FSA WARNED ON LIQUIDITY PLAN October 5, 2009 THE Financial Services Authority (FSA) was told yesterday that its new liquidity rules could put London at a competitive disadvantage. The FSA unveiled plans to force UK banks to hold an extra £110bn in government bonds, in a bid to prevent a repeat of the banking crisis. Liquidity requirements will be delayed to allow banks [...]
Bullish Goldman note on banks lifts US shares ahead of earnings season October 5, 2009 US STOCKS surged yesterday after investment bank Goldman Sachs upgraded the banking sector to “attractive” from “neutral” ahead of the third-quarter earnings season that kicks off tomorrow. Wall Street shrugged off a four-day losing streak after Goldman issued a note saying that while the big banks’ earnings have surged by nearly 40 per cent this cycle [...]
O’Leary ready for departure October 5, 2009 MICHAEL O’LEARY, the ubiquitous boss of budget airline Ryanair, could stand down within a year, industry experts said yesterday. The news came as the airline dismissed reports that Ryanair could take control of Aer Lingus through a rights issue. “Our position on Aer Lingus was recently confirmed at the Ryanair AGM, which is that we [...]
FSA is right to focus on bank liquidity October 5, 2009 FOR perhaps the first time this year, I agree (at least in the main) with a decision by the Financial Services Authority – and disagree with some of the criticisms leveled at it by opponents, reported on page 1. Before you ask, I haven’t suddenly joined the dark side – I have always thought that [...]
Boris backs City bankers October 5, 2009 LONDON Mayor Boris Johnson yesterday vowed to defend the banking community, which he said is viewed as a “leper colony” by the public, warning that the City’s role in bringing the UK economy back to health will prove critical. Johnson, speaking at the Conservative party conference in Manchester, said he knew how far he was [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 5, 2009 FINANCIAL TIMESUK COURT RELAXES CURB ON SAAD CASHA bitter legal dispute involving prominent Saudi Arabian businesses and families opened in the English courts yesterday, with Maan al Sanea failing to overturn a $9.2bn (£5.8bn) freezing order on his worldwide assets. The High Court eased the order to allow the billionaire $4m spending money a year [...]
Banks prepare for Latvia crisis October 5, 2009 Banks are preparing themselves for a full-blown economic and political collapse in Latvia, after reports leaked to a Swedish newspaper said that Sweden’s finance minister Anders Borg has secretly told banks that Latvia’s rescue talks were on the verge of breaking down.
Hedge funds forced to slash fees October 5, 2009 The hedge fund industry is experiencing another set back, with firms being forced to cuts their fees to lure investors back following a loss of faith in the industry, according Watson Wyatt. Some high profile closures have put the firms on the back foot in negotiations with demanding investors.
Trustees expect 26bn deficit October 5, 2009 Trustees believe that FTSE 100 companies should record an additional £26bn in pensions liabilities, according to research by Hewitt Associates. It said that most firms base their liabilities calculations on the assumption and that 60 year-old male will live until the age of 86, while trustees of the same firms estimate closer to 88.
Services set for recovery October 5, 2009 ADVANCED economies are firmly on track to register positive growth in the third quarter, a series of leading surveys revealed yesterday, supporting hopes that the revival in the global economy is now entrenched. The US services sector expanded for the first time in 13 months according to the non-manufacturing ISM figures for September, which rose [...]