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BCC says worst of recession is over
BCC says worst of recession is over The worst of the recession is over, but it is too early to say that a recovery is under way, according to a survey published on Tuesday.
The manufacturing and services sector declined at a much slower pace in the second quarter of the year, but they both still remain in the grip of the downturn, according to the report by the British Chambers of Commerce that strikes a notably more downbeat note than many other recent business surveys.
China says 156 dead in Xinjiang unrest
| China says 156 dead in Xinjiang unrest |
| China locked down Urumqi, the capital of its northwestern Xinjiang province, as officials said 156 people had been killed in rioting, in the worst ethnic unrest in the country since the Cultural Revolution http://link.ft.com/r/H60H77/ |
| Obama and Medvedev agree arms cuts |
| The US and Russia on Monday pledged to make big cuts in their strategic nuclear arsenals and pursue closer ties but failed to settle their most serious dispute, a row over US plans to install an anti-missile defence system in eastern Europe http://link.ft.com/r/H60H77/ |
| BAIC plans Opel China plant |
| Beijing Automotive Industry Corporation aims to expand rapidly in China if it acquires the General Motors unit with a $2bn plan to set up what would become Opel’s first factory in the mainland http://link.ft.com/r/H60H77/ |
| EU plans new push on bank reform |
| A draft report expected to be backed by EU finance ministers in Brussels onTuesday says there is a “strong case” for curbing existing rules on banks’ funding needs http://link.ft.com/r/H60H77/ |
| Former Goldman employee accused of cyber-theft |
| US law enforcement officials arrested a former Goldman Sachs employee over the weekend, accusing him of stealing sensitive automated trading codes and uploading them to a server based in Germany. http://link.ft.com/r/H60H77/ |
| Indian budget disappoints investors |
| India outlined measures to speed infrastructure development and unveiled increased spending for farmers and the poor in its first budget since Prime Minister Manmohan Singh’s government was re-elected in May http://link.ft.com/r/H60H77/ |
| Judge approves plan to sell GM assets |
| A US judge approved the sale of General Motors’ assets to a new company in a move that that could allow the carmaker to exit from bankruptcy as soon as this week http://link.ft.com/r/H60H77/ |
| California credit rating cut close to junk |
| California’s debt rating was slashed by Fitch Ratings to triple B – two notches above junk – after the state was forced to issue IOUs for certain payments while it frantically tries to agree a budget http://link.ft.com/r/H60H77/ |
| Japan extends loan deal to Indonesia |
| Japan has agreed to extend Indonesia a further Y1,500bn in currency swaps to help south-east Asia’s largest economy access foreign-currency funding during a crisis http://link.ft.com/r/H60H77/ |
| Robert McNamara dies at age 93 |
| Robert McNamara, architect of the Vietnam war, died in his home at the age of 93 http://link.ft.com/r/H60H77/ |
Financial Times - US homepage |
| DoJ to review handset arrangements |
| The US Department of Justice has started an informal review of the exclusive arrangements that limit handsets like Apple’s iPhone to particular wireless communications companies, people said http://link.ft.com/r/H60H77/ |
| AIG brands Greenberg ‘a liar’ as trial nears end |
| A lawyer for AIG called Hank Greenberg, the insurer’s ex-chief executive who was ousted in 2005, ‘a liar’ and accused him of fabricating evidence in a $4.3bn lawsuit involving his private investment fund. http://link.ft.com/r/H60H77/ |
| Earnings season brings ‘green shoots’ hunt |
| Investors will be looking for US companies to start providing evidence that “green shoots” of recovery have begun sprouting on their bottom lines when they start reporting second-quarter results http://link.ft.com/r/H60H77/ |
| Fink warns on EU hedge fund rules |
| The adoption of tough European restrictions on hedge funds would provoke a transatlantic regulatory war, warns Stanley Fink, the former chief executive of Man Group http://link.ft.com/r/H60H77/ |
| Wall St defensive stocks provide support |
| Defensive stocks spurred a late rally on Wall Street to turn US equities positive following the previous session’s heavy falls. http://link.ft.com/r/H60H77/ |
| Brazil to cut back high cost of labour |
| Brazil’s government is preparing sharp cuts to the country’s very high labour costs as a way of boosting productivity and growth, Guido Mantega, finance minister, said http://link.ft.com/r/H60H77/ |
Financial Times - UK Homepage |
| House price slide hits recovery hopes |
| European house prices fell more quickly in the first quarter of 2009 than even in the fourth quarter of 2008, a trend that looks set to dim the region’s hopes for recovery http://link.ft.com/r/H60H77/ |
Samsung predicts sharp rise in profit
| Samsung predicts sharp rise in profit |
| Samsung Electronics, the world’s biggest maker of memory chips and liquid crystal display screens, gave a surprisingly bullish profit forecast which suggested that the worst might be over for the technology giant http://link.ft.com/r/XYEWFF/ |
| Securitisation reinvented to cut costs |
| Investment banks, including Goldman Sachs and Barclays Capital, are inventing schemes to reduce the capital cost of risky assets on banks’ balance sheets, in the latest sign that financial market innovation is far from dead http://link.ft.com/r/XYEWFF/ |
| UBS to shake up US brokerage |
| Oswald Grübel, UBS’s chief executive, wants to shake up the top managerial ranks of the embattled bank’s brokerage business in the US after deciding against a sale, according to people familiar with the matter http://link.ft.com/r/XYEWFF/ |
| AIG to weigh up offers for Taiwan life arm |
| The insurance group will this week assess initial bids for its $2bn Taiwanese life assurance unit, after strong interest from global private equity firms and strategic buyers http://link.ft.com/r/XYEWFF/ |
| Andreessen raises $300m VC fund |
| The strong backing for the co-founder of Netscape and one of Silicon Valley’s best-known serial entrepreneurs reflects intense competition among investors to jump into the hottest internet deals http://link.ft.com/r/XYEWFF/ |
| Eros plans push on back of Bollywood boom |
| Eros International is deepening its expansion into Hindi-language music with plans for several overseas acquisitions as Bollywood seeks to capitalise on the popularity of Oscar-winning film Slumdog Millionaire http://link.ft.com/r/XYEWFF/ |
| Madoff lawyer says he would do it all again |
| Ira Sorkin, the man who defended Bernard Madoff would not hesitate to do it again, in spite of having been the target of death threats http://link.ft.com/r/XYEWFF/ |
| China to step up ad ranking |
| The global advertising market will bottom out in the current quarter and China is set to overtake the UK as the fourth-largest market, behind Germany and Japan, one of the world’s largest media agencies predicts in a report http://link.ft.com/r/XYEWFF/ |
| Saudi fund eyes $1bn UK real estate deal |
| An investment manager part-owned by the Saudi royal family is planning to invest a chunk of its assets in UK and US commercial property, according to Prince Faisal bin Salman bin Abdulaziz, its chairman http://link.ft.com/r/XYEWFF/ |
| Exporters squeezed by euro strength |
| The strength of the euro is forcing European companies to step up cost-cutting to compete with rivals from the US and elsewhere amid fears that it could slow their recovery when demand picks up http://link.ft.com/r/XYEWFF/ |
| Broker-banker marriage hit by breaches of trust |
| The financial industry’s vaunted belief in trust and long-term relationships is being challenged by research showing that before the crisis US mortgage brokers fed loans of deteriorating quality to the banks they did most business with http://link.ft.com/r/XYEWFF/ |
| Canary Wharf to be casualty of Nomura shift to City |
| Nomura is in exclusive talks to move its UK business, including teams acquired from Lehman Brothers, into an office development in the City of London http://link.ft.com/r/XYEWFF/ |
| Private equity deals are ‘not riskier’ |
| Academic research has cast doubt on the link between private equity ownership and a higher failure rate for companies, in a finding that could be useful in the buy-out industry’s battle against proposed regulation http://link.ft.com/r/XYEWFF/ |
| BT sets executive pay below its rivals |
| The former state-owned UK telecommunications company has set the base salary of its executives at rates below the average paid to senior managers at its competitors http://link.ft.com/r/XYEWFF/ |
G8 shifts focus from food aid to farming
| G8 shifts focus from food aid to farming |
| US, Japan, Europe and Canada connect food security closely with economic growth and social progress as well as political stability in major scheme against global hunger http://link.ft.com/r/73UJGG/ |
| Indonesian cadidates have to mind the gap |
| During the run-up to Wednesday’s vote in Indonesia, there have been numerous cases of political parties campaigning through paternalistic good deeds rather than promoting the candidates’ policies http://link.ft.com/r/73UJGG/ |
| AIG to weigh up offers for Taiwan life arm |
| The insurance group will this week assess initial bids for its $2bn Taiwanese life assurance unit, after strong interest from global private equity firms and strategic buyers http://link.ft.com/r/73UJGG/ |
| Obama signals backing for Medvedev |
| Barack Obama used an interview with a Russian opposition newspaper on the eve of Monday’s US-Russia summit to back President Dmitry Medvedev’s promises to boost freedom and the rule of law http://link.ft.com/r/73UJGG/ |
| Securitisation reinvented to cut costs |
| Investment banks, including Goldman Sachs and Barclays Capital, are inventing schemes to reduce the capital cost of risky assets on banks’ balance sheets, in the latest sign that financial market innovation is far from dead http://link.ft.com/r/73UJGG/ |
| Delhi to ease land acquisition for industry |
| Government to amend legislation this week, with farmers set to be offered fair prices. Acquisition of land for infrastructure development and industrial use will be streamlined http://link.ft.com/r/73UJGG/ |
| Protesters killed in Honduras |
| Ousted president seeks reinstatement, but interim team says he will not be let in http://link.ft.com/r/73UJGG/ |
| UBS to shake up US brokerage |
| Oswald Grübel, UBS’s chief executive, wants to shake up the top managerial ranks of the embattled bank’s brokerage business in the US after deciding against a sale, according to people familiar with the matter http://link.ft.com/r/73UJGG/ |
| UN chief rebukes Burma over Suu Kyi |
| In rare public criticism made while inside the military-run state, Ban Ki-moon, the UN secretary general, chided the junta for preventing him from meeting jailed democracy advocate Aung San Suu Kyi http://link.ft.com/r/73UJGG/ |
| Seoul warns on N Korea missiles |
| The launches appeared aimed at grabbing the attention of the Obama administration, which has been wary of extending enticements to North Korea in exchange for only renewed pledges of restraint http://link.ft.com/r/73UJGG/ |
Financial Times - US homepage |
| Wall Street gears up to trade California IOUs |
| Amid the vacation rentals and used cars for sale, browsers of the website Craigslist will now find a unique offer: for California IOUs. http://link.ft.com/r/73UJGG/ |
| Saudi fund eyes $1bn UK real estate deal |
| An investment manager part-owned by the Saudi royal family is planning to invest a chunk of its assets in UK and US commercial property, according to Prince Faisal bin Salman bin Abdulaziz, its chairman http://link.ft.com/r/73UJGG/ |
| Broker-banker marriage hit by breaches of trust |
| The financial industry’s vaunted belief in trust and long-term relationships is being challenged by research showing that before the crisis US mortgage brokers fed loans of deteriorating quality to the banks they did most business with http://link.ft.com/r/73UJGG/ |
| Investors look to launch rescue bid for Nortel |
| MatlinPatterson Global Advisors, a private equity company specialising in distressed investments, is considering leading a rescue bid for the whole of the Canadian telecommunications equipment maker Nortel Networks http://link.ft.com/r/73UJGG/ |
| Exporters squeezed by euro strength |
| The strength of the euro is forcing European companies to step up cost-cutting to compete with rivals from the US and elsewhere amid fears that it could slow their recovery when demand picks up http://link.ft.com/r/73UJGG/ |
| Political left and right strive to unravel Palin mystery |
| Sarah Palin’s sudden decision to quit as governor of Alaska stunned fellow Republicans and fuelled the sense of disarray surrounding the Grand Old Party as it struggles to regroup following last year’s devastating election defeat http://link.ft.com/r/73UJGG/ |
| Rancour over Iran poll moves to holy city |
| Association of Scholars and Researchers of Qom Seminary and Society of Scholars of Qom Seminary offer differing views of Iran’s presidential results http://link.ft.com/r/73UJGG/ |
| Private equity set to become a weapon of mass destruction |
| Logic suggests a lot of companies owned by private equity must be on the point of expiring under the weight of their debt. But the bankruptcy rate, though rising, is still historically low http://link.ft.com/r/73UJGG/ |
| BofA knocks UBS off top spot in private banking league |
| Bank of America has overtaken UBS in the private banking league tables following its tie-up with Merrill Lynch http://link.ft.com/r/73UJGG/ |
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GM and Magna reach deal on Opel
GM and Magna reach deal on Opel The European arm of General Motors will be shielded from the expected insolvency of the US group after an 11th hour deal reached on Saturday morning that will see Magna International, the Canadian parts supplier, take over the business with financial backing from the German government.
After a day of drama following Fiat’s withdrawal from talks with Berlin, GM and the US treasury to acquire the operations, which include the Opel and Vauxhall brands, exhausted negotiators announced the breakthrough at shortly after 2 am, after six hours of talks at the office of chancellor Angela Merkel.
Under the signed memorandum of understanding between GM and Magna, shares in GME will be transferred to a trust to protect it from a GM insolvency, expected on to be announced on Monday. GME will also receive €1.5bn in credit guarantees from the German government to keep it afloat while GM and Magna negotiate a final deal.
Northern Rock risk revealed in 2004
Northern Rock risk revealed in 2004 Banking regulators identified Northern Rock as the weak link in Britain’s banking system during secret “war games” held as long ago as 2004, the Financial Times has learned.
The risk simulation planning, conducted by the Financial Services Authority, the Bank of England and the Treasury, made clear the systemic risks posed by Northern Rock’s business model, and its domino effect on HBOS, then the UK’s largest mortgage lender.
GM and Magna close to agreement on Opel
General Motors and Magna are close to signing a memorandum of understanding that will unlock €1.5bn ($2.1bn) worth of emergency German government bridge financing and save Opel from probable insolvency.
A person familiar with the talks said the Canadian parts supplier had agreed to provide short-term financing worth some €300m needed to keep Opel afloat, which Germany had been loath to provide, and which on Friday prompted Fiat to walk away from the rescue talks.
http://link.ft.com/r/A1TNOO/
Fiat pulls out of Opel talks
Fiat pulled out of Friday’s German government-led talks on the future of Opel, saying that a request to it for emergency funding to help keep the General Motors-owned carmaker afloat would expose it to “extravagant risks.”
The Italian carmaker said that it remained interested in a potential merger with GM, but its sudden withdrawal throws another wrench into the talks on spinning off the Detroit company’s European business ahead of a US bankruptcy filing expected next Monday.
http://link.ft.com/r/73UJGG/