Lloyds to axe sales incentives
Lloyds Banking Group has launched a scheme that scraps all incentives linked to product sales in the latest attempt to clean up bad practices that have been blamed for causing misselling scandals.
Chinese banks flee London’s rules
China’s largest state-owned banks are moving big chunks of their European business to Luxembourg as they seek to escape tougher regulation in the City of London. In a recent letter to the UK Treasury, the Chinese banks bitterly complained that uneven regulation and “rigorously demanding” liquidity rules had prompted them to transfer business out of London.
US funds return to Eurozone
US money market funds have increased their exposure to Eurozone banks since the summer, in the latest sign of returning confidence in the stability of Europe’s monetary union. Exposure to Eurozone banks of US prime money market funds at the end of September was 16 per cent higher on a dollar basis than a month earlier, according to Fitch ratings.
No millions for top law partners
The average partner at Britain’s ten biggest legal practices made £951,000 last year – up almost five per cent, but still well short of the £1.25m, adjusted for inflation, they made in 2008, according to PwC, the professional services firm.
Bank warns of wait for faster growth
Britain is heading into a sharp slowdown in growth as the bounce from the Olympics disappears, the Bank of England’s Spencer Dale has warned.
The Daily Telegraph
Shell attacks European energy policy
Royal Dutch Shell has attacked the “ridiculous” impact of European energy policy, warning that governments are erasing the environmental benefits from expensive renewables by allowing coal use to increase.
Motorists to be taxed for motorways
Motorists would have to pay a higher rate of road tax for the right to drive on motorways, under plans examined by the government.
THE WALL STREET JOURNAL
Fiat CEO prods governments on glut
Governments should take a greater role in eliminating a glut in global auto-making capacity, Fiat chief executive Sergio Marchionne said yesterday, citing both Europe’s declining demand and China’s promising, but fragmented, auto industry.
Las Vegas Sands discusses settlement
Las Vegas Sands and US federal prosecutors discussed settling a probe into whether the casino company violated money-laundering laws regarding a pair of high-rolling gamblers.