GB&I secure Seve trophy September 18, 2011 Great Britain and Ireland held off Continental Europe 15.5-12.5 on the final day of the Seve Trophy in France. Continental Europe recovered from an overnight deficit of 11.5-6.5 to level the tie at 11.5 points each. But GB&I, led by Paul McGinley, did enough in the final matches to wrap up a sixth consecutive win [...]
Murray stars in Cup whitewash September 18, 2011 Singles wins for Andy Murray and Colin Fleming helped Great Britain complete a 5-0 whitewash over Hungary in their Davis Cup Group Two play-off. Murray beat Gyorgy Balazs, winning 7-6, 6-3 and Fleming then won his first Davis Cup singles match, 6-4, 6-3 over Sebo Kiss.
Rogue trader loses UBS $2bn September 16, 2011 UBS is expected to plunge bank into the red this quarter after the bank said a single rogue trader had cost it $2bn (£1.26bn). Ratings agency Moody’s has put the bank on review for a potential downgrade, it said late last night, citing “ongoing weaknesses in the group’s risk management and controls”. The trader at [...]
Banks granted liquidity boost September 16, 2011 A POTENTIALLY unlimited amount of dollar liquidity is to be injected into banking markets throughout the world, five central banks announced yesterday. It is hoped the measure will boost money markets in the wake of the Eurozone debt crisis. The Bank of England, European Central Bank (ECB), US Federal Reserve, Bank of Japan and Swiss [...]
Myners slams bank reforms September 16, 2011 LORD Myners blasted the Vickers report into reforming the UK’s banks yesterday, arguing that it missed an opportunity to properly interrogate the sector. In a House of Lords debate the former City minister said the reforms would neither reduce the risk of banks causing another crisis, nor improve competition. The reforms would also saddle banks [...]
Euro crisis like 1,000 rogue traders September 16, 2011 BY far the biggest threat to the world economy comes from the Eurozone crisis. Rogue traders are a danger to us all, but well-capitalised large banks can cope quite easily with a $2bn loss (the well-deserved reputational disaster is another matter). That is why all recent global banking reforms have emphasised the need for financial [...]
Goldman cuts hedge fund September 16, 2011 GOLDMAN Sachs is to close its $1.6bn (£1bn) Global Alpha computer-based hedge fund after a poor trading performance and investor demands to pull out their money. Goldman has written to the fund’s investors to tell them the fund, which makes money by quantitative trading, would be wound down by the end of October. It has [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 16, 2011 FINANCIAL TIMES BTG PACTUAL LOOKS AT IPO AS IT EYES EXPANSION BTG Pactual, Brazil’s largest independent investment bank, is looking to hold an initial public offering as early as next year as one option to fund an ambitious expansion in Latin America. The move comes as the bank is also strengthening its foothold in Asia [...]
US Democrats back AT&T deal September 16, 2011 A group of influential Democrat lawmakers have written to US President Barack Obama calling on him to approve telecoms giant AT&T’s $39bn (£24.7bn) proposed acquisition of T-Mobile USA from Deutsche Telekom. The fifteen representatives have said the deal would help to cut unemployment and encourage investment at a time when the US badly needs it. [...]
City welcomes UK’s ECB lawsuit September 16, 2011 The City of London Corporation yesterday welcomed government action to sue the European Central Bank over plans to force clearing houses to move to Europe. Policy chairman Stuart Fraser told City A.M. it was vital that European legislation was “underpinned by sound economic reasoning rather than using the recent crises as an excuse to build [...]
