What the other papers say this morning October 10, 2012 FINANCIAL TIMES Goldman “muppet hunt” draws blank Goldman Sachs has told its board of directors that an internal investigation found little substance to allegations made by Greg Smith, the disaffected employee who claimed the bank has a “toxic environment” where bankers refer to clients as “muppets”. The review found that weeks before his public resignation [...]
UBS probe focused on Adoboli October 10, 2012 The head of an internal UBS probe into “rogue trader” Kweku Adoboli, accused of losing the Swiss bank $2.3bn (£1.4bn), did not consider whether others at the bank might have been involved, a London court heard yesterday .However, Ruwan Weerasekera, chief operating officer of UBS’s investment arm, said two other independent inquiries had looked into [...]
Fed finds US growing modestly October 10, 2012 The US economy is growing modestly, according to the Federal Reserve’s latest Beige Book, released last night. In its September report, based on anecdotal evidence collected by regional Fed banks, the Fed said hiring conditions were little changed over the several weeks. Its business contacts suggest economic activity is still expanding modestly in most regions [...]
City welcomes relaxing of banking rules October 10, 2012 THE CITY reacted positively to the Financial Services Authority (FSA)’s easing of banking rules yesterday, sending shares in Britain’s major banks up, although experts warned that the moves could prove risky. The FSA has been relaxing rules on capital and liquidity in recent months to encourage banks to lend. Banks are now set a fixed level [...]
A failed merger that puts a defence giant at America’s mercy October 10, 2012 THE merger of BAE and EADS should always have been seen as a long shot. The two firms may have agreed on the commercial logic of tying the knot, but they should have recognised it would never be simple to get the German, French and British governments to sign off on the marriage. As such, [...]
Phone hacking at Bakrie family ahead of Bumi board meeting October 10, 2012 TELEPHONES and emails of the influential Singapore Bakrie family have been hacked, an official of the Bakries said yesterday. The family added it had “strong suspicions” on who was behind the attacks. It comes a day before a board meeting of London-listed Bumi in Singapore, although it is understood that they are unlikely to attend. [...]
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 [...]
