US closes in on tax evaders November 8, 2012 In a step toward reining in offshore tax evasion, the US Treasury Department yesterday said it was close to finalising tax information-sharing pacts with countries ranging from Canada to islands such as Guernsey and the Isle of Man. Treasury listed 47 jurisdictions, from India to Sint Maarten, that are in various negotiation stages on agreements [...]
Bank trade body wants Libor cull November 8, 2012 Most Libor interest rates should be scrapped by April to restore trust in what remains of the rigged benchmark, the British Bankers Association (BBA) said. It said only 30 of 150 variations of the London Interbank Offered Rate should stay under a proposal it published for consultation. The government has asked the FSA to make [...]
Parliamentary bank probe to retain Welby November 8, 2012 A FORMER City oil executive widely tipped to be unveiled as the new Archbishop of Canterbury this morning is expected to keep his position on a Parliamentary commission into banking standards. Bishop of Durham Reverend Justin Welby, an Old Etonian who currently helps scrutinise banking standards as part of his role as a member of [...]
SNR Denton set for three way merger to create legal giant November 8, 2012 CITY law firms SNR Denton, Salans and Canadian outfit Fraser Milner Casgrain yesterday announced plans to merge the practices to create the seventh largest law firm on the planet. In an explicit challenge to the dominance of the Magic Circle law firms in the City, the new business will become the biggest energy and mining [...]
Small firms attack banks’ push for widest possible ringfence November 8, 2012 BANKS advising the government on the industry’s new ringfencing rules are misleading regulators on the kind of products small firms want, and wrongly promoting inappropriately complex products, a leading campaigner told City A.M. Small firms only want a handful of very basic products, and nothing else should be within the ringfence, the Federation for Small [...]
Aviva to sell US unit at discount to boost revival November 8, 2012 INSURANCE giant Aviva yesterday said it will sell its struggling US business at a substantial discount in order to ensure its radical turnaround plan remains on track. Executive chairman John MacFarlane confirmed that the sale of the Iowa-based business is on the horizon and said it is set to fetch far less than its £2.4bn [...]
Samsung overtakes Apple as Galaxy S3 becomes a bestseller November 8, 2012 SAMSUNG’S Galaxy S3 overtook Apple’s iPhone 4S to become the world’s bestselling smartphone in the third quarter of the year, according to research firm Strategy Analytics. Samsung shipped 18m of its flagship model, compared to the iPhone 4S’s 16.2m. This was partly due to the fact that the latest version of Apple’s device, the iPhone [...]
S&P revises Lloyds TSB rating outlook due to profit forecasts November 8, 2012 CREDIT rating agency Standard & Poor’s (S&P) yesterday downgraded its outlook on Lloyds TSB to negative from stable, citing the additional £1bn provision for payment protection insurance (PPI) mis-selling claims which the bank made at last week’s third quarter results. S&P said the additional provision makes it likely that Lloyds will see a pre-tax loss [...]
SocGen profits demolished by Greek writeoff November 8, 2012 THE SALE of Greek lender Geniki wiped out Societe Generale’s profits in the third quarter, according to the French bank’s financial results published yesterday. Profits plunged 86.3 per cent to €85m (£67.8m), from €622m in the third quarter of 2011. That takes profits for the year to date to €1.25bn, 45.3 per cent below the [...]
Market doubts Commerzbank shakeup will boost prospects November 8, 2012 GERMAN lender Commerzbank swung back to profits in the three months to September, with commission income growing, according to figures published yesterday. The bank made a profit of €78m (£62.2m) in the quarter, compared to a loss of €687m a year earlier. Commerzbank said it will invest €2bn by 2016 to refocus on areas like [...]
