EU revokes Ciba and Elementis price-fix fines July 4, 2011 EU regulators have ditched antitrust fines levied two years ago against German chemicals company BASF’s Swiss unit Ciba, and British peer Elementis, citing a court ruling. “A judgment of the Court of Justice of 29 March in an unrelated case clarified the legal rules as to limitation periods for the imposition of fines by the [...]
Dilnot review urges role for finance industry July 4, 2011 A review proposing a radical overhaul of how UK elderly care is funded has called for the financial services industry to help people cover the costs of their contributions. Economist Andrew Dilnot has called for the current system of means testing, which forces people with more than £23,250 in assets to fund their care in [...]
Stress test finds Europe’s insurers “robust” July 4, 2011 European insurance companies are well prepared for strict new capital requirements being imposed from 2013, the European insurance regulator has said. The latest round of insurance stress tests, designed to see if insurers hold enough capital to be resilient in risky scenarios, found that the industry remains “robust”, according to the European Insurance and Occupational [...]
Heartening US data prompts market rally July 1, 2011 Financial stocks have powered ahead today after good economic news from the US and a reduction in concerns over Greece’s debt prompted a market rally. Lloyds, Barclays and RBS, the UK’s three biggest banks, have provided firepower to the FTSE 100, leaving it 0.7 per cent higher at the close, at 5,989.76 and bringing it [...]
IMF to approve Iceland’s next aid in August July 1, 2011 The International Monetary Fund is likely to consider the final tranche of Iceland’s $2.1bn (£1.3bn) loan programme in late August, the IMF’s mission chief for Iceland has said. “The Icelandic authorities and IMF mission have held productive discussions for the sixth, and final, review of the stand-by arrangement,” mission chief Julie Kozack said in a [...]
Portugal passes new austerity package July 1, 2011 Portugal’s new parliament has passed a four-year package of austerity reforms without a hitch as its opposition produced no objections that needed a vote. The new government, a centre-right coalition, has committed to meeting the terms of the country’s international bailout and wants to meet the targets early. It has a comfortable majority in parliament, [...]
Strauss-Kahn house arrest ends July 1, 2011 Dominique Strauss-Kahn has been released from house arrest without bail after a New York court heard prosecutors doubted the credibility of his accuser. The former managing director of the IMF smiled as he left the court following the hearing, in which his lawyers said they would seek to have the felony charges against him dismissed. [...]
US manufacturing up but consumers remain wary July 1, 2011 US manufacturing growth picked up in June, a national index has shown, in a second day of positive data that points towards an end to the soft patch that has dogged the economy in recent months. A separate survey of consumer confidence showed it edged up in June, as fuel prices fell and eased the [...]
National Grid appoints new chairman July 1, 2011 Power infrastructure supplier National Grid has appointed Sir Peter Gershon, chairman of Tate & Lyle and former head of the Office of Government Commerce, as its new chairman. Sir Peter will join the National Grid board on August 1 and then replace Sir John Parker, who steps down as chairman, on January 1, after nine [...]
Charter rejects Melrose approach as too cheap June 30, 2011 Engineering group Charter International has rejected an approach from turnaround investment house Melrose, saying its 780p per share unsolicited offer “substantially undervalues” it. Charter’s shares jumped 28 per cent yesterday after Melrose said it had made the surprise approach for Charter, which has issued three profit warnings since last November as its two engineering businesses [...]