Cyprus bank boss seeks to allay fears
The head of Cyprus’s central bank has sought to deflect blame for the chaos that has engulfed the island’s financial system but has promised a steady lifting of capital controls and played down the risk of a flight of deposits from the country once controls are suspended. “I can’t really tell you if it will be seven or 14 days before capital controls end,” Panicos Demetriades, governor of the Central Bank of Cyprus, said in an interview. “We have to lift them gradually.”
Cameron snubbed in Brussels review
Angela Merkel, German chancellor, and François Hollande, French president, have snubbed the UK coalition’s much-heralded review of the relationship between Brussels and member states.
US banks weigh EU bonus cap options
Foreign banks in the City of London are stepping up tactics to mitigate the impact of incoming EU bonus caps. Bankers said US institutions were considering whether it still made sense to base Europe, Middle East and Africa business in London, suggesting that Dubai or another Gulf financial centre could benefit instead.
£1bn to put UK on road to recovery
Britain’s second toll motorway is to be given the green light in an attempt to stimulate the faltering economy with capital spending. Ministers are set to revive a decade-old plan to ease congestion on the M4 in South Wales as part of a multibillion-pound road-building scheme.
Sanctions take their toll on Iran trader
Anglo-Iranian commodities trader, Balli, has gone into administration amid tightening international sanctions against Iran.
The Daily Telegraph
Coutts warns clients of debt threat
Coutts, the high-end private bank, has warned its clients against exposing their fortunes to a potential collapse of the high-yield debt market amid growing concerns of a new global credit bubble.
Civil servants to keep lucrative perks
Despite promises of a crackdown, civil servants will continue to enjoy shorter working days in London because it takes time to get into the office, as well as extra so-called privilege days off work.
THE WALL STREET JOURNAL EUROPE
IAG to order jets for British Airways
International Consolidated Airlines Group could as soon as this week place an order for the new Airbus A350 long-range jetliner for its British Airways unit, according to two people familiar with the talks.
Copper ends at seven month low
Copper settled at its lowest level in seven months on concerns about a supply glut after reports showed that manufacturing growth came in below hopes in the world’s top two economies – the US and China.