Wednesday, March 24, 2010

Berlusconi: Euro 'screwed everyone' - 05

http://www.independent.co.uk/news/business/news/berlusconi-euro-screwed-everyone-500629.html Silvio Berlusconi launched an astonishing attack on the euro yesterday when he blamed the Europe's single currency for Italy's economic woes in the starkest comments to date, saying it "screwed everybody".

The Italian Prime Minister has frequently blamed the euro for pushing up prices and choking off exports. Yesterday the billionaire claimed that his main political foe, the former prime minister Romano Prodi, had brought Italy to the brink of disaster by negotiating bad terms for its entry into the single currency. He told a conference of his Forza Italia party: "Italy is not at a disastrous point, but I can say that Prodi's euro screwed us all," trying to score points against his opponent in the run up to the campaign for next year's general election.

Mr Prodi, now the leader of the centre-left opposition which is leading in the opinion polls, was president of the European Commission until November.

Euro, Stocks, Commodities Fall on Greece, Portugal Debt Concern

http://www.bloomberg.com/apps/news?pid=20601087&sid=a2bXEc9CjsUk&pos=2
March 24 (Bloomberg) -- The euro slid to a 10-month low against the dollar, while stocks, commodities and Treasuries also retreated, as concern grew that Greece may default and Portugal's debt was downgraded by Fitch Ratings.

The euro weakened against 15 of its 16 most-traded peers at 11:57 a.m. in New York. The MSCI World Index of stocks in 23 developed nations slid 0.9 percent and the Standard & Poor's 500 Index fell 0.4 percent, retreating from an 18-month high. The Reuters/Jefferies CRB Index of commodities fell to a five-week low as oil slid 1.6 percent, copper dropped 0.9 percent and lead tumbled 3.5 percent. The yield on the benchmark 10-year Treasury note rose 8 basis points to a one-month high of 3.77 percent.

Friday, March 19, 2010

Rock star gone banker, Kiss founder loans 6 billion against life insurance at labor flat

http://www.businessweek.com/news/2010-03-19/kiss-s-simmons-says-wealthy-must-know-your-choices-update1-.html

"We have access to literally $7 billion to loan you against your life insurance policy at Libor flat," Simmons said, referring to the London interbank offered rate, a lending benchmark that was set at 0.278 percent today.

Sunday, March 14, 2010

‘Invisible Power’ of London Money Exposed as Mayor Fights Back

http://www.bloomberg.com/apps/news?pid=20601109&sid=aiIUZ7_eyGYk&pos=10

March 12 (Bloomberg) -- When money needs to talk in London, it's the lord mayor who speaks.

Nick Anstee, the 682nd mayor of the U.K. capital's financial district, is battling politicians from all parties who blame the bankers and brokers he represents for wrecking the country's economy. Taxpayers assumed more than 800 billion pounds ($1.2 trillion) of liabilities to bail out financial firms, and an election must be held by June.

"The taxpayer doesn't understand how critical the financial services industry is to them," Anstee, 51, said in an interview at his 252-year-old Mansion House residence opposite the Bank of England. "This absolutely overwhelming tide of negative attitudes has been brought about in taxpayers' minds."

City of London chiefs have championed trade and challenged politicians for centuries. They befriended William the Conqueror, helped overthrow King Charles I and one backed U.S. founding father George Washington. Yet the top lobbyist for Britain's financial services industry isn't well-known in the square mile he presides over and where 6,000 companies operate.

The lord mayor is an "invisible power" who Britons don't recognize as the representative of the banks they bailed out, said London Metropolitan University politics lecturer Maurice Glasman. He's campaigning to merge Anstee's government with that of Greater London Authority Mayor Boris Johnson, which was started in 2000 to represent the capital's 7.5 million people.

http://www.cityoflondon.gov.uk/Corporation/LGNL_Services/Leisure_and_culture/Local_history_and_heritage/Buildings_within_the_City/Mansion_house/index.htm

Sunday, March 7, 2010