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 [...]
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.
