President George W. Bush has announced sweeping powers to freeze the assets of international terrori...
President George W. Bush has announced sweeping powers to freeze the assets of international terrorists, declaring he was launching "a strike on the financial foundation of the global terror network", reports this morning's FT.
US officials will freeze the assets and transactions of foreign banks that fail to co-operate in Washington's campaign to track down and seize the finances of terrorists linked to Osama bin Laden, prime suspect in September 11's attacks on the US.
Describing the new powers as "draconian", Bush warned that international financial institutions now faced the same stark choice as foreign governments - either they co-operated with the US or their assets would be treated like any terrorist funds.
The world's fund managers also face a gloomy outlook following the fall of stock markets and investor confidence after the terrorist attacks in the US, continues the FT.
One in three fund managers operating in the UK could fall into loss this year, predicts PwC, the consultancy.
Many top European banks and insurers with fund management at the core of their businesses will have to rethink their strategies, according to JP Morgan Securities.
British Telecom yesterday warned investors it would carry a £500m writedown in its September half-year accounts and could suffer further "substantial" losses to unwind its troubled Concert joint venture with AT&T, says the Times.
The warning, which had been widely expected by many analysts, overshadowed the official launch of the group's mmO demerger and sent its shares lower in early trading.
The company also said that it could be forced to spend about £720m to increase its stake in AT&T Canada unless it could unwind the Concert joint venture with AT&T.
Britain's housing market defied predictions of a downturn throughout the summer, but is looking increasingly vulnerable after the American terrorist attacks, new research has found, continues the Times.
The latest survey from the Royal Institution of Chartered Surveyors (RICS), released this morning, found that a net balance of 52% of its members reported rising house prices in the three months to August.
However, the institute, which completed its survey before the US attacks on September 11, said its members were cautious about the future, and developments over the past fortnight had increased the risks of a price slowdown in the coming months.
And Scotland's elderly will receive free personal care from next spring after the first minister, Henry McLeish, pledged to implement in full the recommendations of a working group set up to investigate the issue, reports Business AM, the Scottish business newspaper.
McLeish said the Scottish executive would allocate £125m a year to pay for the scheme, which will abolish all charges for personal care in the community.
The announcement follows last week's publication of the recommendation of the Care Development Group, which was set up to explore the findings of Lord Sutherland's Royal Commission on Long Term Care, which had recommended free personal care be made available to all of Scotland's elderly.
The group, headed by deputy health minister Malcolm Chisholm, recommended elderly people receive £90 per week to meet care needs such as personal hygiene, dietary advice and counselling services.
Under the scheme, those who currently pay their own care home charges will receive £90 per week to cover personal care. Those needing nursing care will receive an extra £65 per week, and existing services will be upgraded to provide better support.
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