FTSE soars to new record as pound falls on euro fears

SHARE PRICES in London jumped to a new high yesterday, with the FTSE 100 index gaining 152.4 points to end at 6,307.6.

Greenspan hints at US rates rise

THE US Federal Reserve is shifting towards the view that interest rates may need to be raised, the Fed chairman said yesterday.

US must `reform outdated financial sector'

THE UNITED STATES must reform its financial sector or be outflanked by technology and foreign competition, Alan Greenspan said yesterday.

Markets too high, warns Greenspan

ALAN GREENSPAN, Chairman of the Federal Reserve, issued a stark warning yesterday that stock markets were too high and might need a correction.

Clinton adulation eclipses the trial

STILL ON trial in the Senate for his job and his legacy, President Bill Clinton was riding higher yesterday than at almost any other time in his six-year presidency after a triumphant State of the Union address on Tuesday night and an impressive defence from his lead lawyer, Charles Ruff, in the Senate that afternoon. As his lawyers prepared for the second day of his Senate defence, opinion polls showed his job approval rate soaring, to 70 per cent and higher.

Clinton adulation eclipses his trial

PRESIDENT CLINTON was riding high in the country and the polls yesterday, in the wake of his triumphal State of the Union address on Tuesday night. His fortunes in the Senate impeachment trial also seemed to brighten, as the White House special council, Gregory Craig, and Deputy Counsel, Cheryl Mills, took issue point by point with the details of the perjury and obstruction of justice charges against him.

Outlook: Equity bubbles

ALAN GREENSPAN was at it again yesterday, albeit in more subdued form than last time. There were no references from the Federal Reserve chairman to "irrational exuberance", but there can be no mistaking the meaning of the following incantation, delivered in characteristically convoluted form: "The level of equity prices would appear to envision substantially greater growth of profits than has been experienced of late".

The warning lights flashing along Main Street, USA

Inflation, rather than the next crash, could be the heffalump stalking the world economy

People and Business: Camel racing is a winner for Tarmac

BUILDING CAMEL racetracks is set to become a big revenue earner for Sir Neville Simms' Tarmac. The British contractor is just putting the finishing touches to a state-of-the art track, 23 kilometres long, just outside the city of Dubai.

City & business: It's desperation that drives the markets

The world's largest companies form the last bulwark against chaos

Personal finance: Stock markets will get a reality check, but when?

It will not be surprising if 1999 does at last see the down year in the US and UK stock markets

Brown renews call for `third way'

Brown renews call for `third way'

Outlook: Rate cuts may herald more gloom

EUROPEAN CENTRAL bankers seem to be doing a passable imitation of those cartoon characters who keep running beyond the cliff edge, but suddenly plunge earthwards when finally they come to look down. The bankers looked down, and decided interest rate cuts might be a good idea after all.

Outlook: Equity prices

MORE AND MORE curious grows Alan Greenspan's decision last week to cut US interest rates - the third such cut in two months. According to revised figures just released, the American economy grew at a stonking 3.9 per cent in the third quarter of this year, fed by a consumption binge of almost unprecedented proportions. Inflation may be in abeyance, but it is surely the case that with US economic growth now beginning to show all the characteristics of a tiger economy, rather than a standard, low growth OECD laggard, the US should be increasing interest rates, not lowering them.

Shares re-enter the danger zone

The craze for US Internet stocks has all the classic hallmarks of an asset price bubble
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