EU in bid to veto UK bank reform October 30, 2011 THE BANKING FILES THE banking reforms proposed by the Vickers Commission could be illegal under EU law, according to an internal Treasury document obtained by City A.M. UK authorities are currently locked in fractious negotiations with Brussels over the details of new EU capital rules, with the European Commission (EC) arguing against giving Britain the [...]
City rejects Eurozone debt deal October 30, 2011 THE City has delivered a crushing vote of no confidence to Eurozone plans to avert a deepening of the debt crisis, according to our latest poll, run in association with PoliticsHome.com. Net confidence in the Eurozone deal as a whole was at –41 per cent. A damning 65 per cent of those polled said they [...]
Weak City to harm UK jobs October 30, 2011 THE NEGATIVE impact of the Eurozone crisis on the City will damage the whole of the British economy, economists warned this morning. Financial sector employment fell by 14,000 in the second quarter, Ernst and Young’s Item Club said, while it expects no or little recovery in City jobs next year. “Given the extent to which [...]
Britain’s universities need real reform October 30, 2011 IF Britain were a rational country, we would be spending far more time and energy seeking to improve the quality of our higher education to ensure that it can compete globally – and better to help young people prepare themselves for their lives and careers at a time when cognitive ability, creativity and knowledge are [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 30, 2011 FINANCIAL TIMES SCHÄUBLE CALLS FOR EU LEAD ON TOBIN TAX Wolfgang Schäuble, Germany’s finance minister, wants the European Union to take the global lead in introducing a financial transaction tax to curb speculative trading, along with tougher regulation of big banks and the “shadow” banking sector, such as hedge funds. If the UK blocked agreement [...]
Bank valuations slip to 2008 levels October 30, 2011 Bank valuations have been rocked by the sovereign debt crisis and investor equity risk concerns, according to the latest PwC Valuations Index. The rating slipped to just 60, hitting the lowest level since the financial crisis, with equity valuations indicating slower return to growth than forecast. Nick Rea, head of the financial services valuations team [...]
Lehman battle in Supreme Court October 30, 2011 A long-running investor battle over the client money handled by Lehman Brothers’ European arm before the group collapsed is set to be resolved at a Supreme Court hearing opening today. Hedge fund GLG is appealing an earlier ruling which increased the number of investors who may be able to gain access to cash held, but [...]
Shareholders want better Omega price October 30, 2011 MULTIPLE institutional shareholders of Omega Insurance are deeply unhappy about the price offered by the recommended bidder for a chunk of its shares, City A.M. has learned. Shareholders including Omega’s founder John Robinson are “very aggrieved” that an offer tabled by US insurance entrepreneur Mark Byrne for 25 per cent of the company will use [...]
Crunch time for Buckles as deadline for G4S deal looms October 30, 2011 THE chief executive of security firm G4S has spoken to more than 200 shareholders in the last fortnight as opponents to the £5.2bn takeover of ISS continue to emerge. Nick Buckles has been meeting and calling investors to talk them round in the run-up to Wednesday’s vote on the deal. He needs to win 75 [...]
China offers support instead of cash to Eurozone rescue efforts October 30, 2011 GREATER co-operation between China and the Eurozone is a likely result of the crisis, but China cannot be seen as a “saviour” of indebted nations, Chinese news agency Xinhua announced yesterday. The agency, usually seen as the mouthpiece of China’s rulers, said “a prosperous and stable Europe is important to China’s stability and development as [...]
