Banks win battle to soften capital requirements for Basel III rules June 24, 2010 INTERNATIONAL banking regulators are preparing to strip down their recommendations on how to ensure the industry’s financial strength, following months of wrangling. In an attempt to ensure the timetable for announcing the reforms can go ahead as planned in November, a consensus within the Basel Committee is now suggesting that the radical blueprint of global [...]
Judge refuses delay on Gulf drilling ban June 24, 2010 THE OBAMA administration was dealt a fresh blow yesterday after a US judge who overturned a six-month moratorium on deepwater drilling refused to put his ruling on hold while the government appeals. US district judge Martin Feldman in New Orleans rejected the request to stay his decision from earlier in the week. Interior secretary Ken [...]
FTSE sinks to lowest level in a month as Fed’s statement makes investors nervous June 24, 2010 BRITAIN’S FTSE 100 share index fell yesterday as fears over the sustainability of a global recovery hit commodity-linked stocks and banks as risk appetite waned. The FTSE 100 closed down 78.29 points, or 1.5 per cent at 5,100.23 points, its lowest closing level in almost a month after shedding 1.3 per cent on Wednesday. A [...]
Fears over strict financial reform weigh on Wall St June 24, 2010 THE S&P 500 fell for the fourth straight day yesterday as fresh signs of consumer weakness and worries about stringent financial regulation provoked investors to unload positions. The S&P 500 has lost 3.8 per cent in four days, with retailers among the biggest decliners. Banks were pressured by fears Congress would pass stringent rules in [...]
Dutch group plans trip to US to stop the oil spillage June 24, 2010 A GROUP of Dutch engineers plan to travel to the Gulf of Mexico within two weeks to try to stop the oil spill, backed by a €5m (£4.1m) donation. Crane company Mammoet, which raised the Kursk submarine in 2001 after numerous attempts by other firms, contacted BP, Transocean and the US government last week with [...]
Time to rejig your finances June 24, 2010 HE had promised us a tough Budget and on Tuesday, chancellor George Osborne gave us one – most households will be worse off as a result of the measures announced. But it’s not like we weren’t warned – ever since the coalition government gained power last month, it has been austerity, austerity, austerity. It should [...]
Manage your risk when trading the markets June 24, 2010 For many years, trading the financial markets and spread betting in particular, was felt to be the reserve of City professionals. But advances in technology over the last decade or so and an increased awareness of the impact that the gyrations of financial markets can have on our everyday lives have meant that financial trading [...]
Cowdery buys Axa’s UK arm in £2.8bn deal June 24, 2010 RESOLUTION will reshuffle the leadership of its insurance consolidation project after agreeing to pay £2.8bn for the British life and pensions businesses of French group Axa yesterday. Axa’s UK arm will be merged with Resolution’s existing holding, Friends Provident, to create Friends Life. Trevor Matthews will stay as chief executive but David Hynam, Graham Harvey [...]
PERSONAL FINANCE NEWS June 24, 2010 PAY BY CARD TO GAIN REWARDS Savvy shoppers could earn substantial rewards by whacking all their day-to-day spending on the plastic. Based on an average household spend of £386.30 per week on a reward credit card, and by paying off the balance in full each month, Confused.com research shows after just one year, some of [...]
Resolution cash call breaks new ground June 24, 2010 JUST weeks after two separate studies of rights issue fees were launched, Resolution revealed a £2bn cash call which will pay investors more commission than investment banks. Total fees on the rights issue will come to 2.7 per cent, below the market average of 3.25 per cent. Shareholders, who agreed in advance to sub-underwrite more than [...]
