UK slams EU for watering down rules October 31, 2011 THE BANKING FILES THE UK is becoming increasingly alarmed at Europe’s attempts to water down international capital regulations for continental banks, which would put the City at a disadvantage, City A.M. can reveal. HM Treasury (HMT) slams what it calls Brussels’ “weakened” approach to implementing capital rules in an internal lobbying document obtained by City [...]
British view on international regulation is labelled chaotic October 31, 2011 SENIOR City figures lashed out at the government’s approach to financial regulation yesterday, saying that its failure to take into account international initiatives is causing chaos. Responding to City A.M.’s revelation yesterday that major parts of the coalition’s flagship banking policy could be ruled illegal by the EU (see inset), Clifford Chance partner Simon Gleeson [...]
MPs lambast Bank’s secrecy October 31, 2011 AN INFLUENTIAL committee of MPs has criticised the Bank of England for excessive secrecy and a lack of accountability, particularly surrounding its actions during the financial crisis. The Treasury Select Committee (TSC), led by Andrew Tyrie, yesterday published its correspondence with Sir David Lees, chairman of the Bank’s court. The letters reveal that Lees repeatedly [...]
SMEs: Britain is anti-business October 31, 2011 MORE companies feel that the UK is less “business friendly” than a year ago, reversing a slight improvement in 2010, according to the Institute of Chartered Accountants in England and Wales (ICAEW). The accountancy body’s enterprise report showed that the attitude to the UK regulatory and tax environment has worsened, with 53 per cent of [...]
Eurozone set for patches of contraction October 31, 2011 THE EUROZONE is likely to hit “patches” of economic contraction, the Organisation for Economic Co-operation and Development (OECD) warned yesterday. OECD economists predict growth of just 0.3 per cent next year across the 17 nation single currency area, a level so low that it could involve periods of “mild negative growth”. Yet policymakers could still [...]
Draghi can’t be read yet on bond buys, says Jean-Claude Trichet October 31, 2011 MARKETS have over-interpreted comments by incoming European Central Bank chief Mario Draghi on the bank’s readiness to go on buying the bonds of troubled Eurozone states, Jean-Claude Trichet, the outgoing ECB president said yesterday. Trichet’s comments came as he hands over the reins to his Italian successor, who will inherit the task of resolving the [...]
ISDA assesses Greek bond deal October 31, 2011 The International Swaps and Derivatives Association (ISDA) announced yesterday it was too early to say whether the terms of last week’s bailout of Greece would mean the country was formally in default. ISDA, which oversees the multi-trillion pound credit derivatives market, said a review of whether credit default swaps (CDS) on Greek sovereign debt should [...]
Sanlam to spend £12.3m on taking over Merchant October 31, 2011 CITY stockbroker Merchant Securities saw its shares leap almost 27 per cent yesterday as it said it had agreed an all cash takeover offer from South African investment group Sanlam. Sanlam, Merchant Securities’ biggest shareholder with almost a ten per cent stake, will pay £12.25m to take its shareholding to 75 per cent through a [...]
Tax crackdown targets foreign home owners October 31, 2011 WEALTHY UK residents with foreign property will come under increased pressure to make sure their tax returns are in order, after Her Majesty’s Revenue and Customs launched a crackdown on undeclared assets. HMRC said yesterday that a new team of investigators will target around 200,000 so-called affluent taxpayers, some of whom it believes may be [...]
G4S chief in last-minute battle on deal October 31, 2011 SECURITY group G4S will not back down from an investor vote on its controversial £5.2bn takeover of ISS despite the Co-operative Group and Harris Associates joining the growing ranks of those against the deal. Sources said G4S has received the backing of several unnamed investors and that chief executive Nick Buckles will press ahead with [...]
