Tips from the press
The Telegraph's Questor writer, Garry White, has taken to video presentations, arguing against anyone buying Facebook, slamming the listing on Nasdaq and telling everyone to buy Apple if they want a tech stock. No written recommendation at our time of writing (IC Comment, 18 May).
Tempus in the Times looks at
Brewer and pub owner
Business press headlines:
David Cameron will face demands from Tory MPs to redraw Britain's relationship with Europe in the event of a Greek exit from the Eurozone, senior government sources believe. No 10 and the Foreign and Commonwealth Office say that treaties governing the European Union will have to be rewritten after the departure of one of the 17 members of the single currency bloc. This would trigger "aggressive" demands by Tory MPs to hold a referendum on Britain's EU membership, or pull out of the social chapter, a commitment made by Mr Cameron during his campaign for his party's leadership. It would also lead to an argument with Mr Cameron's coalition partners, writes The Times.
Changes to inflation calculations that could save the Chancellor billions of pounds a year - while hurting gilts investors - are being considered. A committee that advises the UK Statistics Authority may recommend an overhaul that could permanently pare back gains in the retail prices index. If the changes are adopted, they could lead to a reduction in interest payments on government bonds that are linked to the RPI. This would help George Osborne to save as much as £3bn a year in interest paid on index-linked gilts, according to calculations from Alan Clarke, an economist at Scotia Capital. A permanently lower rate of RPI inflation would also affect individuals whose incomes are linked to the index, such as pensioners and those covered by RPI-referenced wage bargains, The Times says.
Spanish lender Bankia will reportedly ask the state for more than €15bn to bail it out when its new management team presents a restructuring plan on Friday. Bankia, partially nationalised by the government earlier this month, is the weak spot in Spain's fragile banking system where loan losses stemming from a 2008 property crash threaten to push the country into seeking international assistance. "The help needed to clean up the bank will be more than €15bn," a source, who spoke on condition of anonymity, told Reuters. Neither Bankia, the country's fourth-largest bank with 10 per cent of Spaniards' deposits, nor the government would comment on the matter. The government said on Wednesday that it would provide any capital outlined in the new management's recapitalization plan through the state-backed restructuring fund, the FROB, according to The Telegraph.
The chief executive of the world's biggest copper company Codelco, which is embroiled in a court case with British miner
Britain's two biggest drugmakers have joined forces in a £180m research collaboration in the battle against the growing threat from bugs' resistance to antibiotics. As new drug resistant superbugs such as the "New Delhi" bug have emerged,
A debate over the merits of "free" banking was raging on Thursday after top banking regulator Andrew Bailey faced criticism after appearing to call for an end to non-fee paying current accounts to prevent mis-selling of financial products. Richard Lloyd, executive director of consumer body Which?, said it was a "myth" that banking was free. "Consumers pay over £9bn a year in fees and lost interest on their current accounts. The idea that if banks charged more, they would stop trying to mis-sell other financial products is completely unfounded," he said. Bailey is acting head of the body that is to become the Prudential Regulation Authority, which is to be set up in the Bank of England to oversee the banking industry, following the resignation of Hector Sants at the FSA, The Guardian reports.
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