FSA to banks: Cut returns and dividends March 17, 2011 THE FSA has warned banks that they might have to cut their targets for returns on equity (RoE) in order to meet a capital surcharge for major financial institutions. It has also said that it will remain “vigilant” to banks taking “excessive risks in an attempt to maintain return on equity”. In its annual Prudential [...]
Ofcom set to overhaul TV ad rules as reviews airtime deals March 17, 2011 Media watchdog Ofcom will review the TV advertising market in a move that could drastically alter the way broadcasters such as ITV operate. Ofcom will examine the way TV advertising is bought and sold and whether the current method prevents, distorts or restricts competition. It will examine current rules which allow commercial broadcasters more advertising [...]
Strong doubts over rigour of European stress tests to be unveiled this morning March 17, 2011 THE European Banking Authority (EBA) will this morning reveal the details of a second round of stress tests that are meant to help restore confidence in Europe’s ailing banking system. The tests will be the EBA’s first in-depth interaction with 88 of Europe’s banks, which have previously been subject only to the authority of the [...]
US doles out Libor subpoenas March 17, 2011 AMERICAN authorities have issued subpoenas to several international banks as part of an investigation into “manipulation” of the London interbank offered rate (Libor) during the financial crisis. The investigation came to light as part of a disclosure made by UBS in its annual report saying it had been subpoenaed by the US Securities and Exchange [...]
THE 3DS NINTENDO March 17, 2011 NINTENDO’S new handheld gaming system has become the most pre-ordered console ever. The 3DS, which allows gamers to play games in 3D without the need for glasses, has already received 20 per cent more orders than the PlayStation 3 with more than a week to go before its launch. It also received 56 per cent [...]
LIBOR: THE FACTS March 17, 2011 Q.WHAT IS LIBOR AND WHAT IS IT USED FOR? A.It is the London Interbank Offered Rate, a benchmark rate measuring what banks are charging one another for loans. It is a barometer of banks’ willingness to lend to one another and therefore indicative of perceived risk and of where banks expect lending prices (interest rates) [...]
ST PATRICK’S DAY TETE-A-TETE March 17, 2011 PRESIDENT Barack Obama said during a meeting with Irish Prime Minister Enda Kenny that the US would help Ireland recover from its economic problems and that he would visit in May. “We have had an excellent conversation about how Ireland is going to be bouncing back from the severe economic challenges that it’s experienced over [...]
L&G boosts dividend as it beats targets March 17, 2011 UK INSURER Legal & General boosted its divided by 24 per cent yesterday on the back of a £1bn operating profit, and said it expected to benefit from stronger demand for savings products in future as reduced welfare provision forces consumers to save more. Though operating profits fell slightly from £1.1bn in 2009, they remained [...]
Macquarie chairman steps aside after illness March 17, 2011 AUSTRALIAN investment bank Macquarie yesterday made the shock announcement that its founder and chairman David Clarke would stand down. Clarke’s departure comes 19 months after he returned to work from nine months’ leave to be treated for cancer. The bank described him as one of Australia’s “great business leaders”. He worked 40 years at Macquarie, [...]
Overseas is where the growth lies March 17, 2011 LEGAL & General’s 24 per cent dividend hike and £1bn in annual profits are a sign of just how far the insurer has come over the past two years. In early 2009, concerns over the insurer’s capital requirements caused shares to drop 30 per cent in a single day. The dividend was halved to bump [...]
