London is losing out from EU diktats July 7, 2010 SO there you are. The European Parliament has just voted to locate the planned new EU agencies to regulate banks, markets and insurers in Frankfurt, in a massive blow to London. This provision may yet be eliminated from the final directive but is an ominous sign. What won’t change are the new rules on bonuses: [...]
EC looks at Google probe July 7, 2010 THE European Commission (EC) hinted it could launch a formal anti-trust probe into Google’s internet search dominance yesterday, following three complaints from rivals in February. Joaquin Almunia, Brussels’ leading competition official, told a conference in London he was looking into “some allegations of anti-competitive conduct in relation to search”. “The work is at an early [...]
Tesco raises £950m from sales July 7, 2010 Tesco, Britain’s largest supermarket chain, has raised £950m after agreeing a sale-and-leaseback arrangement for 41 of its stores. The company said the move was part of its long-term plan to “release value” from its UK real estate portfolio. The deal is structured as a 50/50 joint venture with the trustees of Tesco’s pension fund, and [...]
US eyes HSBC offshore accounts July 7, 2010 The US government has launched a criminal investigation into whether HSBC’s clients are dodging tax by putting their funds in undeclared deposit accounts in Singapore and India, following the successful prosecution of UBS in Switzerland last year. On 21 June, Kevin Downing, a senior litigator at the US Justice Department, wrote to HSBC clients informing [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 7, 2010 FINANCIAL TIMES ENERGY-FOCUSED HEDGE FUNDS FEEL HEAT OF MARKET VOLATILITY Hedge funds focused on energy markets have suffered a rocky start to the year, hit by volatile commodity prices and the Gulf of Mexico oil spill disaster. Many funds have been left nursing double-digit percentage losses over the first six months of the year. The [...]
Europe reveals list of banks for stress tests July 7, 2010 EUROPE listed 91 banks taking part in financial stress tests – including many regional banks where markets suspect most of the sore spots are – as it seeks to restore confidence. Providing some, but not nearly all, details of so-called stress tests markets have been demanding for weeks, a regulatory committee said it would test [...]
AT A GLANCE | KEY DETAILS OF THE STRESS TESTS July 7, 2010 The objective The stress tests aim to assess the resilience of the EU banking sector and banks’ ability to absorb further possible shocks on credit and market risks, including sovereign risks, and to assess their current dependence on taxpayer support measures. How the tests will work The programme will be conducted on a bank-by-bank basis [...]
ANALYST VIEWS: HOW BADLY WILL THE EU’S BONUS CRACKDOWN HURT THE REGION? July 7, 2010 ANGELA KNIGHT | BRITISH BANKERS’ ASSOCIATION Europe is now talking in a way which is not reflected by any other of the major financial centres. The question Europe has to ask is how is it going to keep talent and business when the other major financial centres and other G20 countries are not going in [...]
THE DIRECTIVE EXPLAINED July 7, 2010 Q.WHAT IS THE LAW CALLED, AND WHAT ARE ITS KEY POINTS? A.The European Union measures on bonuses are contained within the third draft of the Capital Requirements Directive. As well as curbing pay practices at banks and hedge funds, the law requires higher capital buffers to be held against proprietary trading positions. Q.WHERE DOES THE [...]
M&S sales up for new boss July 7, 2010 MARKS and Spencer’s new chief executive Marc Bolland yesterday warned that he was “very cautious” about the economic environment in the UK. Presenting M&S’s third consecutive quarter of sales rises, he said: “We know that consumers were concerned to see the measure of VAT being taken to 20 per cent but we will not see [...]
