TRIBUNAL HEARS OF UBS EFFORT TO ROOT OUT ROGUES
UBS initiated a root-and-branch review of compliance practices in 2007 following unauthorised trading on its UK wealth management division’s Africa desk, a UK tribunal has heard. The revelation of another incident of rogue trading in London came from the barrister for one of the bank’s senior executives yesterday, just days before Kweku Adoboli... is scheduled to enter a plea.
SHELL PULLS OUT OF KURDISTAN OIL TALKS IN ORDER TO PROTECT IRAQ INVESTMENTS
Royal Dutch Shell has pulled out of oil development talks with the Kurdistan regional government in an effort to protect lucrative investments in southern Iraq, including a potential $17bn (£11bn) gas deal. Over recent days Iraqi government officials have threatened to cancel an oilfield contract with ExxonMobile after the FT reported that the US company had become the first “supermajor” to conclude exploration talks with the Kurdistan regional government.
COFFEY STEPS DOWN FROM MOORE’S MEM FUND
Greg Coffey, one of the City’s most high-profile traders, is stepping down from running the main emerging markets fund of Moore Capital amid disappointing performance and investor redemptions.
GLOBETROTTING REGULATORS TO ENSURE BASEL III COMPLIANCE
Teams of global regulators will fan out across the world from next year to ensure that new tougher capital and liquidity standards are enforced correctly, the chairman of the Basel Committee on Banking Supervision has said.
THE FRENCH STATE FERRY COMPANY IN LIQUIDATION... BUT STILL AFLOAT
The scene is set for a Franco-British showdown in Brussels after a Paris court placed SeaFrance in liquidation yesterday but invited new offers for the French cross-Channel ferry company. Although a Paris court rejected two bids for the ailing state-owned Calais-Dover operator, judges allowed it to continue functioning until January.
BA CALLS TIME ON AIR MILES AND THE ERA OF THE FREE FLIGHT
Air Miles were consigned to the history books yesterday as the loyalty club’s owner British Airways rebranded the currency as Avios, in spite of fierce resistance from long-established customers. BA’s recent merger with Iberia to create International Airlines Group has prompted a rethink of the umbrella company’s collection of frequent flier schemes.
The Daily Telegraph
GOOGLE LAUNCHES MUSIC SERVICE TO RIVAL ITUNES
Google has taken aim at Apple’s dominance of the music industry with the launch of a download service to compete with iTunes. The world’s biggest search engine unveiled the service in Los Angeles after negotiating deals with a string of the world's major music labels.
ANALYSTS QUESTION SANTANDER'S OFFER TO JUNIOR DEBT HOLDERS
Santander’s offer to buy back junior debt from bondholders has drawn criticism from analysts who accused the Spanish bank of trying to lock in a profit at the expense of investors. Analysts at Societe General said Santander's offer to exchange a selection of lower Tier 2 bonds worth €6.8bn (£5.8bn) for more senior debt was not “compelling” and inexplicable given the lender's stated financial strength.
THE WALL STREET JOURNAL
AIRBUS, BOEING TAKE EQUAL SHARE OF GULF ORDERS
Persian Gulf airlines showed few signs of tightening their purse strings at the 2011 Dubai Air Show, defying an uncertain global economic environment in a week that will be remembered for Emirates Airlines’ record $18 billion deal with Boeing and a public tirade against Airbus by Qatar Airways.
HUNGARY'S DEBT ON THE RISE
Hungary's weakening currency and rising borrowing needs have swollen its debt load to 82 per cent of GDP, overshooting government fiscal targets. The National Bank of Hungary said Wednesday that the public debt level is up from 76.7 per cent of GDP recorded at the end of the previous quarter when using criteria set by the European Union Maastricht treaty.