Egypt court dissolves parliament June 14, 2012 Egypt’s supreme court ruled yesterday to dissolve the Islamist-led parliament, plunging a troubled transition to democracy into turmoil just two days before an election to replace ousted leader Hosni Mubarak. Islamists who gained most from Mubarak’s overthrow decried what they called a coup by an army-led establishment still full of Mubarak-era officials. They said the [...]
City welcomes Vickers changes June 14, 2012 THE CITY last night breathed a sigh of relief after getting a first look at the government’s proposed banking reforms, which amend the Vickers plan to strengthen the sector, taking into account international competition and the needs of banks’ business customers. The main aim is to allow bad banks to fail safely without harming other [...]
SNB hits out at Credit Suisse’s capital buffer June 14, 2012 SHARES in Credit Suisse plunged by more than a tenth yesterday after Switzerland’s central bank urged it to cut dividends or issue shares to improve its “below average” capital ratio and protect it from future financial shocks. The Swiss National Bank singled out Credit Suisse for its risk-weighted capital ratio of 5.9 per cent – [...]
Swiss central bank promises to act to defend cap on the franc June 14, 2012 THE SWISS National Bank yesterday dangled the threat of capital controls to hold down the value of the franc if the Eurozone crisis escalates, days before a Greek election that could drive another flood of money into the safe-haven currency. The central bank said it was determined to defend a cap of 1.20 per euro [...]
Plus Markets investors angry over new bid June 14, 2012 INVESTORS in beleaguered exchange operator Plus Markets yesterday said that a revised offer for part of the firm was a “token gesture” that will not stop their rebellion, as new allegations surfaced that the board repeatedly refused offers of funding. Kuwaiti firm Amari Dhari, which owns 17 per cent of Plus, yesterday claimed it had offered [...]
Stanford sentenced to over a century for fraud June 14, 2012 TEXAN tycoon Allen Stanford, famed for bankrolling international cricket competitions in the Caribbean and the UK, was yesterday sentenced to 110 years in prison for running a $7bn (£4.5bn) Ponzi scheme. The sentence came after 62-year old Stanford, convicted in March of 13 charges including fraud and conspiracy, denied defrauding anyone. He insisted his firm [...]
Mansion House event attracts City’s finest June 14, 2012 THE CITY’S finest braved the rain last night to hear chancellor George Osborne outline his dramatic plans to try and prevent the Eurozone crisis causing a second credit crunch. In his annual Mansion House speech to the City, the chancellor said he was no longer prepared to “stand on the sidelines.” And Bank of England [...]
JP Morgan says Eurozone fiscal rules set to fail June 14, 2012 THE EUROZONE’S much vaunted plan to impose strict fiscal rules on its member states is “almost dead on arrival,” according to analysts at investment bank JP Morgan. The so-called fiscal compact will prove too little, too late, and will fail to achieve its goals, the bank argued yesterday. “Given where deficits and debt currently are, and [...]
Brussels could ease terms of Greek bailout June 14, 2012 THE EUROZONE will not tear up the main targets of Greece’s bailout no matter who wins Sunday’s elections, but it might consider giving a new government in Athens some leeway on how it reaches them, officials in Brussels have said. Even that offer would depend on a government being in place that was prepared to stick [...]
Under pressure Italy sees costs spike to 5.3pc at bond auction June 14, 2012 ITALY’s three-year borrowing costs spiked to 5.3 per cent at an auction yesterday, underlining the mounting pressures on the Eurozone’s third-largest economy after a Spanish aid deal failed to convince investors the bloc’s crisis can be contained. With its economic reforms stalling and market speculation rising that it too may eventually need a bailout, Italy [...]
