Top banks call for earlier start for ring-fence November 5, 2012 THE QUICKER politicians finalise and introduce new regulations, the quicker banks will be able to implement them and move on with stabilising the industry, the chairman of HSBC and chief executive of Barclays said yesterday. The Financial Services Bill is currently going through parliament, covering areas including the ring-fencing of retail and investment banking operations, [...]
Nothing reassuring in HSBC’s tale of the unexpected November 5, 2012 STUART Gulliver tried to reassure the market yesterday in his third quarter message accompanying HSBC’s interim management statement. He ended with an upbeat take on China, “where we continue to expect a soft landing”. That would be more reassuring if it wasn’t coming from a bank that was admitting at the same time how offbeam [...]
G20 accused of failing to fully monitor most important banks November 5, 2012 THE WORLD’S biggest banks are not being properly supervised, a global regulator claimed last night, arguing authorities need to step up efforts to monitor risk and manage capital levels. The Financial Stability Board’s (FSB) update into regulatory progress found that national regulators often lack the resources to maintain a sufficient degree of scrutiny. And the [...]
Boris Johnson faces legal threat to London Living Wage campaign November 5, 2012 MAYOR Boris Johnson yesterday announced that the London Living Wage – the amount required to meet basic living costs – has increased from £8.30 to £8.55 per hour, substantially higher than the national minimum wage of £6.19 per hour. But his call for all local authorities to pay the higher sum could be illegal, according to [...]
Do you think the result of the us presidential election will affect the UK? November 5, 2012 JOHN WILLIAMS ISG Yes I do. Whichever way they take the United States economy – and there’s two quite diverse opinions with the two candidates – then directly, rather than indirectly it will affect the way the UK recovery will be required to go. Their policy will drive how we recover – we have to respond [...]
UK corporate borrowing hits five-year high November 5, 2012 UK FIRMS are borrowing more money from investors than at any other time since the financial crisis, a study out yesterday showed, as companies increasingly turn to the bond markets to access credit. UK corporate debt issuances have soared to $85.2bn (£53.4bn) so far this year, a record high and a 70 per cent increase [...]
Ethical asset funds see highest drop in retail sales on record November 5, 2012 ETHICAL investment funds saw the highest outflow of money on record last quarter amid slower retail fund sales, figures out yesterday reveal. Ethical funds, which account for around 1.2 per cent of investment funds, saw a £33m outflow in net retail sales in the third quarter, according to statistics from the Investment Management Association (IMA), [...]
Turkish government’s bond yields drop on Fitch upgrade November 5, 2012 TURKISH government debt is no longer junk rated, credit ratings agency Fitch said yesterday, pushing down the country’s borrowing costs. The state’s falling budget deficit and promising economic growth outlook combined to make the government’s debt a more attractive investment prospect, the agency announced as it raised the rating from BB+ to BBB-, the lowest [...]
Hiscox is set to ride out cost of Hurricane Sandy November 5, 2012 INSURER Hiscox yesterday said it would be able to manage the costs of Hurricane Sandy, the devastating storm that hit the US Eastern seaboard last week, despite predictions the storm could cost the insurance industry up to $20bn (£12.5bn). The FTSE 250 listed insurer, which underwrites personal and insurance risks around the world, said it [...]
Adoboli tells court he lied to protect colleagues and was not an addict November 5, 2012 ACCUSED UBS rogue trader Kweku Adoboli denied yesterday that he was addicted to gambling, saying that losses on his personal betting accounts were due to his life spiralling out of control. Adoboli also told a London court that he had been lying to protect his colleagues when he said in an email to the Swiss [...]
