The US Federal Reserve Bank left interest rates unchanged there following a meeting last night, whic...
The US Federal Reserve Bank left interest rates unchanged there following a meeting last night, which means the world's largest economy will continue to enjoy the lowest interest rates in half a century for several more months to come.
The Times says this news was coupled to a report that productivity in the US has jumped to its highest leves in 20 years.
Still, we are not out of the woods yet, The Times argued, as the Fed also said sustained recovery would depend on demand remaining bouyant in the coming two quarters.
The Scotsman says there were angry exchanges when the first trial to result from the collapse of US energy trading company Enron kicked off yesterday.
Accountant Arthur Andersen was accused of destroying documents relating to its client, Enron, even after it was requested to hand them over to the authorities.
Andersen's lawyers responded that the documents were still very much intact, and that if there had been a cover up it was the most "bungled" on in history.
Aberdeen, the struggling manager of split capital investment trusts, is set to bail out its Enhanced Zero Trust in what would be the first ever injection of capital into a split cap by its management in order to stave off the receivers the FT says.
The sector is reeling under the weight of depreciating assets, which threaten the survival of perhaps as many as 40 trusts.
Yesterday, Aberdeen was forced to announce the calling of an EGM for its High Income split cap trust because its asssets had fallen so far.
The FT says the Enhanced Zero trust is being bailed out by a loan for equity deal with the company's biggest banker Bank of Scotland, in what would set a worrying trend for other bankers, who in total hold £5bn worth of debt in the sector.
In New York the ongoing investigation into investment bank equities analysts and their recommendations has brought a fresh challenge.
The city has been asked to keep details of analysts' employment contracts secret by their employers, the investment banks being investigated.
The FT says that is unlikely to happen, as the details of contracts that tied analysts remuneration to the banking services sold to the companies they were writing notes on would be the smoking gun that the authorities are currently looking for.
Were such details found, it is likely they would become very public indeed.
New York city is preparing criminal charges against Merrill Lynch if the company does not agree to legally separate its analysts and investment bankers.
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