The US economy is "firming" and is "close to a turning point" but its recovery will likely be "...
The US economy is "firming" and is "close to a turning point" but its recovery will likely be "moderate", Alan Greenspan, chairman of the Federal Reserve, told congressional lawmakers on Wednesday, the FT reports. In testimony to the House Financial Services Committee, Mr Greenspan said "increasing signs have emerged that some of the forces that have been restraining the economy over the past year are starting to diminish and that activity is beginning to firm".
The FT also writes that Granada and Carlton Communications on Wednesday called off merger talks after their plans to consolidate ITV ahead of proposed changes to media ownership law were made public.
The Channel Islands have agreed to co-operate with international action to force tax havens to improve financial supervision. Jersey and Guernsey on Wednesday said they would participate in efforts to improve transparency and exchange of information providing rich nations did the same notes the FT.
The Telegraph says insurance giant CGNU stunned the City yesterday by slashing its dividend by 40pc and launching a huge rebranding exercise after reducing its profits by £2.6 billion to take account of investment losses. The company, which is to be renamed Aviva in October, made a £546m pre-tax loss after booking £1 billion of investment losses and reducing expected investment returns by a further £1.6 billion.
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