Government should scrap new City watchdog, says think-tank August 3, 2010 THE coalition’s plans for financial reform will do little to benefit supervisors, banks or the stock market, according to research by the free-market think-tank the Institute of Economic Affairs (IEA). Any replacement of the FSA will not prevent financial scandals, the IEA argues in a research paper, which says UK regulators have historically lacked proper [...]
EU in push for market clarity July 29, 2010 EUROPEAN Union regulators proposed radical changes in the way the region’s securities markets operate yesterday so that investors have a complete snapshot of prices currently fragmented by fierce competition. Heavy lobbying by bourses for their new rivals to face the same tough rules as themselves appears to have paid off. In-house trading by big banks [...]
PIMCO’S GROSS LOWERS THE TONE WITH A TOUCH OF TOILET HUMOUR July 28, 2010 FULL marks to Pimco managing director Bill Gross, who has excelled even his own high standards of witty repartee in his latest Investment Outlook newsletter. The most recent missive is dedicated to none other than the humble toilet – more specifically, the advent of electronic “eye” sensors in place of a manual flushing system. “It’s [...]
Indemnity market must be liberalised July 27, 2010 THIS year’s round of Professional Indemnity Insurance (PII) renewals promises to be one of the most turbulent ever, but it could spur much-needed changes to the way the system is run. All law firms in England and Wales have to renew their PII by 1 October, but last week insurer Zurich, which insured 13 per [...]
BA given approval for transatlantic tie-ups July 21, 2010 BRITISH Airways has been given the green light approval to operate a joint business on transatlantic flights with American Airlines and Iberia. The US Department of Transportation gave the airlines the go ahead. BA and its partners will co-operate commercially on flights to the US, Canada and Mexico from the EU, Switzerland and Norway. BA [...]
INSURERS STRAP IN FOR BLUNT’S MILE-HIGH RECORD-BREAKING GIG June 30, 2010 EVER wanted to watch James Blunt sing his heart out – live – at 42,000 feet? No, neither have we, but let’s not diminish Royal Sun Alliance’s (RSA) achievement in breaking the Guinness World Record for the world’s highest altitude live music show. The insurance group has kicked off its 300th anniversary celebrations with gusto [...]
City’s competitive edge blunted by bank levy June 27, 2010 THERE can be no doubt that Asia holds the key to the future growth of the global financial services industry, providing a whole host of new opportunities for the international business community, including many UK firms. And it is in all of our interests to help these rapidly emerging markets succeed and grow. That is [...]
China’s FX shift won’t spark a sustained rally June 21, 2010 IT WAS a decision that had been long awaited by the financial markets, analysts and policymakers alike. But the announcement by the Chinese central bank to gradually return the Chinese currency to a managed floating exchange rate was issued with little ceremony on Saturday evening Beijing-time. Despite its vagueness, the statement was leapt upon yesterday [...]
Tap the source of profit June 15, 2010 AS austerity measures kick in, growth in the UK is expected to be fairly lacklustre for the next few years. An investment expected to outpace economic growth in the coming years is water. And the investment case is – excuse the pun – watertight. Demand for water is growing strongly, yet investment in infrastructure has [...]
OFT should look at anticompetitive activity June 15, 2010 PARTNER, JONES DAY LLP EARLIER this year the Office of Fair Trading (OFT) published a report looking at the competition implications of firms taking minority interests in their competitors. Now the results are in, it looks likely that the regulator will take a closer look at this area. The report examines minority shareholdings, interlocking directorships [...]