What the other papers say this morning November 5, 2012 FINANCIAL TIMES Italian police seize castle in tax probe Italian police have confiscated €65m of assets, including a 15th century castle, from the Marzotto family for suspected tax evasion connected to the 2007 sale of the Valentino fashion brand. The Marzottos are under investigation over the €2.6bn sale of Valentino and its Hugo Boss subsidiary [...]
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, [...]
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 [...]
FTSE falls on uncertainty over US election and fall in price of copper November 5, 2012 BRITISH blue-chip firms fell yesterday as investors eased back on risky plays ahead of US elections, with miners among the top fallers as they continued to suffer from the low price of copper. At the close, the FTSE 100 was down 29.490 points, or 0.5 per cent, at 5,839.06, in thin trading volumes of 70 [...]
Apprehension over US election leads FTSE 100 lower November 5, 2012 The blue chip index was trading down this morning, as investors awaited the outcome of a tightly-fought US election. Miners weighed on the main share index this morning, while ITV also sustained losses. On the FTSE All-Share, data centre provider Telecity fell almost 8.5 per cent in early deals despite reporting robust trading across its [...]
HSBC to face up to $1.5bn in US fines November 5, 2012 BANKING giant HSBC will today announce that it is having to put aside another half a billion pounds to pay fines for breaking anti-money laundering regulations. The bank’s lax security controls failed to stop drug dealers laundering money through the bank’s Mexican operations. In July it set aside $700m (£437m) to pay the anticipated fines, [...]
FTSE 100 down as investors await US jobs report November 2, 2012 The leading share index was trading down in early trading, as investors were cautious ahead of October’s US jobs report. The key US data is forecast to show non-farm payrolls rose 125,000 last month following a 114,000 increase in September. Insurer Admiral Group was the biggest blue chip loser this morning, shedding more than five [...]
Regulators ask banks to hold more capital November 1, 2012 GLOBAL regulators yesterday said Citigroup, Deutsche Bank, HSBC and JPMorgan Chase will need to hold the most extra capital of 28 banks considered so large and complex they need an extra buffer to absorb potential losses. The four global banks will be required to hold an extra 2.5 per cent of common equity as a [...]
Biggest banks earmark £10bn to cover mis-selling claims November 1, 2012 THE BIGGEST banks have now set aside more than £10bn to cover PPI mis-selling compensation payouts, and analysts believe the total for the industry has smashed the £12bn mark. RBS today sets aside an additional £400m to cover the claims from aggrieved customers, taking its individual total to £1.725bn so far. And analysts believe HSBC [...]
Barclays vows to fight market fiddling charge November 1, 2012 BARCLAYS yesterday vowed to fight a US regulator’s claims that it rigged energy markets, arguing its staff’s actions had no impact on prices. The bank faces a $470m (£292m) fine from the Federal Energy Regulatory Commission (FERC), which accuses traders of manipulating markets from 2006 to 2008. The four traders in question – Daniel Brin, [...]