Rajoy and Hollande call for quick banking union October 10, 2012 SPANISH Prime Minister Mariano Rajoy urged his fellow Eurozone leaders to push on with their pledge to form a full banking union, during a joint press conference with French President Francois Hollande yesterday. Rajoy dismissed the suggestion that German disagreements over the scope of the new regulator were holding up the scheme. Germany’s Chancellor Angela [...]
Eurozone industrial output jumps despite overall gloomy trend October 10, 2012 INDUSTRY in the Eurozone enjoyed a shock improvement in August, but the monthly blip was not enough to overturn the medium term downward trend, according to government data released yesterday. Industrial production expanded by 1.5 per cent in France between July and August, driven by a 1.8 per cent expansion in manufacturing output, Insee said, [...]
Banks face five year struggle to deleverage October 10, 2012 BRINGING their debts down to sustainable levels will take big European banks at least five more years, data put out today suggested. Seventy-one per cent of financial institutions surveyed by Deloitte said they expected deleveraging to go on for at least half a decade, with two thirds of respondent banks citing regulator demand as being [...]
MEPs back new measures to jail financial fraudsters October 10, 2012 MEMBERS of the European Parliament voted yesterday in favour of new rules that could see financial market fraudsters punished with prison sentences. The move comes amid accusations of Libor-fixing at several more global banks, with Brussels pledging to clamp down on financial misconduct. MEPs voted by 39 votes to zero to continue European Commission provisions [...]
Monti reveals Italian tax cut October 10, 2012 PRIME Minister Mario Monti announced an income tax cut to help low earners yesterday, giving a rare lift to struggling Italian households ahead of parliamentary elections next year but leaving unions dissatisfied and threatening a strike. The unexpected measure was presented along with a rise in value added tax and a raft of spending cuts [...]
Megafon hopes to clarify deal details in days October 10, 2012 ADVISERS to Megafon, the Russian mobile phone operator intending to float in London and Moscow, said it would clarify the intentions of its controlling shareholder Alisher Usmanov in the next few days after concerns there might be corporate governance issues. The group, which published its intention to float statement earlier this week, was rocked by [...]
Toyota will recall 7.4m vehicles over glitch with power window October 10, 2012 TOYOTA Motors said yesterday it would recall more than 7.4m vehicles worldwide as a faulty power window switch was a potential fire hazard, the latest in a series of setbacks that have dented the reputation of Japan’s biggest carmaker. The voluntary move is the biggest single recall since Ford pulled 8m vehicles off the road [...]
City Views | Do think Cameron’s coalition is on the right track to recovery? October 10, 2012 BILL BLYTHE GRESHAM COMPUTING No, because I think that they should be looking at investing in entrepreneurs, start-ups and young people – like apprenticeship schemes. Lots has been taken out of welfare but I think they need to be severe and take out more. NILESH HINDOCHA AVIVA INVESTORS We’re in a mess at the moment [...]
Bank’s Jenkins tells investors to speak up October 10, 2012 BANK of England policy maker Robert Jenkins has urged institutional investors to weigh in with their opinions on banking rule changes, or risk being left with unsatisfactory reform. The Financial Policy Committee member said asset managers are the “missing piece” in making banks more robust. “What stakeholder group other than the investment management industry has [...]
UK car insurers enjoy £300m legal victory October 10, 2012 BRITISH motor insurers yesterday celebrated a legal victory relating to a rise in personal injury awards, saying the decision will save them £300m. The Court of Appeal ruled that the forthcoming 10 per cent rise in personal injury payouts will only apply to claims made after 1 April 2013 – and not older claims that are [...]
