Slow progress on derivative rule March 25, 2012 International regulators are likely to miss their 2012 deadline to push most derivatives trading onto central counterparties, the Bank of England believes, and need to engage more with industry participants. The G20 group of nations and the Financial Stability Board (FSB) want financial derivatives, such as interest rate swaps, to be cleared centrally rather than [...]
FEWER PAY FREEZES AT UK FACTORIES March 25, 2012 PAY settlements in UK factories have risen slightly to an average rise of 2.5 per cent, the industry group EEF said today. The data showed that only one in 10 manufacturing employees are now agreeing to a pay freeze, compared to a ratio of one in six when the EEF last released its data in [...]
CITY MOVES | WHO’S SWITCHING JOBS March 25, 2012 Coutts Jennifer Mathias has been appointed chief financial officer of the wealth division of the Royal Bank of Scotland, with immediate effect. Mathias joins from Lloyds Banking Group, where she was finance director of the corporate banking division. She will report to Fiona Davis, finance director for retail and wealth within the Royal Bank of [...]
BEST OF THE BROKERS March 25, 2012 KINGFISHER Nomura has upped its target price on the B&Q owner from 315p to 350p and maintained its “buy” rating on the stock following full-year results from the company last week. The broker has also increased its 2013 earnings per share outlook by four per cent to incorporate lower tax rates and a stronger view [...]
Eni still owed $1bn worth of oil by Iran March 23, 2012 Eni, Italy’s biggest energy company, is demanding more than $1bn (£632m) worth of crude oil by Iran, despite the EU banning oil imports from the country. EU governments with existing contracts to import crude from Iran can continue until July 1. However Eni was excused because it does not buy oil from Iran but receives [...]
Jim Yong Kim announced as US nominee for World Bank head March 23, 2012 The United States has picked Jim Yong Kim, a public health expert who is currently President of Ivy League Dartmouth College, to be its candidate for the World Bank presidency. President Barack Obama announced the decision to the back Kim, who was born in South Korea but raised in Iowa, in a speech at the [...]
BoE calls on banks to raise more capital March 23, 2012 British banks need to raise fresh capital “as early as feasible” as the stability of the global financial system remains fragile, the Bank of England’s new risk watchdog. The Bank’s Financial Policy Committee said that banks had gone as far as they could to raise capital by keeping down pay, dividends and share buybacks. “But [...]
John Lewis sales rise March 23, 2012 John Lewis sales boosted by sun, mum, and iPads Kendal Gapinski John Lewis reported that last week’s volume of trade was a March record due to sunny weather, Mother’s Day, and the launch of the new iPad. Its sales jumped 20.9 per cent year-on-year to £63.1m. Britain’s biggest department store chain said that a sales [...]
FTSE edges up despite retail fears March 23, 2012 The FTSE 100 bounced back in early trading after falls mainly triggered by miners who are fearful of a slowdown of growth in China. However, gains were minimal with the tough climate for UK retailers being laid bare by data from Nationwide today showing that consumer morale is weakening. Blue chip retailer Kingfisher, which owns [...]
Japan’s AIJ loses $1.3bn with bad bets March 23, 2012 Tokyo-based AIJ Investment Advisors lost $1.3bn (£819.2m) in bad bets on equity and bond derivatives, losing the bulk of the pension funds it was managing, Japan’s financial regulator said on Friday after stripping the firm of its registration. The Financial Services Agency (FSA) said AIJ, whose offices were earlier raided by the Securities and Exchange [...]