Capital requirements could get stiffer with trading book tweak July 16, 2012 EUROPE’S banks could be tens of billions further behind their Basel III capital targets than previously expected if planned new trading book rules to calculate buffers are adopted, researchers from Espirito Santo warned yesterday. The Basel Committee is consulting on changes to the way tail risks and market liquidity risks are measured, and wants increased [...]
Traffic jam chaos greets athletes July 16, 2012 ATHLETES from around the world started arriving in London yesterday ahead of the Olympics, just in time for a snarl-up caused by confusion over Olympic lanes, giving the first sign of the widely predicted chaos on the capital’s congested roads. The immediate cause of the hold-up appeared to be the launch of the first section [...]
Labour seeks business types July 16, 2012 It’s not quite another prawn cocktail offensive but Labour leader Ed Miliband is tonight launching a drive to get individuals with a business background to seek election as candidates for the party. Says shadow business secretary Chuka Umunna: “We want more people from the world of business in our ranks – from our councillors to [...]
Dave and Nick renew vows as business heads back rail plans July 16, 2012 PLANS to invest £9.4bn in rail projects between 2014 and 2019 were given a warm reception by business leaders yesterday, as the coalition partners insisted they would spend the entire parliamentary term together. As expected, the government yesterday confirmed a programme of investment that will see the Midland Main Line electrified between Sheffield and London and [...]
National Grid in energy bill spat with regulator July 16, 2012 NATIONAL Grid hit out at Ofgem over its plans to curb the cost of fuel bills yesterday, with the regulator’s initial £22bn proposals for upgrading Britain’s networks falling short of expectations. Ofgem will allow bills to rise by on average £11 a year for the next eight years, with a £7 increase next year rising [...]
ZTE plummets on profit fears July 16, 2012 CHINESE telecoms equipment maker ZTE saw shares fall 17 per cent to their lowest level for three years yesterday after it warned that half-year profits could fall by 80 per cent compared with last year. The smartphone and tablet manufacturer blamed a drop in domestic demand, foreign exchange rates and lower investment income.
Car insurance cost drops £50 July 16, 2012 THE COST of comprehensive car insurance has fallen by £47 in the last six months and now costs an average of £797 across the UK, according to analysis of 5m quotes from Confused.com by consultants Towers Watson. East London is the area with the highest premiums at £1,628. The average quote for third party, fire [...]
CITY VIEWS | WHAT DO YOU MAKE OF OFGEM’S INVESTMENT PLANS? July 16, 2012 RICHARD WHITEHEAD EUROPA I think you expect these increases, but there are ways to avoid them. With new devices on the market, you can cut your own costs. There are a lot of things people can do to drive costs down without going through the normal networks. CHRIS JONES COMMERZBANK The cost of living is [...]
Sky’s Now TV launches to rival Netflix July 16, 2012 SKY launches its own internet television service Now TV today in an attempt to compete with film-streaming rivals Netflix and LoveFilm. The broadcasting giant, which is trying to reach the 13m British households without a paid TV subscription, will charge £15 a month for on-demand access to hundreds of movies, and offer a pay-per-view service [...]
Profits per partner soar at Travers July 16, 2012 LAW firm Travers Smith said yesterday its profits per equity partner (PEP) grew by a huge 24 per cent in 2011-12, as revenues jumped by 16 per cent. Turnover at the firm was £83.8m, up from £72m in the previous 12 months, helping net profit increase by a quarter. PEP for the year hit £804,000, its [...]
