Banks to miss start date for Basel III rules October 8, 2012 AN international banking supervisor has warned that some countries will miss a January deadline to implement tough new capital and liquidity rules for their banking sector. “It is clear that not all jurisdictions will be ready in time,” said Stefan Ingves, chairman of the Basel Committee for Banking Supervision yesterday, as the group released its latest [...]
Moody’s slashes rating on Cyprus October 8, 2012 CYPRUS came in for a hammering last night as ratings agency Moody’s chopped its view of the country, bringing it down from Ba3 to B3 – a three notch plunge. The agency also gave a negative outlook to the ratings, suggesting they might fall yet further, citing “profound difficulties in the Cypriot banking sector”. These difficulties [...]
Data hints at further gains in Germany October 8, 2012 GERMAN exports jumped even more than expected in August, amid growing signs that the country is faring better than its Eurozone neighbours. Seasonally adjusted exports jumped 2.4 per cent month-on-month, far better than the forecasted drop of 0.5 per cent. And investor sentiment in the core economy has picked up further this month, according to [...]
Eurozone pain to dampen bank lending October 8, 2012 ECONOMIC pain in the Eurozone is set to be heightened by a collapse in bank lending, according to an ominous report released this morning by Ernst & Young. The audit firm estimates that bank lending this year will have fallen twice as fast as during the aftermath of the financial crisis, with under-pressure peripheral countries [...]
BAML warns of strikes impact in South Africa October 8, 2012 BANK of America Merrill Lynch (BAML) yesterday sounded a warning on South Africa, cutting ratings across the country’s investment sectors. The investment bank is now underweight on the country, after downgrading South African consumer stocks to neutral and keeping banking stocks underweight. Amid the crisis-hit mining sector, BAML downgraded the South African resources sector from [...]
Confidence dip halves interest in M&A activity October 8, 2012 CITY hopes for an uptick in the stagnant mergers and acquisition market are set to be dashed today as figures reveal M&A appetite among board executives has halved since last year. A study of 1,500 executives surveyed in August and September by Ernst & Young reveals interest in M&A deals has fallen among senior executives [...]
Michael Page cuts headcount as profit sinks October 8, 2012 RECRUITER Michael Page International saw its share price yo-yo yesterday as investors reacted to its second profit warning this year amid mounting third quarter losses for its core businesses in UK and Europe. Shares climbed back four per cent during the day to close at 363p having plunged in opening trading from 368p to 348p [...]
City Views | Do you believe in the coalition’s Economic plans? October 8, 2012 JASON WINDIBANK LLOYDS BANKING GROUP Yes I do, because I think they had to take some very hard decisions and they’ve gone about it the right way. This government inherited a lot of debt; if they hadn’t taken the decision they have, then our triple A ratings would have diminished. STEPHEN HANDS BLOOMBERG I do [...]
Analyst Views | Why is Michael page struggling? October 8, 2012 MIKE VAN DULKEN ACCENDO MARKETS Tough macro growth environment – struggling world growth, austerity impact, financial sector slowdown – is taking its toll on the recruitment sector. Headcount reduction is in place, and not just among clients. Broker consensus figures are set to be trimmed. CAROLINE DE LA SOUJEOLE SEYMOUR PIERCE The poor outturn is [...]
Top candidates exit race to be next Bank boss October 8, 2012 THE COMPETITION for the next governor of the Bank of England heated up yesterday as the window for applications closed, with several high profile candidates ruling themselves out. Goldman Sachs economist Jim O’Neill – who coined the widely-used acronym BRICs – said yesterday he hadn’t applied for the job. And Australian central banker Glenn Stevens [...]
