24th February 2013
1) The UK has lost is AAA credit rating certainly in the eyes of one credit rating agency Moody’s. It’s been coming a while, but is it more a political blow than an economic one? We’ll see what markets think, but the pound may take a pounding.
2) Fifteen out of 25 global equity income funds cut their payouts in 2012 according to Fundexpert.co.uk
3) The name Rothschild may get you a seat in the restaurant but not necessarily on the board. Nathaniel Rothschild’s bid to regain his position on the board of Bumi which owns coal-mining interests in Indonesia has failed. Rothschild is concerned about missing funds within the firm’s subsidiaries. But 57 per cent of investors rejected most of Rothchild’s motions which would have removed most board members. The Indonesian Bakrie dynasty are the major victors along with another magnate and chairman Samin Tan. The New York Times’ Dealbook considers the details.
4) The Netherlands saw consumer confidence fall to its lowest level since records began, unemployment reaching its highest level for 16 years and house prices dropping the most since 1995 prompting Mindful Money economist Shaun Richards to ask whether it is only Germany that is in core Europe.
5) Finally one thing we don’t know. As Italians vote will it see a return to influence for Silvio Berlusconi? He has promised to reverse austerity. Polls are banned in the two weeks before voting so we don’t know if the former PM has managed a late surge. We’ll know this week.