EU commits to bank levy April 13, 2010 THE European Union has told G20 members it is ready to crack down on the financial sector by committing to a global bank levy. In a draft letter revealed yesterday EU officials wrote: “We are ready to cooperate with G20 members on globally coordinated principles for a levy on the financial sector.” The move comes [...]
Why this election matters after all April 13, 2010 DAVID Cameron’s Tories do have a vision for Britain, and it is different from Labour’s. The gulf between the parties is not as wide as it once was, for sure, but the election will matter. Take the Tories’ education policy, detailed in yesterday’s manifesto. It will allow the private sector to set up and run [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 13, 2010 FINANCIAL TIMES BEEF PRICE SURGES FOLLOWING HARSH US WINTER Beef prices are soaring after cattle failed to fatten up during the harsh US winter and cash-strapped ranchers culled herds to cope with the recession. Cattle futures have risen more than 20 per cent since December and are again flirting with $1 a pound, a milestone [...]
Thomson turns to the net April 13, 2010 THOMSON Reuters last night confirmed to City A.M. plans to undergo a large-scale revamp of its markets division that will see the coming together of Reuters and Thomson Financial products for the first time. In an bid to distinguish itself from rival Bloomberg, the financial information services provider will offer customers two web-based platforms instead [...]
China banks may lack capital April 13, 2010 China’s four largest banks could face a capital shortfall of 480bn yuan ($70.3 billion) over the next five years, Industrial and Commercial Bank of China President Yang Kaisheng said yesterday. It will be difficult for banks to rely exclusively on raising money in markets for replenishing their capital, Yang said, though he did not mention [...]
Consortium to bid for train unit April 13, 2010 A consortium of Morgan Stanley Infrastructure, 3i Infrastructure and Star Capital is set to submit a bid today for HSBC’s train unit, valued by the company at £2bn. The group is to make the bid, sources said, as HSBC tries to attract more interest in its train leasing unit, Eversholt, which owns a third of [...]
Greece vows to fight on as it taps €1.6bn April 13, 2010 GREECE insisted it would continue to borrow from financial markets after successfully raising €1.6bn (£1.4bn) yesterday, even though it was forced to pay hefty interest rates. Finance minister George Papaconstantinou said the country did not plan to call on the help of its eurozone colleagues after the short-term T-bill auction finished more than six times [...]
Silicon Valley Bank aims for UK licence April 13, 2010 SILICON Valley Bank (SVB), the American lender that has backed Twitter and Cisco Systems, is applying for a UK banking licence in a move that could bring serious competition to the commercial market. The US-based firm aims to open its first branch in London next year if the FSA gives it the thumbs up. SVB, [...]
China will not be forced on yuan April 13, 2010 China will chart its own course in reforming the yuan, President Hu Jintao told President Barack Obama yesterday, reinforcing the view that Beijing is likely to tip-toe, not leap, toward appreciation. The two heads of state, meeting for the first time since Sino-US tensions over the yuan threatened to escalate into a serious trade dispute, [...]
UniCredit appoints chair for Italy April 13, 2010 UniCredit has decided to appoint a chairman for Italy as the bank folds all its domestic units into one. Italy’s second-biggest bank by retail branches said in a statement that Gabriele Piccini, head of the Italy retail network, would be country head from 1 November in the revamped group which sees seven separate Italian banking [...]