First Eurozone bonds go on sale next year December 1, 2010 THE Eurozone is to issue its first ever region-wide bonds in January 2011, said Klaus Regling, head of the European Financial Stability Fund (EFSF), yesterday. Klaus said that the €440bn (£370bn) bailout fund, which was set up in May after the Greek rescue, would sell €5bn-€8bn’s worth of debt with an average maturity of 7.5 [...]
Irish banks require extra €8bn to boost capital levels November 28, 2010 IRISH banks require an additional €8bn to be injected in order to meet tough new capital requirements, the country’s central bank indicated yesterday night. Allied Irish Bank, 19 per cent owned by the state, will need almost €5.3bn (£4.5bn) before March in order to achieve a core Tier 1 capital ratio of 14 per cent. [...]
Spending cuts to slow Europe’s 2011 growth November 29, 2010 EUROZONE economic growth will slow slightly next year as governments cut spending, but private demand will boost growth in 2012, the European Commission announced today. Growth across the 27 eurozone nations is forecast to slow to 1.5 per cent in 2011 from 1.7 per cent seen this year, but rebound to 1.8 per cent in [...]
What the other papers are saying this morning January 12, 2011 FINANCIAL TIMES GERMANY BACKS WIDER RESCUE FUND ROLE Germany is backing proposals to give new powers and lending capacity to the €440bn Eurozone rescue fund, even if that means increasing its financial guarantees, according to people familiar with the issue in Berlin and Brussels. Such a move would be part of a package of measures, [...]
China offers to give help to Portugal November 7, 2010 PRESIDENT Hu Jintao said yesterday China will back Portugal’s efforts to deal with fallout from the world financial crisis, but stopped short of promising to buy Portuguese bonds as the debt-ridden country had hoped. “We are willing to take concrete measures to help Portugal cope with the global financial crisis,” he said after meeting Prime [...]
Irish political turmoil feeds market nerves November 24, 2010 MARKETS remain unconvinced that the Irish government will be able to pass the €15bn (£12.6bn) cuts programme it unveiled yesterday, with Prime Minister Brian Cowen lacking the votes needed to get the measures through parliament. Cowen’s government is already teetering, with the Green Party this week demanding an immediate election once the emergency budget is [...]
Irish political turmoil feeds market nerves November 24, 2010 MARKETS remain unconvinced that the Irish government will be able to pass the €15bn (£12.6bn) cuts programme it unveiled yesterday, with Prime Minister Brian Cowen lacking the votes needed to get the measures through parliament. Cowen’s government is already teetering, with the Green Party this week demanding an immediate election once the emergency budget is [...]
Happy Christmas to all our readers December 22, 2010 AS another year draws to a close we at City A.M. have good reason to feel fortunate about the way things turned out in 2010. Firstly, it was a sensational year for news, both financial and political. In the financial sphere, there was the takeover of Cadbury by Kraft, which brought all sorts of calls [...]
Happy Christmas to all our readers December 22, 2010 AS another year draws to a close we at City A.M. have good reason to feel fortunate about the way things turned out in 2010. Firstly, it was a sensational year for news, both financial and political. In the financial sphere, there was the takeover of Cadbury by Kraft, which brought all sorts of calls [...]
CBI urges Osborne to focus on growth October 26, 2010 BUSINESS lobby group the CBI has written to chancellor George Osborne and business secretary Vince Cable to call for further action to stimulate short term economic growth, in order to offset the effects of the government’s £80bn spending cuts. CBI director-general Richard Lambert said the UK economy needs a “fundamental rebalancing” in order to achieve [...]