Insurers warn regulators on reforms
Insurers are conducting a war of words with regulators trying to prevent a repeat of AIG’s collapse, as the industry makes a last-ditch effort to avoid capital surcharges.
US banks call for easing of Basel III
US banks are making a last-minute push to ease new global liquidity requirements, arguing that they would need to come up with an additional $800bn in easy-to-sell assets under the proposed standards. The banks argue that they have increased their holdings of liquid assets by $700bn – or about half the $1.5 trillion shortfall identified at the end of 2010.
Staff to own 10 per cent of Royal Mail
The coalition is pressing ahead with plans for Royal Mail’s 150,000 staff to own at least 10 per cent of the business as it accelerates preparations to privatise the state-owned postal operator. Michael Fallon, the Conservative business minister, is weighing options such as a John Lewis-style trust or individual shareholdings for employees as part of the sell-off, scheduled for 2013-14.
Cath Kidston takes on counterfeiters
The quirky British accessories group Cath Kidston has set its sights on cracking the vast China market after first fighting a battle with the country’s notorious counterfeiters. Its designs will arrive in its first two stores in Shanghai next month.
By George! Retail middle squeezed
The rapid growth of cut-price fashion has been underscored by Asda and Primark, which have surpassed Debenhams by taking a larger share of the market.
The Daily Telegraph
Goring in the red after £3m refurb
The Goring, the hotel chosen by the Duchess of Cambridge to spend her last night as a single woman, has slumped to a £1.3m loss. The Belgravia establishment, also a favourite of Lady Thatcher, slipped into the red after spending over £3m on refurbishments last year.
BP seeks to change Iraq oil contract
BP is looking to change the terms of its contract with the Iraq government for the Rumaila oilfield, as it seeks to scale back its production target.
THE WALL STREET JOURNAL
United Continental pilots agree pact
Pilots at United Continental Holdings have ratified a labour agreement covering the crews brought together by the 2010 merger of United Airlines and Continental Airlines.
Twitter hosts holiday shopping deals
Twitter is taking centre stage in retailers’ holiday strategies this year, in a shift from the supporting role that the social-media platform once played during the end-of-year shopping season.