WestLB to put 87bn in bad bank October 7, 2009 GERMANY’S WestLB will offload at least €87bn (£80bn) in risky assets into the country’s first “bad bank”, a move other lenders may follow. The regional state-backed lender said it planned to start by next month off-loading some of the billions of euros in loss-making investments it racked up in the credit crisis. While WestLB is [...]
FSA censures traders after their appeal October 7, 2009 THE FINANCIAL Services Authority yesterday censured two bond traders who had appealed against market abuse allegations, stopping short of issuing a hefty fine or a lifelong ban. The news prompted speculation that more people would now choose to appeal to the FSA Regulatory Decision Committee (RDC), as the watchdog forges ahead with its aggressive enforcement [...]
WILL THIS CASE ENCOURAGE MORE APPEALS AGAINST THE FSA? October 7, 2009 SIMON MORRIS CMS CAMERON MCKENNA“This case shows that in nine times out of ten the FSA can spot market abuse from a distance of a hundred yards – here we have the one-in-ten case. Firms and individuals should always scrutinise the FSA’s market abuse allegations, calling in market evidence to rein in its wilder claims.”HARRIET [...]
Julius Baer spends 317m on ING assets October 7, 2009 JULIUS Baer will buy ING’s Swiss private banking assets for SFr520m (£317m), in the European wealth management industry’s biggest deal since the crisis began. Baer is paying about 2.3 per cent of assets under management (AUM) for the business excluding surplus capital, and about three percent including the surplus, roughly in line with expected valuations. [...]
Santander’s Brazilian listing gets off to a lacklustre start October 7, 2009 BRAZIL’S biggest ever initial public offering (IPO) kicked off with a whimper instead of a bang as shares of the Brazilian unit of Spanish bank Santander edged lower during their trading debut. Executives of Santander Brasil sought to focus on the fact that it raised 14.1 billion reais (£5.06bn) with its IPO in Sao Paulo [...]
Barclays chews over substantial wealth management acquisition October 7, 2009 BARCLAYS is mulling over the acquisition of a substantial wealth management business to boost its global private banking presence, the firm revealed yesterday. Gerard Aquilina, the vice-chairman of the group’s private banking arm Barclays Wealth, said the bank would be prepared to stump up for a business at least the size of 120-year-old Swiss firm [...]
Tories pledge tax hikes on strong drinks October 7, 2009 THE Conservatives would raise taxes on super-strength beer and cider by up to £1.50 in an effort to crack down on binge drinking, shadow home secretary Chris Grayling told the Tory party conference in Manchester yesterday. Among a raft of measures designed to place tighter restrictions on the drinks industry, Grayling said retailers would be [...]
CITY VIEWS: ARE THE TORIES RIGHT TO PROPOSE A PUBLIC-SECTOR PAY FREEZE? October 7, 2009 STEVE RYAN AXA“Yes I think it’s the right thing to do. There are other things they could do as well to cut the fiscal deficit. I’m worried about the government’s debts for my children’s sake – they will be the ones who pick up the bill. For a very long time Gordon Brown has been [...]
AT-A-Glance October 7, 2009 • Action on failing schoolsMichael Gove, the shadow schools secretary, promised that failing schools would be closed within 100 days of a Tory government assuming power, adding that teachers would also be given the power to restrain violent pupils to crack down on problem children. • Police to name and shamePolice services would be given [...]
Firms’ profits staying weak October 7, 2009 BRITISH corporate profitability deteriorated to its weakest level in eight years during the second quarter of 2009, official data showed yesterday, driven by a fall in oil and gas companies’ profitability. Figures from the Office for National Statistics (ONS) showed that the net rate of return by private non-financial corporations in the second quarter of [...]
