FSA boss to head EU watchdog February 22, 2011 A DIRECTOR of the UK’s Financial Services Authority (FSA) is set to take the reins at the new European super regulator in charge of financial and securities markets. Verena Ross, currently director of the FSA’s international arm, was nominated to lead the Paris-based European Securities and Markets Authority (ESMA) by regulators from the 27 EU [...]
Citigroup in Madoff row February 22, 2011 CITIGROUP tried to pass on its exposure to Bernard Madoff to other banks just months before his epic fraud was revealed, the Madoff trustee said in a lawsuit accusing a second major US bank of unsavoury dealings with the financier. Trustee Irving Picard said red flags about Bernard L. Madoff Investment Securities were apparent to [...]
Five threats worth worrying about February 22, 2011 THERE have been some scary developments in the world economy in recent days, led by the fallout from Colonel Gaddafi’s horrifying crackdown in the Middle East. Here are five trends that worry me. 1) Libya’s civil war has already doubled the risk premium on oil prices to $10 per barrel, with more to come. But [...]
Posen: Don’t fear inflation February 22, 2011 THE public’s fears over inflation should not pressure the Bank of England into raising interest rates, external MPC member Adam Posen argued yesterday. Posen, who in direct contrast to fellow Monetary Policy Committee (MPC) members Andrew Sentance and Martin Weale, has consistently voted to keep rates on hold in recent months, said his colleagues were [...]
WHAT THE OTHER PAPERS SAY THIS MORNINGF February 22, 2011 FINANCIAL TIMES SUGAR TRADERS CONSIDER CAP The world’s largest sugar exchange and top traders are mulling “circuit breakers” to cap the recent surge in price volatility, people familiar with the discussions said. The ICE Futures US exchange, based in New York, and the World Sugar Committee (WSC), an advisory group of top traders, are setting [...]
CapCo in talks over Earls Court February 22, 2011 Property group Capital & Counties is in talks over the redevelopment of Earls Court in west London with one of Asia’s wealthiest families. The firm is negotiating a joint venture with the Kwok family, the controllers of Sun Hung Kai Properties – Hong Kong’s largest listed developer. The talks are said to centre on the [...]
BoA shares fall after writedown February 22, 2011 Shares fell in Bank of America yesterday following Monday’s disclosure of a $20.3bn (£12.6bn) charge on its credit unit. The non-cash goodwill writedown paid to regulators will not however affect its capital or prior earnings, according to the bank. The measures take into account weak credit quality in early 2009 as well as an expected [...]
BP plans sale of North Sea oil operations February 22, 2011 BP yesterday revealed plans to sell several assets it holds in the southern North Sea valued at around $1bn (£620m). The oil firm plans to use the proceeds of the sale to plug the void left in its finances following the Gulf of Mexico oil spill. The sale of the stake will bring the total [...]
Walk in the Parken February 22, 2011 FC COPENHAGEN 0 vs CHELSEA 2 CHELSEA manager Carlo Ancelotti claimed his big-name strikers are comfortable with being part of a rotation policy after a Nicolas Anelka double all but booked his side’s place in the quarter-finals of the Champions League. Since the arrival of Fernando Torres, Ancelotti has unsuccessfully attempted to harness the Spaniard, [...]
Hands’ hope for EMI cash February 22, 2011 GUY HANDS, the private equity tycoon, has told investors he can recover £1.7bn of the cash he lost in British music group EMI. In a quarterly letter to shareholders, the Terra Firma chairman said he “remains hopeful of returning all of the capital” invested in EMI through the firm’s TFCP III fund. He added: “This [...]
