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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.
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| 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/ |
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| 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 |
| 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/ |
| ‘Rogue broker’ blamed for oil spike |
| Traders said the broker implicated had allegedly accounted for at least half of the unusual market activity, with the rest the result of others chasing the rapid rises http://link.ft.com/r/DHGUVV/ |
| Jobs data dash recovery hopes |
| The US economy shed another 467,000 jobs last month, signalling aggressive government stimulus measures are failing to unshackle the labour force from the grips of the recession, official figures showed http://link.ft.com/r/DHGUVV/ |
| North Korea test-fires three missiles |
| North Korea test-fired three missiles, further stoking tension in the region that was already high due to Pyongyang’s nuclear test and threats to boost its nuclear arsenal in response to UN sanctions http://link.ft.com/r/DHGUVV/ |
| Chinese talk to Repsol about Argentine arm |
| Spanish oil company and two biggest mainland oil groups in talks over possible asset purchases and joint ventures http://link.ft.com/r/DHGUVV/ |
| New GM almost ready to roll |
| A new General Motors could emerge from bankruptcy protection next week if a federal judge approves its restructuring plan, as seems likely http://link.ft.com/r/DHGUVV/ |
| China to allow renminbi trade payments |
| Beijing moves towards reducing reliance on the US dollar with new rules that will enable importers and exporters to settle their payments to select Chinese companies in renminbi http://link.ft.com/r/DHGUVV/ |
| Japanese lenders shun western ways |
| The merger of equals between Shinsei and Aozora raises questions about their ambitions to provide an alternative to the country’s banking model http://link.ft.com/r/DHGUVV/ |
| US Marines launch Afghan offensive |
| Thousands of US Marines have descended on the volatile Helmand River valley in helicopters and armoured convoys, mounting an operation that represents the first large-scale test of the US military’s new counter-insurgency strategy http://link.ft.com/r/DHGUVV/ |
| Microsoft and Facebook race to real time |
| The race among some of the biggest online companies to reveal more of the instant opinions and information flooding across the internet in real time has intensified, with Microsoft and Facebook each announcing important initiatives in recent days http://link.ft.com/r/DHGUVV/ |
| Ruth Madoff stripped of all property |
| US marshals seized the luxury $7 million New York City penthouse apartment of imprisoned fraudster Bernard Madoff and his wife, Ruth, officials said on Thursday. http://link.ft.com/r/DHGUVV/ |
Financial Times - US homepage |
| US advertisers act on privacy fears |
| The US advertising industry moved to try to head off the growing threat of legislative action over so-called behavioural targeting, a form of internet advertising that critics complain could violate the privacy of internet users http://link.ft.com/r/DHGUVV/ |
| US bank buy-outs get tougher |
| Private equity groups that want to buy troubled banks would have to meet significant capital requirements and promise not to ‘flip’ their investments for at least three years under new proposals by US regulators seeking to attract money into the ailing industry http://link.ft.com/r/DHGUVV/ |
| Renault executive leaves Avtovaz |
| Shake-up at Russia’s largest carmaker, of which Renault owns 25 per cent, comes as the company battles falling revenues and amid signs its partnership is hitting the rocks http://link.ft.com/r/DHGUVV/ |
| Schwarzenegger puts case for IOUs |
| Arnold Schwarzenegger has made a personal overture to the heads of America’s largest banks to persuade them to accept the thousands of IOUs being issued by California in lieu of cash http://link.ft.com/r/DHGUVV/ |
| Exelon sets out ‘final’ bid for NRG |
| Exelon increased its hostile bid for NRG Energy by 12 per cent to about $7.5bn and called the move its ‘best and final offer’ http://link.ft.com/r/DHGUVV/ |
| Air France crash plane ‘hit water at speed’ |
| Preliminary report casts doubt on two possible theories for the crash: that it was caused by a ferocious storm or directly by faulty air speed sensors http://link.ft.com/r/DHGUVV/ |
| FT Alphaville: Stanford denied request to unfreeze funds |
| US District judge David Godbey, who is presiding over the civil case brought by the SEC against Sir Allen Stanford, has denied the Texan businessman’s petition for the court to partially rescind a freeze on his assets. http://link.ft.com/r/DHGUVV/ |
| ECB puts pressure on banks |
| Eurozone official interest rates were left unchanged at 1 per cent by the European Central Bank as policymakers await signs of the region’s economic recovery gaining momentum http://link.ft.com/r/DHGUVV/ |
Financial Times - UK Homepage |
| Osborne faces probe into home allowance |
| David Cameron’s attempts to gain the political initiative in the row over MPs’ expenses suffered a significant setback when it emerged that the shadow chancellor is facing a formal investigation into his claims http://link.ft.com/r/DHGUVV/ |
| SLS misses client payments |
| Investors did not receive quarterly sums from the Luxembourg entity, which failed investment company Keydata blames for an apparent shortfall of £103m in funds http://link.ft.com/r/DHGUVV/ |
| Welsh Guards CO killed in Helmand |
| Lt Col Rupert Thorneloe of 1st Battalion Welsh Guards and Trooper Joshua Hammond die north of Lashkar Gah in operation to drive the Taliban out of an area linked to the opium trade http://link.ft.com/r/DHGUVV/ |
| Is China ready to ‘empty the bird cage’? |
| Why a Sino-American `G2′ is a hollow idea |
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.
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.
]]>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/
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/