first_img Show Comments ▼ KCS-content whatsapp FINANCIAL TIMESFSA CHIEF WARNS ON BANK RULESEnsuring that the heads of failed banks face punishment would likely require a set of rules that held them to higher standards than other company directors, the head of the City watchdog has warned. Lord Turner, chairman of the Financial Services Authority, makes this argument while defending the FSA’s decision last week not to take action against the directors of Royal Bank of Scotland – whose £24bn loss in 2008 was the biggest in British corporate history and saw the government take a 70 per cent stake in the bank.BLACKSTONE’S SENIOR MANAGERS TO FILL IN WHILE SCHWARZMAN IS AWAYBlackstone is looking to increase the responsibilities of several senior managers as Stephen Schwarzman, its chief executive, prepares to spend much of the next six months outside the US, mostly in Paris, people familiar with the matter say. The move by Schwarzman, 63, has been described by the people as a personal decision, partly led by a request by his wife.XSTRATA STEPS UP SPENDING PLANSXstrata, the acquisition-built mining company, is again stepping up spending on its internal portfolio, budgeting $23bn for new mines, smelters and other expansionary projects between 2011 and 2016. With copper price at an all-time nominal high, the Anglo-Swiss miner will focus expansionary spending on projects in copper and coal and nickel.VICTREX RECOVERY SPARKS SPECIAL DIVIDENDVictrex, the producer of high-tensile, heat-resistant plastics used in cars, aircraft and hip replacements, is to pay out a special dividend of 50p following a strong recovery in full-year revenues and profits. THE TIMESROYAL MAIL IS BEING “FATTENED UP” FOR SALEThe draft legislation to privatise Royal Mail is being unfairly skewed tomake the state-owned group more attractive to future investors, a leading private sector competitor has complained. Ahead of the Postal Services Bill coming to the end of its committee stage in the House of Commons today, TNT Post UK said that the draft legislation as it stands would restrict, not enhance, competition in the postal market.TWO MEN ARRESTED OVER CROWN CURRENCY COLLAPSETwo men were arrested yesterday in connection with an inquiry into Crown Currency Exchange, the Cornwall-based holiday broker that collapsed owing customers about £20m. Devon and Cornwall Police has detained two men, aged 68 and 70.The Daily TelegraphCARL SHAPIRO AGREES TO FORFEIT $625M TO BE GIVEN TO BERNARD MADOFF VICTIMSOne of the first investors in Bernard Madoff’s Ponzi scheme and a lifelong friend of the fraudster has reportedly agreed to forfeit $625m to be given to victims of the fraud. Businessman and philanthropist Carl Shapiro and other representatives of “Shapiro investment advisory account holders entered into an agreement with” US prosecutors in New York.JIM ROGERS: “US GOVERNMENT’S INFLATION DATA IS A SHAM”Leading investor Jim Rogers has blasted the US government’s inflation data as a “sham” that is causing the central bank to massively understate price pressures. Rogers, who shot to fame co-founding Quantum Fund with George Soros, said the Federal Reserve relies too much on housing prices.THE WALL STREET JOURNALMICROSOFT TO ADD “TRACKING PROTECTION” TO WEB BROWSERMicrosoft Corp. says it will revive a powerful privacy feature in Internet Explorer similar to one it dropped from an earlier version of the Web browser because of concerns about alienating advertisers. The software giant said the next version of its browser, Internet Explorer 9, will allow users to stop certain websites and tracking companies from gathering information about them.BOFA TO PAY $137M TO END MUNI BID-RIGGING CASEBank of America Corp. agreed to pay $137m to federal and state authorities for municipal bid-rigging practices in the late 1990s and earlier this decade.The agreement is part of a larger push by the nation’s largest bank by assets to rid itself of legal headaches predating the financial crisis. Tuesday 7 December 2010 9:12 pmcenter_img Tags: NULL Share whatsapp WHAT THE OTHER PAPERS SAY THIS MORNING last_img read more

FTSE bounces in New Year rally

first_img Tags: NULL KCS-content POSITIVE economic news from across the globe saw a sharp rise in London stocks, with the FTSE jumping above the psychologically-important 6,000 barrier.It finished the day up almost two per cent at 6,013.87 – its highest close since the start of June 2008.And US markets also reacted positively after being reassured by the minutes of the Federal Reserve’s December meeting, which showed cautious optimism for the economic outlook. The Dow Jones Industrial Average closed 0.18 per cent higher at 11,691.18 after the announcement.“With the recent data on production and spending stronger, on balance, than anticipated, the staff revised up its projected increase in real GDP in the near term,” the minutes said.“Conditions in the labour market appeared to be improving on balance,” the Fed also recognised.However, the Fed still views progress towards its goals of maximum employment and price stability as “disappointingly slow” and shows no signs of reversing its programme of quantitative easing (QE2).“While the economic outlook was seen as improving, members generally felt that the change in the outlook was not sufficient to warrant any adjustments to the asset-purchase programme,” the minutes said Several members said they had a “fairly high threshold for making changes to the programme.”In the UK, exceptionally strong manufacturing data spurred market sentiment earlier in the day. Economists were predicting a decline in December’s factory activity, but it soared to a 16-year high.“The manufacturing sector ended 2010 in really good shape and made a healthy contribution to fourth quarter GDP growth,” said Howard Archer of IHS Global Insight, commenting on the purchasing managers’ index (PMI) results. Economists had expected the winter’s blizzards to hamper the resurgent UK manufacturing sector.Even the British housing market received some rare good news, as mortgage approvals unexpectedly increased in November to over 48,000, the Bank of England said. The stockmarket boost came after similar rises on Monday in the US, Europe and Asia, when London was closed for the Bank Holiday.Meanwhile, US data yesterday showed that American factory orders rose in November, surprising economists who had expected stagnation or even a fall in US manufacturing.US auto sales were also up in December, reaching their highest level for 16 months – far outperforming Wall Street expectations and indicating a strong recovery in the coming year. Vehicle sales exceeded 13m in the 12 months to December, closing a year in which car sales rose by 11 per cent — a strong turnaround for the formerly beleaguered industry. The stream of positive economic reports came ahead of the publication of the minutes of the Federal Reserve’s (Fed) December meeting. Share FTSE bounces in New Year rally Tuesday 4 January 2011 9:09 pm whatsapp Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndo whatsapp last_img read more