Labour: errant bankers must be struck off September 11, 2011 ED Miliband, the leader of the Labour party, yesterday called for a new code of conduct for the banking industry which would allow for bankers to be “struck off” in the same way as doctors and lawyers. Speaking ahead of the publication of the final Independent Commission on Banking report this morning, Miliband said the [...]
New bank rules should be phased in gradually September 11, 2011 TODAY’S publication of the Independent Commission on Banking’s final report promises to be a watershed moment for the industry. The proposals outlined by Sir John Vickers and his colleagues could play a huge role in shaping the future of banking in the UK. However we must be very careful that at a time when bank [...]
Virgin is unmoved by Lloyds branch sale sweeteners September 11, 2011 LLOYDS has failed to attract serious interest from Virgin Money in its branch sale despite proposals to sweeten the deal in recent weeks. It is understood that despite reports that Virgin was preparing to bid on the 632 branches being sold before a second deadline at the end of September, it is unlikely to make [...]
Lagarde plays down €200bn capital scare September 11, 2011 INTERNATIONAL Monetary Fund (IMF) managing director Christine Lagarde has played down reports that a draft IMF document showed a €200bn (£172bn) shortfall in European banks’ capital. Lagarde (right) said the reports were misleading and that the international bailout fund was still finalising its study. “There has been misreporting about the €200bn, this number is tentative,” [...]
Juppe: Eurozone chaos a danger to the EU project September 11, 2011 FRENCH foreign minister Alain Juppe warned Greece that it must stick to the terms of the bailout agreement, in a speech in Australia yesterday. “Greece has to correct its mistakes,” he said. “They also have to honour the commitments that they have made.” He upped the pressure on the debt-stricken government to follow its planned [...]
French banks set for Moody’s downgrade September 11, 2011 FRANCE’S top banks are bracing themselves for a likely credit rating downgrade from Moody’s as early as this week, sources close to the situation said, further complicating their efforts to assure investors they are riding out the tensions in funding markets. Several sources said this weekend that BNP Paribas, Societe Generale and Credit Agricole were [...]
Eurosceptics bid to grab power for UK parliament September 11, 2011 EIGHTY MPs are expected to attend a Eurosceptic meeting in Westminster tonight, as a wave of new activist politicians seeks to reshape the UK’s relationship with Europe. The new forum – founded by Conservative MPs such as George Eustice, Chris Heaton-Harris and Andrea Leadsom — wants parliament, not ministers, to appoint UK judges to the [...]
ECB in turmoil as top German official quits September 11, 2011 THE resignation of Juergen Stark, the top German official at the European Central Bank (ECB), could hardly have come at a worse time for Eurozone policymakers as they grope for a way out of the deepest crisis in the single currency’s 12-year history. The ECB is the one institution that has kept the Eurozone afloat [...]
Crisis manager steps up to replace Stark September 11, 2011 JOERG Asmussen, Germany’s 45-year old deputy finance minster, has an impressive CV. Since joining the ministry in 1996 he has risen through a variety of roles, working in international economic and monetary development, and on European policy and credit issues. From 2003 to 2008, he led the directorate general for financial market policy, and since [...]
Lufthansa mulling BMI sale after just two years September 11, 2011 ONE of Heathrow’s heaviest runway users, BMI British Midland, could be sold by its German owners after its losses widened. A Lufthansa spokesman told City A.M. the company was “exploring options, which could include a sale or partnership”. He added that the process is at “a very early stage”. BMI lost £54m in its first [...]
