Lew urges race to top on bank reform
Jack Lew, the US treasury secretary, warned that US financial reforms aimed at ending the problem of banks that are “too big to fail” would fall short unless international regulators held global banks to the same high standards. The US Federal Deposit Insurance Corporation is currently finalising plans on financial reform.
Firms rush to sell shares post floats
Newly-listed companies are breaking lock-up restrictions on early share sales at the fastest pace since the dotcom boom, as large shareholders rush to offload their stakes in a booming market for US initial public offerings. The dash to sell shares soon after a company lists reflects the strong appetite for riskier assets among investors, who have snapped up equity offerings this year.
Jaguar prowls into Brazil with plant
Jaguar Land Rover is to open a £240m manufacturing plant in Brazil. The West Midland-based car giant will build Land Rovers and Range Rovers to sell in the country and the wider South American market. Brazil is the fourth-largest new car market in the world behind China, the United States and Germany. Land Rover claimed to have a 50 per cent market share in its segment in Brazil, a fertile marketing ground for vehicles, where road infrastructure is only now improving.
The Daily Telegraph
Equitable Life annuity holders win
Holders of Equitable Life with-profits annuities dating from before September 1992 should receive compensation this month, the Treasury announced in yesterday’s Autumn Statement.
The 11,000 policyholders eligible for a payment were expecting to receive a compensation payment of £5,000 next April but this has now been brought forward after legislation passed through Parliament sooner than expected. It said most payments would be made by Christmas.