BNY Mellon profit dips following forex woes April 18, 2012 BANK of New York Mellon yesterday said its first-quarter profit declined slightly while its foreign exchange revenue slid 21 per cent and legal expenses surged as it battled clients’ claims of overcharging on currency trades. BNY Mellon’s forex business has been the subject of several lawsuits in which the bank has been accused of overcharging [...]
New rules exclude all but biggest market players from the scrutiny of US regulators April 18, 2012 US REGULATORS yesterday limited the number of market players that will be slapped with a pricey “swap dealer” tag. The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission last night finalised joint rules that will determine which firms do so much swaps business that they must register with regulators and back up [...]
Fed asks banks to bid for risky assets portfolio April 18, 2012 THE NEW York Federal Reserve said yesterday it has asked eight investment banks to bid on risky assets from its Maiden Lane III portfolio, which was created during its 2008 bailout of insurer American International Group (AIG). This move would trim the US central bank’s balance sheet which about tripled from the emergency measures it [...]
Boris Johnson promises £30 council tax cut April 18, 2012 BORIS Johnson yesterday pledged to reduce City Hall’s share of council tax by 10 per cent if he is re-elected next month. Speaking at the launch of his value for money manifesto in Fulham, Johnson said that a “war on waste” meant he could guarantee an annual reduction in the Mayor’s share of council tax [...]
SFO’s chief executive quits just days before new director arrives April 18, 2012 THE Serious Fraud Office (SFO) has lost its chief executive just days before a new director takes the reins. Phillippa Williamson, who was second in command to outgoing director Richard Alderman, has stepped down suddenly and given no reason for the departure. It comes as new director David Green takes up his role next week. [...]
Airlines avoid the UK due to full Heathrow April 18, 2012 AIRLINES are spurning the UK because there is no space for them at Heathrow, a survey has claimed. Fifty-three per cent of carriers said they are adding flights in other countries because of the problem, though eight in ten are keen to increase journeys to the UK – providing slots at Heathrow are made available. [...]
Hague hits out at Argentina’s seizure of YPF April 18, 2012 FOREIGN secretary William Hague warned yesterday that Argentina’s planned seizure of oil company YPF is a sign of the country’s growing antagonism towards foreign investors. “The Argentine government has made no secret of the fact that it wishes to reduce imports and boost its domestic trade surplus through a variety of restrictive trade measures,” Hague [...]
Russia’s O1 Properties to float April 18, 2012 RUSSIAN real estate group O1 Properties has said it plans to float in London, in a public offering that could raise at least $400m. The firm, which has a portfolio of properties across Moscow worth more than $2bn, said it will use the funds to buy two new buildings in the city and repay some [...]
Clegg hints at charities u-turn and says: I would like to be PM April 18, 2012 NICK Clegg has hinted at changes to the controversial plan to cap tax relief on charitable donations and also admitted his lingering desire to be Prime Minister. The Liberal Democrat leader said there had to be “some limit” to the allowances but said “of course” he was not accusing wealthy individuals of giving to charity [...]
ADVISERS April 18, 2012 For any Russian firm hopeful of raising funds in London, VTB Capital seems to be the go-to bookrunner. The Kremlin-backed bank has been involved in a big share of Russian firms’ capital-raising efforts in the City in recent years, from property firm Etalon, mining group Polymetal and even the Russian government’s recent $7bn bond sale. [...]
