WHAT THE OTHER PAPERS SAY THIS MORNING December 7, 2010 FINANCIAL TIMES FSA CHIEF WARNS ON BANK RULES Ensuring that the heads of failed banks face punishment would likely require a set of rules that held them to higher standards than other company directors, the head of the City watchdog has warned. Lord Turner, chairman of the Financial Services Authority, makes this argument while defending [...]
EU raids AstraZeneca and other pharma companies December 3, 2010 EU antitrust regulators have raided the offices of some pharmaceutical companies, including AstraZeneca, suspected of colluding to block the market entry of cheaper generic drugs. The European Commission, which acts as the competition watchdog of the 27-nation European Union, said on Friday the raids – the latest in a series targeting improper activities in the [...]
EU agrees new regime to police rating agencies December 2, 2010 THE EUROPEAN Union has agreed to give a new EU watchdog powers to probe and fine credit rating agencies from January in the latest move to clamp down on the sector. The agreement was reached by representatives of EU states and the European Parliament late on Wednesday and is expected to be formally approved by [...]
CITY GENTS DON THEIR TOP HATS FOR RACES November 23, 2010 CITY firms will be flocking to Newbury Racecourse for its “gentlemen’s day” on Friday, with the venue reporting a 30 per cent year-on-year jump in corporate bookings from City firms. Firms signing up for the event include Cushman & Wakefield, Publicis and Arbuthnot Securities – but what, you may ask, is a “gentlemen’s day”, other [...]
The ex-investment banker who is shaking up the retail trading world November 22, 2010 ROBIN OSMOND does not come across as somebody intent on disrupting the status quo. But this is exactly what the softly spoken and quietly animated LMAX chief executive has in his sights with the launch of the firm’s new retail trading venue. The exchange, which currently offers contracts for difference (CFD) and rolling spot FX, [...]
EU not City dictates capital’s future November 15, 2010 THERE is something magical about the Lord Mayor’s annual banquet at the Guildhall. One is surrounded by pomp and pageantry; all the guests are decked out in white tie and tails, and dozen upon dozen of Britain’s top business executives make the time to listen to the Prime Minister, the Lord Mayor, the Lord Chancellor [...]
Vodafone set to pay £350m in tax dispute November 15, 2010 VODAFONE was yesterday told it must pay £350m in relation to its Indian tax dispute within the next three weeks. The telecoms giant must also make a bank guarantee worth £1.2bn within eight weeks. Vodafone is embroiled in a legal battle with Indian authorities over a disputed capital gains tax bill relating to its 2007 [...]
OFT claims new banks face hurdles to high street success November 4, 2010 THE OFFICE of Fair Trading (OFT) said yesterday that smaller retail banks face significant challenges when trying to entice customers away from the high street giants. Customers are reluctant to switch banks and remain loyal to existing brands, the watchdog said in a research paper published yesterday. Smaller banks also complained of difficulties in getting [...]
PRICES NEED SCIENCE NOT GUESSWORK November 4, 2010 SERIAL ENTREPRENEUR AND AUTHOR PRICE is well known to be the single most powerful determinant of profit, so why continue to use guesswork more than science? What is the right price for your product and service? Do you really have an educated idea? Have you gone to the trouble of testing and checking different prices, [...]
Exchange crash may be sabotage November 2, 2010 A WORKER at the London Stock Exchange is being investigated over allegations he deliberately sabotaged its Turquoise trading platform. The high frequency trading platform crashed during early morning trading yesterday and was offline for two hours. The exchange released a statement saying the incident was caused by human error that “may have occurred in suspicious [...]