| Brown and Salmond ‘have not talked in months’
The lack of communication is very much a 10 Downing Street centred problem." Alex Salmond today issues his first Christmas message as First Minister, hailing a "remarkable year" in which people made the historic decision to elect the country's first SNP government. "In the past eight months I have led that government which has shown a willingness to get to grips with the key issues in order to move the nation forward," he states. "My government has been keen to work with other political parties to build parliamentary consensus around issues that matter to the people." Citing advances such as a slimmed-down cabinet, moves to scrap student fees, prescription charges and bridge tolls, striking a deal with local government and winning the 2014 Commonwealth Games for Glasgow, he said ministers were determined to do more.
US banks 'likely' to cut dividends
MORE US banks are likely to reduce their dividends in 2008 to shore up capital, as they boost reserves for a growing number of soured loans, a banking analyst said overnight. Sanford C. Bernstein & Co analyst, Kevin St Pierre, wrote that the Tier-1 capital ratio, which measures the ability to cover losses, declined at nearly 90 per cent of large US banks in the second half of 2007. Many banks also temporarily stopped share buybacks to boost capital. "After freezing share repurchases, the next step for banks with higher than desired payout ratios would be to supplement Tier-1 capital with preferred stock issuances," he wrote. "Beyond that, dividend cuts are likely." Mr St Pierre wrote that among banks with "the potential for high payout ratios and thin capital cushions," those at higher risk for dividend cuts include Bank of America, Fifth Third Bancorp, First Horizon National, Huntington Bancshares, National City, Regions Financial, SunTrust Banks and Wachovia.
Music stars prepare for Brit Awards
Britain's stars have been getting ready for the Brits, the biggest night in the music calendar. Sir Paul McCartney, Amy Winehouse, Kylie Minogue, Leona Lewis and Mark Ronson are performing at the Earls Court event. Ex-Beatle Sir Paul, who will receive an Outstanding Contribution to Music Award, was rehearsing his set. Take That are expected to seal their triumphant comeback with a gong after scooping four nominations. X Factor winner Lewis and flamboyant singer-songwriter Mika are up for the same number of awards. Arctic Monkeys, uber-producer and performer Ronson, Kaiser Chiefs and Kate Nash are up for three gongs each. Rock royalty Sharon and Ozzy Osbourne will host the show live on ITV1 from their own on-stage "residence", described as part Addams Family mansion and part Beckingham Palace.
Dollar firmer after US rate cut
THE dollar has opened more than eight-tenths of a US cent firmer today as high-yielding currencies gained a boost from an emergency interest rate cut in the United States. The US Federal Reserve slashed rates by three-quarters of a percentage point after global share markets suffered record one-day falls. At 7am AEDT, the dollar was trading at $US0.8679/83, up sharply from yesterday's close of $US0.8594/96. Overnight, the domestic currency traded between a low of $US0.8510 and a high of 0.8721. The cut in the US federal funds rate to 3.5 per cent was the biggest single easing since October 1984. A Toronto-based manager with OzForex, John Corcoran, said the US Federal Reserve's "pre-emptive" move had boosted risk appetite, which in turn helped high interest rate currencies like the dollar.
MARKET SNAPSHOT: U.S. Stocks Pare Gains; On Track For Weekly Gains ...
U.S. Stocks Pare Gains; On Track For Weekly Gains, Monthly LossesZaterdag 01 December 2007 03:37 By Kate Gibson U.S. stocks ended November with weekly gains and monthly losses, with the Dow scoring its third-largest weekly jump so far this year, as technology bellwether Dell Inc.'s shaky forecast weighed on the Nasdaq, offsetting the market's warm response to Federal Reserve talk suggesting further interest-rate cuts ahead. Federal Reserve Chairman Ben Bernanke 'hinted as much by placing significant emphasis on the recent deterioration in consumer spending and on signs of softening in labor market conditions, as well as financial conditions, which appear to have sealed the deal on a rate cut and raised the possibility of 50-basis point cut,' said Tony Crescenzi, chief bond market strategist for Miller Tabak & Co.
Tricom's future on the line
THE future of Tricom is in the hands of Melbourne-based investment bank Bell Financial Group, which yesterday confirmed it was in talks with the beleaguered Sydney broking house. Bell only wants the Tricom client base, including its futures and broking business, but is not interested in the back office, corporate advisory or margin lending business, The Weekend Australian understands. Based on other recent deals, including the sale of Andrew West to CMC Markets last month, any deal could be worth less than $50 million to Tricom boss and major shareholder Lance Rosenberg. It is understood that Bell has been in talks with Tricom for over a week. If Bell buys Tricom it is unclear how many of Tricom's 300 staff will be kept. In a statement yesterday, Bell, which is listed on the ASX, said "no agreement" had been reached and that there was "no certainty" the discussions would lead to a transaction.
How Did Florida Become God's Waiting Room?
That Fossett has been missing for only months rather than years shouldn't impede his wife's application, though, because she's not trying to have him declared dead in the broadest legal sense. Instead, she's filing under an Illinois statute that uses more relaxed standards for the presumption of death (and no seven-year requirement). If she's successful, her husband will be declared dead only for purposes of the distribution of his assets according to his will. To make her case under this law, Mrs. Fossett described the circumstances of her husband's disappearance and the laborious efforts undertaken to find him; she explained that none of his "wealth was transferred out or withdrawn in any manner that would suggest a planned disappearance," and she detailed that he "has not accessed any of his assets since his disappearance." .
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