|Citigroup Inc shareholders revolt over chief executive Vikram Pandit's pay|
|Wednesday, 18 April 2012 08:10|
News round up: Citi, Spending cuts, Yahoo!, Euro and The Bank of England.
Britain faces another £50bn of spending cuts and tax rises to cover the costs of age-related care and put the national debt under control, the International Monetary Fund has warned. A "second generation" of UK austerity measures, which the IMF suggested should be completed before 2030, would outstrip programmes in both Greece and Portugal.
After years spent putting an ill-deserved gloss on poor results, Yahoo! has changed its tune, by declaring its best performance in three years as unsatisfactory. Scott Thompson, who became chief executive in January, said the company was not growing fast enough, despite surpassing analysts’ expectations.
The departure of a single member from the euro could trigger a "full-blown panic" that rips the entire single currency apart, according to alarming analysis by the International Monetary Fund. In its starkest examination of the euro crisis to date, the Washington-based body urged strong euro members, such as Germany, to dig deeper into their wallets in an attempt to shore up the single currency, warning that a disintegration of the euro would have worse consequences than the Lehman Brothers crash.
The Bank of England
A Canadian has been informally approached as a potential candidate to replace Sir Mervyn King as Governor of the Bank of England next year, according to reports last night. Mark Carney, who is Governor of the Canadian central bank and also heads the Financial Stability Board, which overseas global financial regulation, is understood to have been contacted by a member of the Bank’s Court, its supervisory body.
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