An unusually brilliant move by Osborne will give City a huge fillip November 26, 2012 TO my great surprise, George Osborne has just pulled off an amazing hire. Appointing a new governor of the Bank of England was always going to be Osborne’s most important decision. I thought the chancellor would go for the easy choice – I was wrong. His wooing of Mark Carney, who will shake up the [...]
What the city made of George Osborne’s latest appointment November 26, 2012 VIJAY KRISHNASWAMY HYMANS ROBERTSON “We see this as an exciting and bold step for the Bank of England. Mark Carney is a well-respected financial figure with a strong track record.” PHILIP SHAW INVESTEC “Mark Carney is a surprise choice but he is highly respected, and experienced, regulating the Canadian banking system and chairing the G20’s [...]
Stepping into a historic banking job November 26, 2012 WHEN he takes up the mantle at the Bank of England, Carney will be stepping into shoes filled by 119 others over 319 years, since first governor Sir John Houblon. Carney succeeds Sir Mervyn King, who took the role on in 2003, and led the institution through the UK’s worst recession for decades. Sir Mervyn’s [...]
Osborne’s hire could herald a Bank shake up November 26, 2012 MARK CARNEY’S succession to the Bank of England throne will be the first step in a revolution at the top of the central bank, analysts forecast yesterday. Deputy governor for monetary policy Charlie Bean will leave after a year, chancellor George Osborne confirmed in his announcement to parliament. And Paul Tucker, deputy governor for financial [...]
Carney is a great choice – but he didn’t save Canada November 26, 2012 IN hiring Mark Carney, George Osborne has ensured that Britain will stay at the forefront of global financial market regulation. The new governor will be a game-changing counterweight to European banking reform and a man certain to keep the UK’s financial services sector at the centre of its economic recovery. His chairmanship of the Financial [...]
What the other papers say this morning November 26, 2012 FINANCIAL TIMES Intrade to cut off bets from US Intrade, the leading prediction market for bets on events from elections to box-office receipts, said it would cut off US customers next month in the face of a regulator’s lawsuit. The Dublin-based online marketplace was regularly cited as a barometer of the fluctuating odds of the [...]
Schapiro steps down from SEC chairmanship November 26, 2012 THE HEAD of America’s financial watchdog will be replaced by a Democrat next month, the White House said yesterday, in the first regulatory reshuffle since President Barack Obama’s reelection. Mary Schapiro, a registered independent voter who has chaired the Securities and Exchange Commission since January 2009, is stepping down on 14 December. She will be [...]
Eurozone finance ministers to allow Greece to cut its debt November 26, 2012 EUROZONE finance ministers and the International Monetary Fund clinched agreement on a new debt target for Greece last night in a breakthrough towards releasing an urgently needed tranche of loans to the near-bankrupt economy, officials said. After nearly 10 hours of talks at their third meeting on the issue in as many weeks, Greece’s international [...]
Barclays’ shares drop on sale of Qatari warrants November 26, 2012 BARCLAYS’ shares dropped sharply yesterday after a sizeable sale of warrants by Qatar Holdings, which invested heavily in the bank at the height of the financial crisis. Goldman Sachs and Deutsche Bank bought the warrants – which can convert into shares at a later date – from the fund, and aimed to sell up to [...]
Megafon set to float in London as investors line up for shares November 26, 2012 ALISHER Usmanov’s Russian telecoms group Megafon appeared to be on track to successfully pull off its £1bn plus flotation yesterday, with banks saying the controversial share sale had attracted sufficient investor demand. The listing of Russia’s second-largest mobile phone firm was nearly killed at its inception when the intention to float announcement was accompanied by [...]
