The Bank of England is this week expected to leave interest rates pegged for a sixth consecutive mon...
The Bank of England is this week expected to leave interest rates pegged for a sixth consecutive month at their 38-year low of 4% despite City warnings that this would risk a damaging inflationary boom says the Times.
America's Federal Reserve is also expected to leave US rates unchanged but signal that US borrowing costs will rise later in the year.
A growing number of City economists are giving warning that the Bank of England's Monetary Policy Committee (MPC) may be risking its first serious policy error since it was handed control of rates in 1997.
Nicola Horlick, the high-profile City fund manager, will receive a guaranteed minimum of £6m for her stake in SG Asset Management UK, the investment business she helped create five years ago says the Daily Telegraph.
Horlick and co-founders Keith Percy and John Richards each hold about 8% of the business and have agreed a minimum £15 a share value for their stake with the parent company, French bank Société Générale. This translates to about £6m each.
This amount is locked in but they can only withdraw a small percentage without losing out on future revaluations. However, one person who works closely with the SGAM team said: "This is not the founders paying themselves huge bonuses. This is the value of their stake in a business they have created."
Lawyers investigating the world's biggest money-laundering operation have frozen bank accounts and assets worth millions of pounds, after a five-year investigation into the theft of $242 million (£171 million) from Brazil's Banco Noroeste uncovered a web of financial transactions involving companies and banks in 13 jurisdictions, continues the Times.
According to a claim in the High Court in London, about $40 million of the cash stolen from the bank came to organisations in the UK, of which $8million was deposited in an account in Barclays in London's Docklands.
Payments from the Barclays account, held by Macdaniels Limited, a bureau de change based in Nigeria, were used to purchase diamond-encrusted Rolex watches and French furniture for those believed to have carried out the swindle.
Although the turnover of Macdaniels was only about £14,000 a year, Barclays accepted three payments into the account totalling $8 million in mid-1997. The money, from a Cayman Islands division of Banco Noroeste, was almost immediately paid out again.
Industrial unrest in Germany is putting at risk economic recovery in the eurozone, suggests another report in the Times this morning.
Yesterday the country, Europe's biggest economy, suffered its first big strikes for seven years as members of the 2.7 million-strong IG Metall engineering union stepped up their campaign for a 6.5% pay rise.
The wage demand has led to fears in the financial markets that inflation will be stoked, forcing the European Central Bank to raise interest rates. Last week Wim Duisenberg, head of the ECB, said the bank was concerned about wage bargaining in some eurozone regions and that keeping prices in check depended on moderate wage settlements, continues the Times story. A high pay settlement could also lead to a rise in Germany's jobless.
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