Three Spanish banks put aside billions for new property losses May 13, 2012 SPAIN’S banks will put aside at least €10bn (£8bn) to absorb new losses on a legacy of toxic real estate loans, three of the country’s largest lenders have said. Santander, CaixaBank and Bankia, which is set to be nationalised, all said yesterday that they will make provisions worth billions in response to tougher requirements unveiled [...]
Lawmaker calls on USA to ban Dimon’s trades May 13, 2012 US REGULATORS must design new rules in order to make it impossible for banks like JP Morgan to suffer huge losses of the kind revealed last week, according to one of the architects of America’s flagship financial reform law. Barney Frank, who co-authored the Dodd-Frank financial reform act, told ABC yesterday: “I hope that the [...]
This hedging hiccup could lead to even tougher rules May 13, 2012 IT’S only 74 days to go now before the start of the London 2012 Olympics and organisers are clambering over themselves to tell us how it will be the cleanest games yet. Drugs cheats will have nowhere to run, masking agents will be unmasked and only the truly virtuous will get to the winners’ podium. [...]
Politicians will draw the wrong lesson from JP Morgan’s losses May 13, 2012 JAMIE Dimon’s straight talking came back to bite him last week when he was forced to admit that rumours of huge bets JP Morgan had made using its treasury were a little more than “a tempest in a teapot”, as he had called them. Dimon’s critics have been quick to use the incident to call [...]
City panel says Greece looks increasingly likely to exit euro May 13, 2012 GREECE’S exit from the euro is looking increasingly likely, according to the overwhelming majority of our readers’ panel. Eighty-six per cent of our panellists, who have been specially recruited to represent London’s financiers and business people, said they thought Greece’s exit from the euro was either very or somewhat likely. Just fourteen per cent thought [...]
MPs Hague and Umunna battle over business May 13, 2012 THE SPAT between Conservative and Labour politicians over the state of British business intensified yesterday when Chuka Umunna took on William Hague. Foreign secretary William Hague reproached critics of last week’s Queen’s Speech who say it did not go far enough in its measures to boost UK business. “I think they should be getting on [...]
Hammond: gay marriage and Lords reform are low priorities May 13, 2012 DEFENCE secretary Philip Hammond has said House of Lords reform and proposals to legalise gay marriage are not priorities because the government must focus on policies “that matter”. He told the BBC’s Andrew Marr show: “Legislation on the House of Lords is in the Queen’s Speech. It will be introduced, and it will proceed. The [...]
Charges after protesters set up camp outside Bank of England May 13, 2012 SIX people have been charged after an Occupy protest that sprang up near the Bank of England. Four people were charged with public order offences and two with obstructing a police officer and are due to appear in court next Monday, City of London Police said. The demonstration attracted around 300 people and lasted for [...]
Borrows set to reign at 3i after Queen leaves May 13, 2012 TOP City rainmaker Simon Borrows is set to be named this week as chief executive of 3i, Britain’s oldest private equity firm. Borrows, who joined as chief investment officer last summer, will take over from Michael Queen, who in March announced his intention to step down. The promotion of Borrows will surprise few in the [...]
Time running out for LightSquared May 13, 2012 US tech start-up LightSquared could file for bankruptcy if it fails to make a deal with creditors today. Owner and hedge fund manager Philip Falcone needs to reach an agreement before the close of business in New York to avoid default on a $1.6bn loan. LightSquared’s future was thrown into doubt in February when US [...]
