UK compromises on derivatives bill October 4, 2011 CHANCELLOR George Osborne has backed down on one of his key demands that all derivatives trading be immediately covered by new EU rules but won some smaller concessions on controlling a market once described as the “Wild West”. For Osborne, who interrupted his attendance at the Conservative party’s annual conference to make the trip to [...]
New York brings BNY Mellon suit October 4, 2011 NEW YORK’S attorney general said yesterday he has filed a lawsuit against Bank of New York Mellon for defrauding clients in foreign currency exchange transactions. Eric Schneiderman said BNY Mellon misrepresented to customers the rates for foreign currency transactions over a 10-year period. He said he is seeking a nationwide recovery of nearly $2bn. New [...]
Star trader Rambourg set to launch Paris fund without Guy October 4, 2011 CONTROVERSIAL trader Guillaume Rambourg is planning to launch a hedge fund in Paris – but without his former business partner Roger Guy. Rambourg, who earlier this year was cleared by British regulators of breaking internal trading rules at Gartmore, will name the new fund Verrazzano, after the Verrazano-Narrows bridge that connects the New York boroughs [...]
Cameron will warn of long haul recovery October 4, 2011 DAVID Cameron will today set the stage for a long-haul recovery that might not materialise before the next election, as he tries to find reasons for optimism amid a gathering economic storm. Speaking on the last day of his party’s conference in Manchester, the Prime Minister will attempt to break a cycle of gloom that [...]
CONFERENCE WHISPERS October 4, 2011 The cat(s) that got the cream Cats abound at this year’s Tory conference. First Theresa May, the home secretary, used her speech to claim that a convicted Bolivian illegal immigrant had been allowed to stay in Britain because he owned a British pet cat. The delegates lapped up this tale of human rights madness, but [...]
More investment for London October 4, 2011 Boris Johnson, the London Mayor, yesterday called on the government to continue investing in the capital, which he said was the “locomotive” for the recovery in the UK. During his speech to the Tory conference, Johnson argued that other parts of the country – such as Manchester, where the Conservatives are meeting – relied on [...]
Prisoners must be put to work October 4, 2011 The government will put more prisoners to work in an attempt to rehabilitate a “growing feral underclass” blamed for the riots that swept through England two months ago, justice secretary Ken Clarke said yesterday. Clarke won backing for his plan from a group of business executives led by Sir Richard Branson, chairman of travel and [...]
Lansley defends NHS reforms October 4, 2011 Health secretary Andrew Lansley yesterday attempted to reassure critics of planned reforms to the National Health Service, promising they would mean “no decision about me without me” for UK patients. Lansley said Labour would have cut £30bn by 2015, whereas the Tories will be putting in £12bn. “While I am secretary of state, the NHS [...]
MEP: EU may force City tax October 4, 2011 AN EU-WIDE financial transactions tax could be introduced as a VAT measure, avoiding the UK’s veto on taxation, according to Conservative MEP Dr Kay Swinburne. She is reported to have told regulators at the Conservative party conference yesterday that MEPs, led by European tax commissioner Algirdas Semeta, had “already started work” on the proposals. That [...]
22 Tory MPs form group to fight anti-enterprise culture October 4, 2011 A NEW group of Conservative MPs launched last night to promote free enterprise and counter the widespread belief that the financial crisis was caused by too little regulation. The 22-strong group, put together on the initiative of Elizabeth Truss MP, aims to “make the case” for economic freedom. “Free enterprise has got a bad name [...]
