Magna looks set to win GM July 22, 2009 THE GERMAN government has swung behind a bid from Canadian firm Magna for GM Europe, the owner of Opel and Vauxhall, which is up for sale as its parent company GM looks to sell the division. Chancellor Angela Merkel said the offer from auto parts supplier Magna was the best solution, disappointing rival bidders RHJ [...]
EUROPEAN PAIR LEAD RECOVERY August 13, 2009 FRANCE and Germany made a surprise return to growth in the second quarter of 2009, official data showed yesterday, making them the first of the major economies to exit the worst post-war global recession. Figures from Eurostat showed that Western Europe’s two largest economies both grew by 0.3 per cent in the three months to [...]
EUROPEAN PAIR LEAD RECOVERY August 13, 2009 FRANCE and Germany made a surprise return to growth in the second quarter of 2009, official data showed yesterday, making them the first of the major economies to exit the worst post-war global recession. Figures from Eurostat showed that Western Europe’s two largest economies both grew by 0.3 per cent in the three months to [...]
TORIES WILL PROBE POWER OF BIG BANKS July 20, 2009 LLOYDS Banking Group and Royal Bank of Scotland could be carved up under a Conservative government, shadow chancellor George Osborne signalled yesterday. Speaking as he set out his vision of the future of financial regulation, Osborne said the Tories would task the Office of Fair Trading (OFT) and the Competition Commission with probing whether consolidation [...]
White Paper won’t beef up role of Bank June 28, 2009 CHANCELLOR Alistair Darling’s White Paper on reform of the regulatory authorities, which has been delayed until next week, will not see a change in the structure of the tripartite authorities. Business minister Lord Mandelson will tonight confirm that financial regulation will remain in the hands of a beefed-up Financial Services Authority (FSA) rather than transferring [...]
White Paper won’t beef up role of Bank June 28, 2009 CHANCELLOR Alistair Darling’s White Paper on reform of the regulatory authorities, which has been delayed until next week, will not see a change in the structure of the tripartite authorities. Business minister Lord Mandelson will tonight confirm that financial regulation will remain in the hands of a beefed-up Financial Services Authority (FSA) rather than transferring [...]
Darling to set out plan for a stronger tripartite system June 21, 2009 CHANCELLOR Alistair Darling will ignore calls by governor of the Bank of England Mervyn King to give the central bank more powers, in favour of strengthening the current tripartite system, Treasury sources said yesterday. Darling is expected to lay out his vision for the future of UK financial regulation in a green paper that could [...]
Banks to pay for education of consumers July 7, 2009 BANKS will have to fund a drive to improve consumers’ understanding of financial products, under proposals to be revealed today in chancellor Alistair Darling’s white paper on financial regulation. The Treasury believes a lack of sufficient education on finance contributed to the credit crunch and will tell the Financial Services Authority (FSA) to increase dramatically [...]
Tories plan to beef up Bank’s role June 24, 2009 THE TORIES will hand the power to regulate financial institutions back to the Bank of England if they win the next general election, City A.M. can confirm. Under plans to be announced by shadow chancellor George Osborne before the current parliamentary session ends in late July, the tripartite system of regulators would be overhauled, with [...]
EU SLAMMED OVER CITY POWER GRAB June 14, 2009 THE EUROPEAN Commission (EC) is being too hasty in its drive for pan-European regulatory reform, a House of Lords committee will warn this week, as fears mount in the City over encroachment from Brussels on the UK financial services sector. The House of Lords sub-committee on economic and financial affairs will say that the pace [...]