AT A GLANCE | KEY DETAILS OF THE STRESS TESTS July 7, 2010 The objective The stress tests aim to assess the resilience of the EU banking sector and banks’ ability to absorb further possible shocks on credit and market risks, including sovereign risks, and to assess their current dependence on taxpayer support measures. How the tests will work The programme will be conducted on a bank-by-bank basis [...]
ANALYST VIEWS: HOW BADLY WILL THE EU’S BONUS CRACKDOWN HURT THE REGION? July 7, 2010 ANGELA KNIGHT | BRITISH BANKERS’ ASSOCIATION Europe is now talking in a way which is not reflected by any other of the major financial centres. The question Europe has to ask is how is it going to keep talent and business when the other major financial centres and other G20 countries are not going in [...]
THE DIRECTIVE EXPLAINED July 7, 2010 Q.WHAT IS THE LAW CALLED, AND WHAT ARE ITS KEY POINTS? A.The European Union measures on bonuses are contained within the third draft of the Capital Requirements Directive. As well as curbing pay practices at banks and hedge funds, the law requires higher capital buffers to be held against proprietary trading positions. Q.WHERE DOES THE [...]
M&S sales up for new boss July 7, 2010 MARKS and Spencer’s new chief executive Marc Bolland yesterday warned that he was “very cautious” about the economic environment in the UK. Presenting M&S’s third consecutive quarter of sales rises, he said: “We know that consumers were concerned to see the measure of VAT being taken to 20 per cent but we will not see [...]
Hayward meets Abu Dhabi crown prince over BP’s future July 7, 2010 BP’S embattled chief executive Tony Hayward yesterday met with Abu Dhabi’s Crown Prince Mohammed bin Zayed Al Nahyan amidst suggestions the oil rich country could buy a stake as high as 10 per cent in the oil major. The group would not be drawn on the exact details of the conversation but sources suggested the [...]
ANALYST VIEWS: WILL M&S SALES GROWTH IN THE TOUGH CONSUMER CLIMATE? July 7, 2010 RICHARD HUNTER | HARGREAVES LANSDOWN The increase in sales at the online unit provides further reassurance, and there are some faint signs that the company may be able to recapture some of its former glory. In all, the share price has held up relatively well. FREDDIE GEORGE | SEYMOUR PIERCE Sales on the clothing side [...]
Income down at Freshfields July 7, 2010 MAGIC circle law firm Freshfields Bruckhaus Deringer has posted a double digit drop in revenue, marking the largest income fall reported by the elite UK legal group this year. Turnover for the year fell by 11 per cent to £1.14bn on the back of depressed transactional markets and a drop off in M&A activity. Freshfields [...]
Lawyers billed $75bn last year with Baker top of table July 7, 2010 BUSINESSES paid almost $75bn (£49.3bn) for legal services last year, marking a fall from the previous year as clients tightened their spending. According to annual research conducted by Legal Business magazine, during the 2009 financial year, law firms across the globe collectively billed clients $74.6bn, marking a six per cent drop from the previous year. [...]
CITY A.M. | SHADOW MPC July 7, 2010 ALLISTER HEATH | CITY A.M “The money supply is growing at a faster rate and while the PMI stats are slightly weaker, there will be no double-dip. Fiscal tightening won’t cause a recession. Inflation is too high so rates must go up by 0.25 per cent.” SIMON WARD | HENDERSON “Hike by 25 basis points. [...]
No changes to rates in July July 7, 2010 INTEREST rates should remain on hold this month at 0.5 per cent to offset the impact of fiscal tightening, according to a majority of City A.M.’s Shadow MPC ahead of today’s annoucement by the Bank of England at midday. Seven members of the committee said that policy should remain unchanged this month thanks to concerns [...]