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BUSINESS
August 16, 1993 | From Times Staff and Wire Reports
Soros Reportedly Sells All His Gold: According to the London Sunday Times, George Soros--best known for reaping a reported $1 billion by betting against the British pound just before the government withdrew the currency from the European Exchange Rate Mechanism--has sold his entire stock of gold bullion. The Hungarian-born investor had bought an estimated 2 million to 3 million ounces through his Quantum Fund for around $345 per ounce.
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BUSINESS
June 7, 2001 | From Bloomberg News
Rising expectations that Britain will speed up its adoption of Europe's 12-nation common currency are hammering the pound, which Wednesday set a 15-year low against the dollar. The pound's slump is making visits there cheaper for U.S. tourists, but it is slashing the value of British stocks held by Americans. The pound fell below $1.39 in New York on Wednesday, down from $1.41 on Tuesday and the weakest since 1986.
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BUSINESS
July 16, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
Britain has become mighty expensive lately for American tourists, thanks to the skyrocketing value of the pound against the dollar. Many foreign currency traders think it's almost a sure bet that the pound--currently trading at about $1.80--will rise further. So American investors might be wiser to stay home and let their money do the traveling to Britain--in the form of shares in specialized mutual funds, British government bonds or even "currency forward" contracts.
BUSINESS
February 24, 1999 | MARJORIE MILLER, TIMES STAFF WRITER
Prime Minister Tony Blair on Tuesday launched preparations for Britain to join the European monetary union, declaring in his strongest language yet that the country "should join a successful single currency." Blair presented to the House of Commons a 65-page blueprint for preparations to join the euro currency and said the government would spend tens of millions of dollars in the next few years to get ready.
BUSINESS
November 27, 1990 | JOEL HAVEMANN, TIMES STAFF WRITER
It was Margaret Thatcher's unbridled scorn for creating a common currency for the European Community that generated the cascade of events that led to her downfall last week as Britain's prime minister after 11 years in office.
BUSINESS
October 6, 1990 | From Staff and Wire Reports
In a surprise announcement, Britain said Friday that it would tie its pound to other European currencies, thus yielding a degree of economic sovereignty to the increasingly powerful European Community after years of opposing the idea. The news that Britain, renowned for its go-it-alone attitude, would enter the European Community's exchange rate mechanism sent the pound soaring. Stocks raced higher in London's financial district, where trading was frenzied.
BUSINESS
October 11, 1990 | JOEL HAVEMANN, TIMES STAFF WRITER
Skeptics notwithstanding, many European analysts believe that Britain's decision to link the pound to Europe's other currencies is probably a step on a road leading inevitably, if slowly, to a single European currency. Some observers say the government of Prime Minister Margaret Thatcher might find it easier to thwart the drive toward a common currency if the pound is part of today's collection of loosely linked monetary units.
BUSINESS
June 7, 1988 | From Reuters
Britain raised interest rates Monday for the second time in five days as a weaker pound made it possible for the government to act against inflation. The Bank of England said it raised its money market lending rate by half a percentage point to 8.5%. This was a signal that commercial banks should make a similar increase in their key base lending rates, the equivalent of U.S. prime rates. Barclays Bank PLC, one of the largest, led the way in announcing that it was following the central bank lead.
BUSINESS
June 29, 1988 | From Reuters
Britain raised interest rates on Tuesday for the fourth time this month in a renewed attempt to dampen a consumer spending boom that the government fears may cause sharply higher inflation. The Bank of England raised its money market lending rate half a percentage point, to 9.5%. The rate is a key one at which the central bank lends to commercial banks, and the move was a signal to them to raise their base lending rates. They duly fell into line. Britain last month slashed interest rates to 7.
NEWS
March 12, 1988 | From Reuters
The British treasury withdrew its pound bank note from active service on Friday--nearly 200 years after introducing it to conserve gold for a war effort. Pound coins, introduced in 1983 and now widely in use, will replace pound notes, which were first printed in 1797. The notes will no longer be accepted as legal tender.
BUSINESS
September 29, 1997
The British government, responding to media reports that it would call a snap referendum on signing up to take part in a single European currency, denied that it was changing its policy.
BUSINESS
August 16, 1993 | From Times Staff and Wire Reports
Soros Reportedly Sells All His Gold: According to the London Sunday Times, George Soros--best known for reaping a reported $1 billion by betting against the British pound just before the government withdrew the currency from the European Exchange Rate Mechanism--has sold his entire stock of gold bullion. The Hungarian-born investor had bought an estimated 2 million to 3 million ounces through his Quantum Fund for around $345 per ounce.
NEWS
September 18, 1992 | WILLIAM TUOHY, TIMES STAFF WRITER
The scene in Chase Manhattan Bank's London dealing room was frenetic yet controlled Thursday: Young men and women, jackets slung over the backs of chairs, stared into a bank of computer screens, one, sometimes two, telephones clasped to their ears. Clocks on the wall ticked away the time in New York, Bahrain, Sydney, Hong Kong and Tokyo. The sometimes-shouted language was incomprehensible code: "Seventeen, 20 on 4. . . ." "I'll buy 100 at 2.65. . . . " "Ninety, 95, you got it. . . ."
BUSINESS
December 2, 1991 | From Associated Press
Resolving a nagging question, European Community finance ministers agreed Sunday to allow Great Britain to put off until later in the decade a decision whether to adopt a common EC currency. But they rejected proposals to give all EC nations that option under an economic and monetary union treaty to be approved by EC leaders next week. "It is clear there will be no general exemption clause," Danish Economics Minister Anders Fogh Rasmussen told reporters.
NEWS
January 2, 1991 | Associated Press
The ancient shilling is history. The so-called "one bob," a coin of the realm since 1504, ceased to be legal tender Tuesday and was replaced by a smaller 5-pence coin. Shillings--roughly the diameter of a quarter and unchanged in size since 1816--can be returned to banks for several months. The government says it has retrieved 800 million shillings, leaving more than 4 billion still in circulation. The new 5-pence coin, about the size of a dime, is worth 9 1/2 cents.
BUSINESS
November 27, 1990 | JOEL HAVEMANN, TIMES STAFF WRITER
It was Margaret Thatcher's unbridled scorn for creating a common currency for the European Community that generated the cascade of events that led to her downfall last week as Britain's prime minister after 11 years in office.
BUSINESS
March 10, 1988 | TOM REDBURN, Times Staff Writer
Treasury Secretary James A. Baker III, while praising the Federal Reserve's current monetary policy, told lawmakers Wednesday that there is no reason the independent central bank should be "totally sheltered from outside advice or, if need be, criticism." Baker, responding to accusations from Sen. William Proxmire (D-Wis.
NEWS
November 2, 1990 | From Associated Press
Deputy Prime Minister Geoffrey Howe resigned from the government Thursday after a rift with Prime Minister Margaret Thatcher over Britain's commitment to Europe. His resignation came five days after Howe suggested in a television interview that Thatcher would eventually drop her adamant opposition to a single European currency. In his letter of resignation, Howe said: "I am deeply anxious that the mood you have struck . . .
BUSINESS
October 11, 1990 | JOEL HAVEMANN, TIMES STAFF WRITER
Skeptics notwithstanding, many European analysts believe that Britain's decision to link the pound to Europe's other currencies is probably a step on a road leading inevitably, if slowly, to a single European currency. Some observers say the government of Prime Minister Margaret Thatcher might find it easier to thwart the drive toward a common currency if the pound is part of today's collection of loosely linked monetary units.
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