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Layout 1 (Page 1) LOVE CRICKET? WWW. TITANSOF CRICKET. COM BUSINESS WITH PERSONALITY DON’T MISS IT! THE 50P ENGLAND TAKE GIANT STEP TAX DEBATE TOWARDS WORLD NO1 SPOT SHOULD THE COALITION SCRAP BRESNAN CRUSHES INDIA P22 & 23 THE TOP RATE? P8 Issue 1,437 Tuesday 2 August 2011 www.cityam.com FREE HSBC plans US PULLS BACK a jobs cull in Europe ▲ BANKING BY JULIET SAMUEL EUROPE is set to lose thousands of jobs FROM THE BRINK to higher-growth markets in Asia as HSBC slashes its headcount by 30,000 ▲ POLITICS in the next two years. BY ELIZABETH FOURNIER That includes 700 jobs cut in the UK alone in the first half of this year, with US POLITICIANS moved one step closer more to come as the bank refocuses its last night to approving an eleventh- business eastwards. It has also cut 700 hour deal to raise the country’s debt jobs in France, 1,400 in the US and 300 ceiling, and hope to avoid the prospect in the Middle East. of a default that would throw global By contrast, it has hired 1,500 in Asia- markets into chaos. Pacific and 800 in Brazil, although Members of the Republican-con- Latin America overall has seen 1,700 trolled House of Representatives voted jobs cut. 269-161 in favour of the proposed plan, The bank says that the numbers are which will lift the debt ceiling by $2.4 merely gross job cuts, with many likely trillion (£1.48 trillion) before the end of to go through “natural attrition”. But it the year through a programme of has no estimate for the net job losses spending cuts that politicians have expected in the UK or overall. spent recent weeks furiously debating. It does, however, have concrete plans Though the House vote was seen as to hire 3,000-4,000 people per year in the biggest hurdle to the bill’s emerging markets, despite rising wage progress, the Democrat-led Senate Gabrielle Giffords (above) inflation. must grant final approval before returned to the House for the key Chief executive Stuart Gulliver put tonight’s midnight deadline. After vote last night, which approved the UK job losses down to an increasing that the US coffers would officially the deal negotiated by President burden of regulation driving up costs. run dry, risking the first full-scale Obama and the US Congress Brian Robertson, head of HSBC’s default in the country’s history. Picture: GETTY/REUTERS European businesses, told City A.M. he Representatives from both parties expects headcount in the region to be had spent the final hours before the lion of spending cuts out over the next the House for the first time since she lion programme of cuts would be “broadly flat” as it grows elsewhere. vote rallying support for the bill, decade, with almost $1 trillion avail- was shot in the head in January this needed to sidestep the downgrade. But that could change, the bank despite each side admitting that the able immediately and a further $1.5 year. Democrat Giffords only left rehab US markets, which had dipped from warned, due to regulatory changes rec- compromise proposal was far from trillion in cuts to be agreed later in the in mid-June, but returned to Capitol early gains yesterday after weak manu- ommended by Independent perfect. Democrat minority leader year by a congressional committee. Hill to vote in favour of the deal, earn- facturing data was released, pared Commission on Banking (ICB). Nancy Pelosi was forced to make up for No immediate tax increases will be ing a standing ovation from her col- back losses during the afternoon as Gulliver said: “We’ll really have to a number of defections among introduced to contribute to the pot, leagues. optimism grew that the deal would be wait to see what the ICB will say before Republicans – led by the Tea Party after the Republicans, led by House Commentators spilled doubt yester- passed. But Japan’s Nikkei index fell we know what our headcount will be.” faithfuls – by pledging her support for speaker John Boehner, won a key con- day on hopes that a last-minute deal 1.2 per cent in early trading this morn- Chairman Douglas Flint added that the deal, and encouraging other mem- cession during negotiations. would prevent the US from losing its ing, as fears around the US debt crisis the ICB will also “inform” its decision bers of her party to do the same. The vote saw the return of AAA credit rating, after rating agency continued to rattle world markets. on whether to stay headquartered in The approved plan spreads $2.4 tril- Congresswoman Gabrielle Giffords to Standard & Poor’s said that a $4 tril- DAVID HELLIER: P2 MORE: P4-5 the UK or move elsewhere. MORE: P7 t t t t t Certified Distribution FTSE 100 5,774.43 -40.76 DOW 12,132.49 -10.75 NASDAQ 2,744.61 -11.77 £/$ 1.63 -0.01 £/¤ 1.14 unc ¤/$ 1.43 -0.01 30/05/11 till 03/07/11 is 102,636 WE HAVEN'T GOT ALL THE LEGENDS UNDER ONE ROOF AT TITANS OF CRICKET SEHWAG COLLINGWOOD TRESCOTHICK W.G.GRACE AKRAM BOON FLINTOFF GOT! GOT! NOT! GOT! GOT! GOT! GOT! But we nearly have! New tickets released due to demand go to www.titansofcricket.com THE O2 8th of OCTOBER 2 News CITYA.M. 2 AUGUST 2011 Relief over debt deal is short-lived NEWS | IN BRIEF Cable to reveal copyright change Business secretary Vince Cable is expected to unveil reforms to UK copy- Throw into the mix much renewed WORTH A SECOND CHANCE week the blue-chip Deutsche Bank right laws tomorrow, freeing up those nervousness around the Eurozone and Giving people a second chance is not became the group’s nominated advis- who make copies of their own music there can be no surprise that the just the prerogative of David Cameron, er. Deutsche, who declined to com- and film collections for personal use euphoria of global markets yesterday it seems. Occasionally even the nor- ment, was impressed by recent from potential lawsuits. In the UK, it is morning was short-lived. mally harsh City can be a forgiving additions to the group’s board. still illegal to make personal copies of In the UK, the latest disappoint- place too, which is a good thing as far Yesterday shares in the group spiked bought content. Cable is expected to say ment in manufacturing stats will sure- as African Minerals is concerned, a by around seven per cent to hit an all- he will abolish such restrictions, in line ly put more pressure on chancellor company that specialises in extracting time high of 663p after it announced a with the Hargreaves report on intellec- EDITOR’S LETTER George Osborne to try to revive eco- iron ore from Sierra Leone. deal in which the Chinese Shandong tual property published in May. nomic growth. While some are look- African Minerals is chaired by the Iron & Steel Group will invest $1.5bn DAVID HELLIER ing towards the revival of quantitative entrepreneur Frank Timis, who was in an iron ore project. AIM-listed Xchanging profits plummet easing, others look to supply-side chairman of Regal Petroleum when it African Minerals is now worth around Pre-tax profits at back office services t didn’t take long for the relief measures including tax cuts to get the was fined £600,000 by London’s junior £2.2bn, not far short of the market group Xchanging plummeted 95 per caused by Sunday evening’s US economy moving forwards again. stock market AIM for failing on 11 sep- capitalisation of a FTSE-100 company. cent in the first half of 2011. The spon- debt plan to dissipate. First, there’s Although perhaps not the most sig- arate occasions to “take reasonable Analysts from the likes of Deutsche sor of the Oxford-Cambridge boat race Ithe dawning realisation that the nificant lever, the 50p tax rate contin- care to ensure its announcements and Bank of America Merrill Lynch said that in the six months to the end of plan itself, passed by the House late ues to cause much debate and in were not misleading, false or deceptive weighed in with buy notes yesterday. June, profits before taxation fell to last night, is unlikely to help the US recent days the call for its scrapping and didn’t omit material informa- Timis has a record for making huge £812,000. The company parted ways avoid some sort of debt downgrade. from London Mayor Boris Johnson has tion”. sums of money for shareholders in with its chief executive David Andrews Nor is it likely to repair the wounds provoked a lively debate. As well as being the executive chair- some deals, while other ventures such and cancelled its 2010 dividend in caused by weeks of wrangling between On page 8 we present two views on man of African Minerals, Timis is the as Regal Petroleum have ended less February after surprising markets with US lawmakers. the issue; one from a conservative MP second largest shareholder with a 12 successfully for him and those who a profit warning. The firm is now keen to Then there were disappointing eco- who feels its scrapping is vital if we are per cent stake, but that hasn’t stopped have backed him. cut costs by substantially paring the nomic figures on both sides of the to energise the entrepreneurial spirit the likes of BlackRock, M&G and But there is always an exciting ride number of senior managers in the UK, Atlantic that indicate tough times are that will help move the UK forwards; Capital from backing the group.
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