Merci but no grazie: Barclays scraps French and Italian sale May 29, 2012 BARCLAYS has called off talks over the sale of its French and Italian businesses. The bank has decided against a sale and aims to improve the profitability of the two arms as it continues to shake up or dispose of the parts of its business that do not meet its minimum level for return on [...]
EU plans cross border rules to wind up banks May 29, 2012 THE EU is finally ready to release new rules that will outline how to wind up failing banks across Europe, having delayed publication for fear of stoking the banking crisis. Under the new rules, EU countries could be obliged to step in and put up money to take over and share out losses from other [...]
Analysts warn new bank rules increase risks May 29, 2012 NEW regulations designed to make banking less risky could instead ferment a new crisis because they concentrate risk in clearing houses, JP Morgan analysts said yesterday. The analysts warn that the Eurozone debt turmoil could cause these risks to come to a head and say that clearing houses – which ensure the smooth passage of trillions [...]
Woodford ends unfair dismissal fight with former firm Olympus May 29, 2012 EX-OLYMPUS boss Michael Woodford has won a settlement, thought to be worth millions of pounds, from his disgraced former employer, camera maker Olympus. The British businessman, 51, agreed a deal after a night of negotiations triggered when he took his unfair dismissal claim to a London employment tribunal. It appears to end for Woodford a [...]
Making it clear May 29, 2012 Q What are clearing houses? A Clearing houses sit in between the two parties in millions of transactions in securities – shares, derivatives and so on. They give a legal guarantee that a trade will go through in the event of one party going bankrupt halfway through it, in return for which they demand collateral [...]
Jump in adults priced out of flying the nest May 29, 2012 SOARING rents and large deposits are making it increasingly difficult for young people to buy a home, industry data showed yesterday. Figures from the Office for National Statistics (ONS) recorded a 20 per cent jump in the number of young adults living with their parents since 1997, while figures from Rightmove showed that 30 per [...]
CASE STUDY May 29, 2012 Name: Edwina Scott Age: 26 Job: marketing co-ordinator for Kingston Smith LLP Earns: £20,000 – £30,000 Lives: in Chiswick, with her mother Rent: £400 per month, plus bills Why: saving for a mortgage deposit Moving out: no time soon – two or three years away at least TWENTY-SIX year-old Edwina Scott is a classic “boomerang [...]
Japan’s insider trading probe hits JP Morgan May 29, 2012 JAPAN’S widening probe of insider trading reached JP Morgan Chase’s door yesterday as the embattled US bank was identified as the source of leaked confidential information regarding a planned share offering by Nippon Sheet Glass. Three people with knowledge of the probe said officials had determined that a JP Morgan salesman had been the source [...]
Oligarchs’ favourite Maxim Barsky to return to TNK-BP May 29, 2012 TNK-BP has beefed up its team ahead of a looming dispute with its co-owner BP, with the Russian oil firm’s former deputy chief executive Maxim Barsky rejoining as an adviser. Barsky, who left the firm last year when BP failed to support his appointment as chief executive, is a favourite of AAR, the group of [...]
Tube staff win Olympic bonus of up to £1,000 May 29, 2012 LONDON Underground has dipped into its coffers to avert strike action on the Tube during the Olympic Games. After months of wrangling, the RMT union said yesterday it has agreed a deal with LU that offers staff up to £850 and drivers as much as £1,000 in extra payments for working during the Games. On [...]
