Friday newspaper round-up: Mervyn King, Bank of Japan, JPMorgan...

B.C. | ShareCast | 15 Mar, 2013 06:52 - Updated: 07:52 | | |

Mervyn King

Sir Mervyn King, the Governor of the Bank of England, has said that the recovery in Britain is 'in sight' and that there has been 'good progress' made towards a new, sustainable economy, according to The Telegraph.

The Financial Times says that the Japanese parliament has approved the nominations for the top three jobs at the Bank of Japan, appointing Haruhiko Kuroda as Governor. The move "usher[s] in a new era of more aggressive monetary easing in the world's third-largest economy", the paper writes.

The Times reports that Jamie Dimon, the frontman of US banking giant JPMorgan Chase, allegedly lied to the US government and tried to hide trading losses from regulators. The paper says that the Senate Investigation Committee's report into the "London Whale" losses places much of the blame on the Chief Executive, as the company "dodged federal regulators and misled the public by hiding losses, by mismarking credit derivatives’ values".

Anschutz Entertainment Group, the owner of the O2 Arena in London, has pulled the venue off the market after receiving offers more than $1.0bn less than it expected, according to The Times.

The European Central Bank (ECB) needs 800 additional staff, raising its current workforce by more than half, to fulfil its new position as the supervisor of 6,000 banks in the Eurozone, writes The Telegraph.

HMRC is looking to shut down all 281 of its enquiry centres, replacing them with one-to-one tax advisory services, in an attempt to save £13m per annum, reports The Independent.. The move could put 1,300 jobs at risk.

BC

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19:47 Bonds: UK no longer one of the world's top debtor countries

These were the movements in some of the most widely followed sovereign bonds on Friday:

19:55 BoE should not be too specific in terms of interest rate guidance, says Miles.

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18:47 Miles (BoE): Still useful to say future rate rises will probably be gradual

18:03 Market overview: UK stocks track Wall Street and copper futures lower

1630:Close UK shares fell back again slightly on Tuesday, tracking the drift lower seen in US stocks. That came despite a sharp rise in European stocks as traders moved to price in the possibility of quantitative easing by the European Central Bank. That sent the European single currency lower by 0.54% to 1.2622. Three-month copper futures on the LME ended the day off by 1% at $6,676 per metric tonne on the heels of a downward revision to the HSBC Chinese manufacturing sector purchasing managers’ index for September. Associated British Foods led advancers after an upgrade out of Credit Suisse to ‘outperform’. Next and Prudential led on the downside on the top flight index. FTSE 100 down 24 to 6,622.7.

17:59 Fitch expects global growth to pick up over the next two years

Global growth will pick up in 2015 and 2016, according to Fitch Ratings’ latest global economic outlook (GEO).

17:38 Pizza Express owner Fulham Shore announces Kefi acquisition

Restaurant chain owners, Fullam Shore announced on Tuesday that the firm has made a conditional agreement deal to buy 99% of Kefi, owner of The Real Greek restaurant chain.

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