Markets plunge on global fears March 16, 2011 A TOXIC cocktail of fears over the worsening nuclear crisis in Japan, violence in the Middle East spiralling out of control and the prospect of an EU/IMF bailout for Portugal saw markets worldwide plunge for the third day in a row yesterday. The losses piled up after the European Union’s commissioner for energy said that [...]
Turner in bid to up bank ratios to 20pc March 16, 2011 MAJOR banks should maintain capital ratios of 15-20 per cent of their risk-weighted assets (RWAs), according to FSA chairman Adair Turner. Speaking at Cass Business School last night, Turner said: “If global regulators were benevolent dictators… they would be wise to choose capital ratios far above even Basel III levels, something more like 15-20 per [...]
Cuts must go ahead: OECD March 16, 2011 CHANCELLOR George Osborne must persevere with his deficit cutting and reform programmes, despite a slowdown in growth, the Organisation for Economic Co-operation and Development (OECD) said yesterday. The spending cuts “will bring long-term gain” the OECD said, although it lowered the UK’s growth forecast for this year to 1.5 per cent, from 1.7 per cent. [...]
Good and bad news on the jobs front March 16, 2011 THERE are not enough jobs in Britain. Among all the claims and counter-claims about the state of the economy, that is one of the few facts that everybody agrees on. The number of unemployed people was up 87,000 from a year earlier, according to the least unreliable survey of these matters; the true number is [...]
SocGen chief’s first bonus March 16, 2011 THE chief executive of Societe Generale, Frederic Oudea, has been awarded his first bonus since taking the job, the bank revealed yesterday. Oudea has been given €598,400 (£519,000) in a cash bonus in addition to his €1.16m salary, for total compensation of €1.75m. He waived his bonus for both 2008 and 2009, citing the bank’s [...]
Concern that US swaps rules may hit market March 16, 2011 STEEP costs of proposed new US Dodd-Frank regulations could deter proprietary traders from providing the same kind of liquidity in swaps markets as they do in futures, the head of a major Chicago-based firm said. Proprietary firms, which typically use their own money to trade and do not trade on behalf of customers, would like [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 16, 2011 FINANCIAL TIMES BANKS SERVED LIBOR SUBPOENAS Regulators probing alleged manipulation of a key interbank lending rate have focused their demands for information and interviews on five global banks, according to people familiar with the investigation. UBS, Bank of America, Citigroup and Barclays have received subpoenas from US regulators probing the setting of the London interbank [...]
Tchenguiz wins UK ruling on Kaupthing March 16, 2011 THE Tchenguiz family has won the right to have a damages claim against Icelandic bank Kaupthing heard in the UK courts, after a judge determined that claim, worth more than £1bn, was subject to English law. Property investment tycoon brothers Robert and Vincent (pictured) Tchenguiz, who were arrested on 9 March as part of a [...]
Antitrust rules could up costs March 16, 2011 GOVERNMENT proposals to create a single competition authority in the UK prompted concern yesterday that new mandatory merger notification rules could increase both costs and regulatory burdens for companies. The consultation, launched by the Department of Business, details how the existing Office of Fair Trading and Competition Commission will be combined to create a new [...]
Keith Harris steps back March 16, 2011 KEITH Harris is set to relinquish one of his leadership roles at Seymour Pierce in a shakeup of the broker, City A.M. learned yesterday. Phillip Wale, its head of equities poached from rival Collins Stewart last year, is set to become chief executive, subject to regulatory approval, with Harris becoming chairman. Harris said Wale’s appointment [...]
