US regulator’s enforcement boss steps down after just three years October 1, 2013 PROMINENT American regulator David Meister, who was closely involved in the crackdowns on Libor manipulation, resigned yesterday citing personal reasons. Meister had been director of enforcement for the Commodity Futures Trading Commission (CFTC), which has taken on a beefed-up role in financial regulation. He had been at the organisation for three years. CFTC chairman Gary [...]
CVC seals deal to sell Campbell soup in Europe October 1, 2013 CAMPBELL Soup is selling some of its European canned soups and meals brands to private equity firm CVC Capital Partners for €400m, the firm announced yesterday. Campbell said in August that it was in talks to sell some brands to CVC Capital as it focuses on its core North American soup and meal business and [...]
Lenders to face crisis survival tests every year October 1, 2013 BRITAIN’S biggest lenders will be put through their paces every year to see if their capital buffers will keep them afloat through a range of possible economic stresses and strains, the Bank of England said yesterday. The new tests aim to make sure banks’ capital buffers are adequate, and to standardise the approach taken to [...]
Q and A: What are the planned stress tests? October 1, 2013 Q Why are these tests happening? A Regulators have made banks hold more capital in an effort to make them less likely to fail when a crisis hits. Now capital buffers are getting close to the required size, the authorities want to see what kind of crises they will protect against. Q How will they [...]
Numis upbeat after float work October 1, 2013 BROKER Numis yesterday said its second half performance was better than it was a year ago, boosted by more initial public offerings and its bookrunning on the float of Foxtons. The company said its corporate client base had also increased as more and more businesses sought advice. The upbeat assessment comes after the firm posted [...]
Vatican bank reveals profit October 1, 2013 THE VATICAN bank, dogged for decades by scandals and opaque dealings, published the first annual report in its 125-year history yesterday. The report, audited by KPMG, covered 2012, a tumultuous year that saw its former president ousted in a boardroom battle. The bank reported a net profit of €86.6m (£72.3m), more than four times greater [...]
Banks warned of cyber attack vulnerability October 1, 2013 BRITAIN’S biggest lenders need to do more to protect themselves against cyber attacks, the Bank of England’s Financial Policy Committee (FPC) said yesterday. The banks’ close connections with each other mean they are particularly vulnerable, with complex IT systems and a reliance on centralised market infrastructure exacerbating the risks. The Bank wants “to ensure that there [...]
New RBS chief to focus on service October 1, 2013 Ross McEwan faces five stubborn challenges at RBS 1 Repaying the taxman. RBS was bailed out in 2008 just like Lloyds, but while the other bank is profitable enough that the government is selling its stake, RBS is not. McEwan recognised this in a speech to staff yesterday, telling them “we need to repay the taxpayers [...]
Experian pays £200m to snap up US fraud detection agency October 1, 2013 EXPERIAN, the information services group, said yesterday it has agreed to buy US fraud detection group The 41st Parameter for $324m (£200m). Experian said it would fund the deal from existing cash resources. The group said the purchase extends its presence in the fraud prevention market, complementing its existing activities in fraud detection and online [...]
UK factories see world-beating growth again October 1, 2013 MANUFACTURERS in the UK recorded bumper growth again in September, the fourth month of world-leading expansion for the sector, suggesting robust growth in the third quarter. The UK’s score in Markit’s manufacturing purchasing managers’ index (PMI) for last month, announced yesterday, came in at 56.7. Any figure over 50 indicates an industry is expanding, and [...]