UK’s euro trade supremacy under fire
The City of London should be deposed as the euro’s main financial centre so the single currency club can “control” most financial business in the Eurozone, France’s central bank governor has said. Christian Noyer of the Banque de France said there was “no rationale” for allowing the euro area’s financial hub to be “offshore”, in a blunt assessment that will fan UK concerns over EU rules being rigged against it. The development will be welcomed by critics of the existing legal regime, who have branded the law “archaic, blunt and unfair”.
Corporate insurers face law shake-up
Insurers are facing a crackdown on turning down claims from corporate policyholders because of minor technicalities with the independent body that reviews all law preparing legislative reforms on the issue.
Syndicated loans at 10-year low
Lending by bank syndicates to companies in the Eurozone has fallen to the lowest in a decade as pressure on the region’s financial institutions speeds a structural shift towards capital market funding.
Thames Water struggles to plug debt
One in 25 water bills are not being paid in London, leading to an evaporation in profits at Thames Water. The soaring bad debt problem has arisen as households in the capital are braced for a big hike in bills.
RBS unveils 10-year plan
It will take ten years to fully return Royal Bank of Scotland to the private sector, the state-owned lender has predicted, underlining the scale of the challenge facing its executives and successive governments.
The Daily Telegraph
HSBC to sell £25bn of toxic US debt
HSBC is preparing its first sale of sub-prime loans since the height of the financial crash, as Britain's largest bank begins to off-load more than $40bn (£25bn) of toxic US debt it still holds on its books.
Cyprus bail-out doubts
Politicians across Europe are urging their governments to demand a crackdown on alleged Russian money-laundering in Cyprus as a condition of any bail-out for the troubled eurozone member.
THE WALL STREET JOURNAL
Ad-spending outlook dims
Publicis, Interpublic Group of Cos and WPP are revising down their projections for 2013 global advertising spending growth, citing economic troubles in Europe and lackluster conditions in the US.
Israel freezes Palestinian transfer
Israel expanded its sanctions against the Palestinians yesterday following a United Nations vote, saying it was withholding the transfer of about $118m in tax revenue it collects for the Palestinian government.