George Osborne accused of obstructing MPs over Co-op and Lloyds Bank deal August 20, 2014 George Osborne was accused of unreasonably withholding information on ministers’ meetings with Lloyds and Co-op bankers in a series of confrontational letters published yesterday. He was accused of obstructing MPs trying to work out whether the government pressured bank executives into their ill-fated deal. The chancellor claims ongoing probes prevent him from telling the Treasury [...]
Bank of England’s Martin Weale and Ian McCafferty vote against Mark Carney on interest rate hike August 20, 2014 Two policymakers finally split from the Bank of England’s unprecedented unanimity this month, voting for what would be the first interest rate hike in six years. The Bank’s two most hawkish monetary policy committee (MPC) members, Martin Weale and Ian McCafferty voted for a modest increase in interest rates. The change would have brought the [...]
Warren Buffett’s Berkshire Hathaway firm agrees to pay $896,000 fine August 20, 2014 Berkshire Hathaway yesterday agreed to pay an $896,000 (£540,000) fine to settle a US government allegations that it violated anti-trust rules by failing to report a transaction that boosted its stake in building products company USG Corp. The civil penalty, which requires court approval, settles charges made by the US Department of Justice and Federal [...]
Uber’s battle against taxi industry and regulators steps up a gear with Obama adviser on board August 20, 2014 In Uber’s relentless battle against regulators and the taxi industry around the world, a political strategist was considered a crucial element for negotiating roadblocks in the disruptive taxi service’s plans for world domination. Now the search is over, and Uber has no doubt spent a pretty penny of its billions of dollars of investment (which [...]
Merkel backs Baltic states but rules out combat troops August 19, 2014 German Chancellor Angela Merkel has pledged to support the Baltic states against a possible Russian threat but refused to commit to the deployment of ground troops. Speaking in the Latvian capital Riga, Merkel said she supported "enhanced preparations" to deploy NATO forces to the region in case of an imminent threat. She reassured the Latvian [...]
MPs to grill Bank’s Mark Carney on Osborne interest rate pact claim August 18, 2014 Bank of England governor Mark Carney will be quizzed by MPs next month over whether he has faced any political pressure to keep interest rates at their historic low. Carney and chancellor George Osborne have been hit by suggestions this week that they struck a deal to keep rates low until after the election. Mark [...]
Carney must have agreed with Osborne’s interest rate policy to get governor’s post August 18, 2014 Tim Wallace takes a look at the evolving relationship between the Treasury and the Bank of England. Bank of England governor Mark Carney was appointed in November 2012 by George Osborne, in a move which was at the time seen as a masterstroke by the chancellor. Osborne had shown that he was extraordinarily [...]
George Osborne and Mark Carney hit by interest rate stitch-up row August 18, 2014 City MP Mark Field last night questioned the independence of the Bank of England, sensationally suggesting that governor Mark Carney and chancellor George Osborne had made a pact that would ensure interest rates remained at their historic low until next year’s general election. A Treasury source hit back, saying “The idea that there is some [...]
Janet Yellen to give debut speech at Jackson Hole monetary policy forum August 17, 2014 The annual American monetary policy gathering in Jackson Hole, Wyoming will get underway this week, Janet Yellen’s first as chair of the US Federal Reserve. The events, which begin on Thursday, are centred on the topic of “re-evaluating labour market dynamics” this year. The Federal Reserve chair typically gives a speech on the Friday morning [...]
Warren Buffett’s Berkshire Hathaway share price reaches $200,000 August 14, 2014 Savers with a spare $200,000 could splash out on a new Bentley Continental GT – or they could buy one share in Warren Buffett’s conglomerate Berkshire Hathaway. The company’s stock roared past the $200,000 milestone last night, reaching as high as $201,114 – or £120,000 – per share. Billionaire Buffett, considered by many to be [...]