Banks to defend dark pools October 4, 2009 The Investment Banking Association is today expected to reject claims from European stock exchanges that “dark pool” trading facilities have created an uneven playing field. It will argue that they provide a legitimate service and encourage liquidity in the market. Dark pools enable investors to trade large blocks of shares anonymously without prices being revealed [...]
WHAT THE OTHER PAPER SAY THIS MORNING October 4, 2009 FINANCIAL TIMESBERMUDA LOOKS TO BECOME HUB FOR CAT BONDSBermuda is making a push to become a leading centre for catastrophe bonds and other forms of specialist insurance investment by creating a special type of regulatory regime. Matthew Elderfield, chief executive of the Bermuda Monetary Authority, expects the next wave of capital that enters the insurance [...]
Labour lays out cuts plans October 4, 2009 CHANCELLOR Alistair Darling said yesterday he was having “robust” talks with other cabinet ministers over future spending cuts. He told the International Monetary Fund (IMF) the battle to reduce the deficit would require tough choices, but said Tory plans for immediate cuts risked “crashing the economy”. Speaking in Istanbul, he said Labour would continue to [...]
Big government Britain isn’t working October 4, 2009 NEXT year, government spending in Britain will reach 54.1 per cent of gross domestic product (GDP), up from 36.6 per cent in 2000. This devastating statistic, buried one the OECD’s website, has been largely overlooked; yet it is one of the most important facts that everybody should know about today’s Britain. It demonstrates that almost [...]
StanChart ends talks with RBS October 4, 2009 AN ATTEMPT by Asia-focused bank Standard Chartered to snap up assets from stricken Royal Bank of Scotland (RBS) has failed, City A.M. can confirm. Talks between the banks over the sale of around $200m (£126m) of RBS assets in China, India and Malaysia have collapsed after the pair failed to agree on a price. RBS [...]
TNinety-eight US banks have failed this year October 4, 2009 THREE more US banks have collapsed, pushing the total number of banking failures in the country so far this year to 98. An average of ten US banks have failed in every month of this year – the highest tally since 1992, when 181 banks went under. And the figure is nearly four times as [...]
TORIES TO WAGE WAR ON WORKSHY October 4, 2009 CONSERVATIVE leader David Cameron yesterday promised to shake up Britain’s complex welfare system and to slash the numbers of long-term unemployed. Speaking on the eve of the four-day Tory party conference in Manchester, Cameron promised to use tax reform and deregulation to help employers take on new staff. He said private training firms would be [...]
CIT Group eyes rescue options October 1, 2009 CIT Group is understood to be eyeing a loan of up to $7bn if a planned debt exchange offer fails and the commercial lender has to file for pre-packaged bankruptcy. The board of the lender, which caters to small and mid-sized businesses, is understood to have been meeting to consider a restructuring plan. Under the [...]
Embraer fears drop in jet orders October 1, 2009 Embraer, the world’s third largest commercial jet maker, expects aircraft orders to decline in 2009 as credit dries up because of the global financial crisis, chief executive Frederico Curado said yesterday. The Brazilian company’s order backlog was also likely to show a slight fall in the fourth quarter, he said.
Airbus A400M completes trials October 1, 2009 Technicians have completed crucial engine trials on the Airbus A400M military transport plane, clearing a significant obstacle to its long-delayed maiden flight. The in-flight tests were carried out by fitting one of the A400M’s newly developed turbo-prop engines to the wing of a converted Lockheed C130 Hercules transport plane at Marshall Aerospace, a specialist firm [...]
