London is losing out from EU diktats July 7, 2010 SO there you are. The European Parliament has just voted to locate the planned new EU agencies to regulate banks, markets and insurers in Frankfurt, in a massive blow to London. This provision may yet be eliminated from the final directive but is an ominous sign. What won’t change are the new rules on bonuses: [...]
The public’s priorities are mixed up March 7, 2010 THERE was a rather interesting set of findings in this weekend’s BPIX poll for the Mail on Sunday. When presented with options about what would make people more likely to vote for a political party, 45 per cent said a harsher approach to crime, with the same number backing a tougher immigration policy – no [...]
US taxpayers cashing in on AIG bailout January 19, 2010 METLIFE is eyeing a $14bn (£8.56bn) bid for AIG’s American Life Insurance Co in a deal that could repay US taxpayers billions. The rescue of AIG has already reaped huge paper profits for the Federal Reserve and analysts say the sale could enable AIG to pay up to $9bn back into the public coffers. The [...]
CITY MOVES | WHO’S SWITCHING JOBS July 21, 2010 BANK OF IRELAND The bank has appointed Bill Greaves to the position of head of corporate banking in the UK. Greaves previously led the bank’s technology, media and telecoms team, which he established in early 2005 upon joining the group. Prior to that, he led the media team at Barclays. In his new role, he [...]
China delaying credit default swaps project May 31, 2010 CHINA has delayed a pilot project to trial credit default swaps (CDS) in its domestic bond market after the national banking regulator expressed concerns over their side-effects. CDS, derivatives that provide insurance against a bond defaulting, have been blamed for amplifying the financial crisis as their use spread from hedging credit portfolios to speculating. It [...]
PERSONAL FINANCE NEWS June 24, 2010 PAY BY CARD TO GAIN REWARDS Savvy shoppers could earn substantial rewards by whacking all their day-to-day spending on the plastic. Based on an average household spend of £386.30 per week on a reward credit card, and by paying off the balance in full each month, Confused.com research shows after just one year, some of [...]
AIG probe is abandoned May 23, 2010 The US Justice Department has dropped a probe of American International Group executives involving the credit default swaps that sent the insurer to the brink of bankruptcy and forced a huge taxpayer bailout, lawyers for the executives said. The criminal probe had focused on whether Joseph Cassano, who ran the financial products unit, and Andrew [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 26, 2010 FINANCIAL TIMES BANKS BACK SWITCH TO RENMINBI FOR TRADE A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China. HSBC and Standard Chartered are offering discounted transaction fees and other financial incentives to companies that choose [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 23, 2010 FINANCIAL TIMES COMPANIES NOW TURN TO PRIVATE PLACEMENTS FOR FUNDING Private placement deals – whereby companies tap investors directly for loans – are on track for one of their strongest years, highlighting the extent to which companies are seeking to diversify their funding sources away from banks. Companies tapped the market for $27.4bn in the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 23, 2010 FINANCIAL TIMES COMPANIES NOW TURN TO PRIVATE PLACEMENTS FOR FUNDING Private placement deals – whereby companies tap investors directly for loans – are on track for one of their strongest years, highlighting the extent to which companies are seeking to diversify their funding sources away from banks. Companies tapped the market for $27.4bn in the [...]