TIMES ABN AMRO SEEKS NEW LIFE AS GLOBAL FORCE ABN Amro, the Dutch bank that has seen two of its three post-crisis owners collapse, is on a mission to re-emerge as a force in the sector and has promised to be a buyer of Eurozone financial assets that capital-stretched banks are preparing to sell. [...]
Bernanke pledges help for weak recovery October 4, 2011 The Federal Reserve is prepared to take further steps to help an economic recovery that is “close to faltering”, Fed Chairman Ben Bernanke has said. Citing anaemic employment, depressed confidence and financial risks from Europe, Bernanke urged lawmakers not to cut spending too quickly in the short term even as they grapple with trimming the [...]
Greece braces for more cuts September 18, 2011 GREECE was bracing itself yesterday as the government pledged to take tough action to avoid default following an emergency cabinet meeting. Prime Minister George Papandreou cancelled a visit to the US to hold the meeting, a day before EU and International Monetary Fund inspectors hold a conference call with finance minister Evangelos Venizelos to hear [...]
Balls unveils £18bn plan to aid economy September 26, 2011 ED Balls yesterday unveiled an £18bn plan to stimulate the economy, including slashing VAT on home improvements to five per cent and giving small firms a national insurance holiday if they take on new workers. Balls repeated calls for the government to reintroduce Labour’s bonus tax; to lower the headline rate of VAT from 20 [...]
We need growth, minister: get off your hobbyhorse September 20, 2011 DURING his speech to the Liberal Democrats in Birmingham, business secretary Vince Cable warned that we are facing a crisis “the economic equivalent of war”. While that might be an overstatement, we can’t argue with the facts. Unemployment stands at 2.51m, inflation is at 4.5 per cent, and a Eurozone crisis threatens the confidence of [...]
ECB steps up pressure on Italy as debt worries grow September 2, 2011 European Central Bank President Jean-Claude Trichet has told Italy to deliver on promises to control its strained public finances and reform its economy, adding to international pressure on weakened premier Silvio Berlusconi. ECB support for Italy is vital because the Frankfurt-based central bank has been buying Italian bonds in markets to keep yields low enough [...]
America’s solar scandal is a warning: Bankrupt climate policies boost tax, not jobs October 11, 2011 IN SEPTEMBER 2009, the United States Department of Energy gave a $530m (£339m) loan guarantee to the solar company Solyndra. President Barack Obama said at the plant: “It’s here that companies like Solyndra are leading the way, towards a brighter and more prosperous future.” In September 2011, the company collapsed, the jobs which the Vice [...]
EC proposals to reform the audit market are seriously flawed, says PWC chairman September 27, 2011 LEAKED European Commission proposals for regulatory changes to the audit market hit the front page yesterday. They represent a significant market intervention and while they have not changed substantially from a Green Paper published last year, if implemented they would risk undermining quality and confidence in the audit market. Of course, this is an important [...]
Public sector jobs slashed at record rate September 14, 2011 NEW jobs in the private sector failed to offset major declines in state sector employment in the second quarter of the year, figures from the Office for National Statistics (ONS) revealed yesterday. With chancellor George Osborne’s austerity plans beginning to kick in, government roles were down by 111,000 in the three months to June — [...]
CHINA FACING WALL IN HUNT FOR GROWTH October 17, 2011 INVESTORS have placed considerable faith in China over the past few years. Many remain convinced that the country’s growing middle class (estimated to be around 300m people) is ready to step in and take up the slack as US and European economies slow. But while China’s economic growth is likely to continue to outstrip that [...]