RBS Libor fines set to be drawn out painfully November 25, 2012 RBS now expects to take multiple blows from regulators in the coming months as their Libor fines are likely to be split over several days, rather than concentrated in one announcement, as with Barclays. Chief executive Stephen Hester wants the settlement to be agreed before February, to clear the cloud above the majority state-owned bank [...]
EU banks want to match US in delaying tough capital rules November 25, 2012 NEW CAPITAL rules are being introduced too quickly, putting European banks at a disadvantage compared with their US rivals, industry body the European Banking Federation (EBF) claimed over the weekend. The Basel III rules will hike the amount of capital banks must hold, with the aim of making them more resilient and less likely to [...]
Asset managers at risk of being mislabelled as shadow banks November 25, 2012 ASSET management firms risk tighter regulation if they are mis-labelled as shadow banks by government, an influential trade body has warned. The International Capital Market Association says the industry must be wary it is not tagged as part of the shadow banking industry – non-deposit taking financial intermediaries which resemble commercial banks. Bank deleveraging has [...]
UBM investors vote on move back to Britain November 25, 2012 UBM shareholders will today vote on a move back to Britain, after years of the business publisher basing itself in Ireland for tax reasons. The FTSE-250 listed firm is hosting a general meeting this afternoon after UBM’s board decided that recent changes to corporation tax make the UK a more hospitable place to headquarter itself. [...]
Another blow for drinkers as price floor hits November 25, 2012 MODERATE and excessive drinkers alike will have to cough up more for alcohol under the government’s plan to set a minimum alcohol price, a report on which is due to be announced on Wednesday. The government is expected to be presented with 40p, 45p and 50p as possible options for floors on the price of [...]
Dubai to build world’s biggest shopping mall November 25, 2012 DUBAI’s ruler announced ambitious plans this weekend to build the world’s biggest shopping mall with a park that will outstrip London’s Hyde Park in size. Emaar Properties, the United Arab Emirates’ largest developer, and Dubai Holding will build the new district called “Mohammed Bin Rashid City,” after the the Gulf city state’s ruler.
UK’s biggest 10 hedgies sit on £6.6bn fortune November 25, 2012 THE combined personal fortunes of the UK’s top 10 hedge fund executives weighed in at £6.6bn last year, a study out yesterday revealed, with Brevan Howard co-founder Alan Howard the richest hedge fund executive in the country with £1.4bn of assets. Data from Hedge Forensics, published in the inaugural Sunday Times Hedge Fund Rich List [...]
CVC gears up for sixth fund as it eyes water utilities assets November 25, 2012 PRIVATE equity giant CVC Capital Partners is set to push on with its sixth fund raising venture after testing the water with investors for a new €11bn (£8.9bn) fund. The firm, which owns Formula One and is co-owner of AA and Saga parent company Acromas, is soliciting investor interest for a successor to its CVC [...]
Item says weak investment will persist till 2015 November 25, 2012 BUSINESS investment will be stuck below its pre-crisis peak until at least 2015 because of weak confidence, Item forecasted this morning, calling for the Comprehensive Spending Review to be brought forward to give businesses more clarity over future spending cuts. Firms will increase investment spending by just 2.3 per cent across the whole of 2012, [...]
Firms say National insurance holiday would boost hiring November 25, 2012 SIMPLER taxes, an extended national insurance contributions (NICs) holiday and a shake-up of the banking system to promote competition will all help small firms grow, the Federation of Small Businesses (FSB) claimed today, pushing for its members to get help in the Autumn Statement next week. The lobby group’s submission to the chancellor also called [...]
