...the main headlines..........
Markets jump on G20 optimism
Stocks gained around the world as the G20 announced its $1.1tr spending plans. In New York on Thursday the Standard & Poor’s 500 Index rose 2.9 per cent as optimism over an end to the global recession prevailed. In Asia the rally continued, with the MSCI Asia Pacific Index gaining 0.5 per cent. The index is now 23 per cent higher than its March low, helped by a recovery in the Nikkei 225 Stock Average, which added another 1.2 per cent to close at 8,728. In London the FTSE 100 Index was little changed in early trading.
In Pictures: Obama in London 
Obama hails ‘historic’ summit
President Barack Obama called the London G20 meeting “historic” and a “turning point” in the global recession, reported Bloomberg.com. At a news conference he said economic risks were still present but pointed to the measures agreed at the summit as being crucial for the world to avoid a depression. Leaders agreed on increased regulation and increased financing for the International Monetary Fund and other institutions. About $1.1tr was pledged for loans and guarantees to “boost trade” and “cushion” fragile economies.
Barack Obama's G20: being president just got heavier
Trichet hints at easing plan
The President of the European Central Bank, Jean-Claude Trichet, has “opened the door” to a policy of quantitative easing, reported theIndependent. In printing money the ECB would be following on the heels of the Bank of England and US Federal Reserve. Although it “disappointed markets” by cutting rates by only a quarter of a percentage point to 1.25 per cent, interest centred on Trichet’s comments on the use of “unconventional measures” when rates bottom, which he seemed to suggest could be soon.
What Britain could have bought with the £1.3 trillion banking bail-out
G20 protests move to Edinburgh
The week of G20 demonstrations moves to Edinburgh today as protestors “target” the annual Royal Bank of Scotland shareholder meeting, reported the Guardian. Protestors will join RBS investors in their condemnation of the banks’ policies and the row over Sir Fred Goodwin’s pension will result in the banks’ pay plans being “voted down”. The vote, led by the body which represents the taxpayers’ 58 per cent stake, will be one of “only a handful” in UK corporate history to go against a remuneration recommendation.
RBS executives claim they were intimidated
Big UK job cuts announced
More than 2,500 British job losses were announced on Thursday at two companies alone, reported the Daily Telegraph. Insurance giant Norwich Union and aircraft manufacturer Bombardier unveiled “huge” redundancy programmes and reinsurer Swiss Re added to the gloom with the announcement of a 10 per cent cut in its global workforce. Norwich Union’s job losses were the biggest announced in the UK, with 1,100 permanent posts to go by the end of the year and a further 590 contract roles to be ended “over the next few months”.
Greening the recession
UK car sales falling as EU motors
British car sales in March are expected to have dropped by around 28 per cent, in “stark contrast” to other European markets, reported the Times. Government “scrapping” incentives have boosted sales in the EU and the UK position will “reignite” calls for the UK to offer incentives for drivers to scrap older cars and buy new, or nearly new, vehicles. The move has been urged by both industry and unions for several months amid “plunging sales” and “lengthy factory shutdowns”. Germany saw sales rise 40 per cent last month and operates a scrappage scheme.
Concept cars consign Clarkson to the dustbin of history
...in brief..................
Housebuilders get a boost and Topshop arrives in NY with a bang
The “beleaguered” UK housebuilding sector gained a “welcome boost” after industry data showed price rises for the first time since 2007, said theDaily Telegraph. Shares in Taylor Wimpey and Barratt Developmentsboth “surged” more than 20 per cent…………
Ten senior case officers have left the Serious Fraud Office “abruptly”, with payouts of up to £200,000 each, reported the Times. They left on terms which were “effectively a voluntary redundancy option”, landing the taxpayer with a bill which could be as high as £2m…………
HSBC relaxed some of its mortgage parameters today, joining Woolwichin reducing deposit requirements, reported the Guardian. In a housing market which is showing signs of improvement based on March data, the lenders changed the criteria for their “best loan deals”…………
Research in Motion shares leapt “more than 20 per cent” in late trading on Thursday after the Blackberry-maker reported better than expected earnings, said the Financial Times. The Canadian manufacturer reported an annual increase in earnings per share from 72 cents to 90 cents…………
The Children’s Investment Fund, with $9.5bn under management, is “betting heavily” on share prices falling in Japan, said the Financial Times. It has taken out short positions in companies like Sony, Sharp, and banking group Mizuho to the tune of “more than $1bn”…………
Topshop finally arrived in New York after a “marketing blitz” lasting for more than a year and may become a “city landmark”, reported theIndependent. Owner Sir Philip Green opened the new 25,000sqft SoHo store with Kate Moss amid some of the most trying retail environments…………
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