EU launches new restrictions on proprietary trading January 29, 2014 The EU has unveiled plans for new restrictions on proprietary trading as part of a package of reforms to Europe's banking sector. The largest banks will face bans on proprietary trading in financial instruments and commodities. The new rules are intended to reform bank structures and reduce risk in the Europe's financial system after years [...]
Regulator who championed bans on regulators joining banks takes top role at Santander January 29, 2014 A former head of the Federal Deposit Insurance Corporation (FDIC) who previously championed the cause of banning regulators from taking jobs in firms they previously regulated, has performed an extraordinary volte-face and joined the board of one of Europe's biggest banks. Sheila Bair said in an emailed statement: I hope that my service on the [...]
Labour promises to make smoking in cars a thing of the past January 29, 2014 Smokers are set to face a fresh wave of restrictions as the House of Lords prepares to vote on whether to make it an offence for drivers of a private vehicle to smoke when a child is present. Labour peers Lord Hunt, Lord Faulkner and Baroness Hughes are set to table the amendment to the [...]
Nordea moves to double cost saving programme as profits disappoint January 29, 2014 Nordic banking group Nordea has seen its operating profit grow by two per cent to €1.01bn (£600m) for the fourth quarter while net profit slid by eight per cent to €773m from €842m in the previous year. Analysts at Reuters had forecast an operating profit of €1.1bn (£660m) for the period. In wake of the [...]
Europe’s biggest drug maker to face $3bn hit from competition January 29, 2014 Swiss drug company Novartis has seen fourth-quarter profits fall as currencies in emerging markets weakened against the dollar. Europe's largest drug maker is feeling the heat as heart medication Diovan and cancer treatment Gleevec start to lose patent protection. Novartis lost its patent rights for Diovan in the US in 2012, but has not yet [...]
EU must invest in new technology or lose out to global rivals, warns energy boss January 28, 2014 Europe needs to invest more in new technology if it wants to compete in an age of cheap energy, according to the chief executive of Italy's largest power company, Fulvio Conti. Speaking to CNBC, he said: If we don't invest in new technologies and improvements it will be difficult to match the competition of emerging [...]
Largest Nordic bank goes bearish on Bitcoin January 28, 2014 In a fresh blow for Bitcoin the largest Nordic foreign currency trader SEB has rejected requests from customers to set up accounts to manage Bitcoin. The bank is concerned that software associated with the digital currency may be used to engage in illegal activities. Johan Andersson, chief risk officer at SEB, said in response to [...]
Buoyant property market brings good news for British Land January 28, 2014 Property giant British Land has reported like-for-like occupancy up 0.3 percentage points to 97.1 per cent and overall occupancy including recently completed developments at 96.5 per cent, according to its interim management statement for the quarter to 31 December 2013. British Land saw £405m of sales since the end of the half year (£122m since [...]
Commuters set for rough ride as TSSA votes to join RMT strike January 27, 2014 The Transport Salaried Staffs Association (TSSA) will be joining two 48-hour Tube strikes in an announcement that will sink the hearts of commuters. Manuel Cortes, TSSA general secretary, said: It is now time for Boris to sit down with his staff representatives and negotiate a sensible deal which will protect the safety and security of [...]
London is leading the recovery – but is the rest of the UK catching up? January 27, 2014 London has created 10 times more private sector jobs than any other city in the UK, according to research conducted by the Centre for Cities. The Cities Outlook report is an economic index of the 64 largest towns and cities in the UK, with this year's adopting a special focus on London. Cities Outlook 2014 [...]
