Insurance group reassures flood talks ongoing November 25, 2012 THE Association of British Insurers (ABI) last night insisted that talks with the government to secure affordable flood insurance for thousands of homes were still ongoing as the rain continued to wreak havoc across the UK. City A.M. reported last week that the recent government reshuffle had delayed talks to replace the current subsidy deal, [...]
What the other papers say this morning November 25, 2012 FINANCIAL TIMES Microsoft in talks over Europe stores Microsoft is exploring the possibility of extending its showcase stores strategy to Europe as it bolsters the number of devices and appliances on its software platforms. Jenkins urged to axe Barclays unit Some of Barclays’ biggest investors have urged Antony Jenkins, the bank’s new chief executive, to [...]
Asmussen against write-down November 25, 2012 A write-down on Greek debt should not be part of the country’s next rescue package, European Central Bank board member Joerg Asmussen told Germany’s Bild newspaper ahead of today’s Eurozone group meeting. “We need a package of measures to close the financial gap that will include a substantial reduction of the interest rates and a [...]
Apple adds products to lawsuit November 25, 2012 Apple has asked a federal court to add six more products to its patent infringement lawsuit against Samsung Electronics, including the Samsung Galaxy Note II, in the latest move in an ongoing legal war between the two companies. The case is one of two patent infringement lawsuits pending in the US District Court in San [...]
Knight CEO plays down deal talk November 25, 2012 Knight Capital Group, currently in talks with at least two firms on the possible sale of its largest business unit, is well capitalised and would only pursue a deal if it created value for its shareholders and clients, Knight’s chief executive Tom Joyce said in an internal memo. The electronic trading firm has been approached [...]
Top think tank: Osborne set to miss his target November 25, 2012 THE CHANCELLOR may be faced with a double whammy of dropping a fiscal target and tightening the UK’s belt in next week’s Autumn Statement, a think-tank said this morning. Chancellor George Osborne will have to abandon his goal for the national debt to finally fall as a percentage of GDP by 2015-16, even if current [...]
HSBC chairman Flint backs new Hippocratic oath for bankers November 25, 2012 DOUGLAS Flint is pushing for bankers to swear an equivalent to the medical profession’s traditional Hippocratic oath, as part of plans to improve standards in the industry. The HSBC boss is already on board with Barclays’ proposals for a new professional body to oversee qualifications in the sector, track misdemeanours as bankers change jobs, and [...]
Spanish banks to cut jobs for €35bn from EU November 25, 2012 European authorities will transfer €35bn (£28.3bn) to Spain’s state bank rescue fund on December 15 in exchange for massive layoffs at Spain’s four nationalised banks, including state-rescued Bankia, El Pais newspaper reported yesterday. The cash injection from European bailout funds will be disbursed to troubled Spanish banks two weeks after it is paid into Spain’s [...]
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 [...]
