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News review
Updated November 13 2009
Splits widen for Democrats over health reform
President Barack Obama’s mission to reform US healthcare vaulted another legislative hurdle over the weekend, but the scramble to secure his own party’s votes sheds light on the messy compromises that may be needed to get it to the finish line
Germany warns US on market bubbles
Germany’s new finance minister has echoed Chinese warnings about the growing threat of fresh global asset price bubbles, fuelled by low US interest rates and a weak dollar
Foreign policy tests Obama-Clinton bond
A bond between president and the secretary of state helps when it comes to executing foreign policy. While Mrs Clinton’s relationship with Mr Obama is cordial, one would be hard-pressed to call them buddies
Global markets hit by fresh Dubai jitters
A lack of information about Dubai’s flagship government-owned holding company, made worse by a religious holiday in the Middle East, prompted indiscriminate selling of stocks linked to the region
Dubai World asks for debt ‘standstill’
Dubai World, a conglomerate owned by the emirate’s government, is asking its creditors for a six-month ‘standstill’ on its obligations
Divisions emerge on stimulus strategy
Economic stimuli should not be withdrawn too soon, Strauss-Kahn warns, while ECB says delays could backfire
Van Rompuy takes EU presidency
Herman Van Rompuy and Baroness Ashton were welcomed by world leaders as Europe’s first full-time president and foreign policy chief, even as a chorus of critics questioned their relatively low profiles
Arrests made in €10m match-fixing probe
Police and sport officials have dismantled a criminal ring suspected of unprecedented match-fixing and betting in European professional football
Fed sees risks in low rates policy
Fed officials have expressed concerns that near-zero interest rates could fuel ‘excessive risk-taking in financial markets’ but believe the possibility of such an outcome is ‘relatively low’
Legal blow to 1m bank customers on charges
Almost 1m people hoping for a refund of overdraft charges are likely to have their claims struck out after the Supreme Court on Wednesday ruled in favour of the banks and stymied action by the Office of Fair Trading
Microsoft and News Corp eye web pact
The software maker discusses a plan that would involve the media company being paid to ‘de-index’ its news websites from Google, setting the scene for a search engine battle
Dubai shock after debt standstill call
Request by indebted government holding company raises spectre of default in Middle East trading hub
Bank secretly lent RBS and HBOS £61.6bn
The two banks came within minutes of closing cashpoints and normal business operations, the Bank of England has confirmed, revealing that it extended £61.6bn in emergency funds at the height of the financial crisis last year
S&P raises fears over health of some banks
A study by Standard & Poor’s raises questions over the financial strength of some of the biggest banks ahead of new rules that could require them to raise more funds
Lloyds launches £13.5bn rights issue
The partly state-owned bank will launch the UK’s largest rights issue to raise £13.5bn, offering investors new shares at 36p each, a huge discount, ahead of a shareholder vote
Nationwide lashes out at rescued banks
The head of Nationwide, Britain’s biggest building society, accuses government-backed companies of seriously distorting the savings market as its profits fall more than 60%
China banks prepare to raise capital
China’s banks are preparing to raise tens of billions of dollars in additional capital to meet regulatory requirements following an unprecedented expansion of new loans
BA chief warns cabin crew over strike
Willie Walsh, BA chief executive, says he will not compromise over cost-cutting measures as the Unite union prepares for possible strike action next month
Porsche counts cost of VW bid fiasco
The carmaker reveals the legacy of its failed attempt to take over Volkswagen, forecasting its the second multibillion-euro loss in a row in its current financial year
Hershey weighs $17bn bid for Cadbury
The charitable trust that controls Hershey has encouraged the US confectioner’s management to pursue a $17bn bid for Cadbury, topping Kraft Foods’ hostile $16.2bn offer
Dubai default fears spook investors
Global Markets Overview: Investors were spooked by the spectre of a default by Dubai and after a febrile foreign exchange market saw the yen surge to a 14-year high against the dollar
Bets rise on rich country bond defaults
The mounting level of debt in the industrialised world is prompting investors to use the derivatives market to bet on the chance of rich governments defaulting on bonds
Dollar lurches to 15-month low
Global Markets Overview: Gold leapt to another high as the dollar tumbled below significant support levels to hit 15-month lows
Stocks struggle as dollar holds steady
Global Markets Overview: Global stock markets struggled to make headway on Tuesday after a steady dollar again raised fears the multi-month rally might be over
Gold hits fresh high as dollar resumes its slide
Global Markets Overview: Gold powered to another high on Monday and stock markets challenged their best levels of the year after a sharp move lower in the dollar prompted traders to pile wholesale into riskier assets.
Footsie has biggest daily fall for eight months
Dubai’s attempt to reschedule debt led investors to dump riskier investments
Risk fatigue sparks correction speculation
Global Markets Overview: Talk that the dollar could be near its nadir leads to a growing sense of caution ahead of what could be a pivotal trading session.
China derivative rule change hits banks
China’s regulatory moves are in stark contrast to the slow pace of reform in derivatives markets in the US and Europe
Short-term US interest rates turn negative
Short-term US interest rates turned negative as banks frantically stockpiled government securities in order to polish their balance sheets for the end of the year
Miners help drag Footsie lower
Xstrata was among the fallers as weak mining stocks dragged the FTSE 100 lower
