Watchdog targets asset managers
The UK’s new City regulator is swooping on the London offices of the world’s biggest banks and asset managers in a new probe aimed at a lucrative City business – helping pension funds make big changes to their investment portfolios. The site visits are the most dramatic example yet of the Financial Conduct Authority’s focus on ensuring that wholesale markets participants protect the interests of end users, such as retail fund investors and pensioners, when contracting for services.
Doubts over gas price benchmark
Key energy companies, trading houses and banks have stopped submitting European natural gas quotes to price-reporting agencies, raising questions about the benchmarks that underpin billions of dollars in trading and household energy bills.
Universities trim Treasury holdings
Some of the smartest money in America is getting out of US government debt.
Many university endowments have scaled back their holdings of Treasury securities from as much as 30 per cent in 2008-09 to zero in some cases.
Soros repeats trick with Aussie dollar
Three weeks after being mistakenly declared dead, George Soros is thought to have raked in profits of up to £40m in only one day this week, by shorting the Australian dollar.
Modest farewell to Boris Berezovsky
The man who once boasted that he controlled more than half of Russia’s economy was laid to rest in Surrey yesterday. Boris Berezovsky’s funeral was held at a cemetery near Woking, and attended by only a few dozen friends.
The Daily Telegraph
M&S opens online distribution centre
Marks & Spencer has unveiled a new distribution centre the size of 11 Wembley football pitches in Castle Donington as its chief executive, Marc Bolland, seeks to persuade investors that the retailer can become a force to be reckoned with in online shopping.
Ports boss offers help to exporters
John Meredith, the boss of the world’s biggest ports group Hutchison Port Holdings, has made a personal pledge to help UK exporters in “any way” to break into new markets in Asia and Latin America.
THE WALL STREET JOURNAL
EU plans tariffs on Chinese solar gear
Chinese solar-panel manufacturers will face import tariffs of up to 67.9 per cent at EU borders under a plan from the 27-nation bloc’s executive body. European manufacturers say Chinese firms are selling their products well below fair-market prices in a bid to dominate the world market for solar panels.
Activision warns on Warcraft
Activision Blizzard said its cash cow World of Warcraft fantasy game is losing subscribers, and new game consoles may not lead to the growth investors expect.