“Increasingly, the common language of business
is the language of corporate ﬁnance.”
Ian Cooper, Professor of Finance
Corporate Finance Programme Portfolio
Evening formats available
Call +44 (0)20 7000 7051 or email ﬁnance@london.edu or visit www.london.edu/cf/
Analyse the complexities. Apply the knowledge.
FTSE 100▼5,741.37 -16.49 DOW▼11,132.56 -14.01 NASDAQ▲2,479.639 +19.72 £/$1.57 unc £/¤▲1.13 +0.01 ¤/$1.39 unc
31/05/10 till 04/07/10 is 103,725
a trade war
THE G20 economies pledged to steer
clear of an all-out currency war at the
weekend, as countries including China
and the USA agreed not to competitive-
ly devalue their currencies.
The G20 finance ministers, who met
in South Korea ahead of a summit next
month, said in a communiqué they
will “move towards more market deter-
mined exchange rate systems”.
US Treasury secretary Tim Geithner
said that China was committed to mov-
ing the yuan towards a market rate.
“They’ve got a ways to go but I think
they’re committed to do that, because
they recognise it’s in their interest,” he
told Bloomberg TV after the meeting.
The US is now unlikely to go ahead
with its plan to impose punitive tax on
Chinese exports, according to analysts
Representatives passed a law last
month to treat the yuan’s exchange
rate as an illegal tariff.
The G20 said it will move to tackle
international trade imbalances but
stopped short of specific targets,
despite a call from the United States to
limit surpluses at four per cent of a
country’s gross domestic product.
The ministers did make progress on
Monetary Fund, by shifting power in
favour of emerging nations.
Several analysts, including GFT’s
Martin Slaney, predict a jump in
European stock markets this morning
in response to the G20 agreement.
ALLISTER HEATH: P2; NEWS: P2, P23
David Cameron (left) and his business secretary Vince Cable will both address the CBI
DAVID Cameron will today unveil
plans to shake-up Britain’s competi-
tion regime, making it easier to pursue
anti-trust investigations and slashing
the amount of time it takes to com-
Speaking at the annual conference
of employers’ organisation the CBI, the
Prime Minister will say the govern-
ment is “determined to help new
entrants challenge big business”.
“Today, some industries are too
uncompetitive, with significant barri-
ers to entry and obstacles to growth.
We’re going to challenge the status
quo,” Cameron is expected to say.
“We want to reduce the uncertainty
and the length of time it takes to make
a decision in the current system. Above
all, we want to help new companies
break into existing markets.
Business secretary Vince Cable, who
is speaking after the Prime Minister,
will confirm the merger of the Office
of Fair Trading and the Competition
Commission, and announce a raft of
reforms designed to create “a much
tougher and more streamlined compe-
Cable is expected to say that anti-
trust cases take too long to carry out,
and rarely result in prosecutions, mak-
ing it harder for new firms to gain
market share from established players.
“Competition Act cases have taken
on average three and a half years