Greece avoids downgrade from S&P but risks remain March 16, 2010 Greece escaped the threat of an immediate downgrade by Standard & Poor’s yesterday, sending the euro to a session high and helping push US stocks up. S&P affirmed the debt-ridden country’s BBB+ rating but warned Greece was still at risk of a rating cut within the next 18-24 months if it failed to implement its [...]
Magistrates courts hit by closures March 24, 2010 TWENTY Magistrates Courts are due to be closed as part of a cost-cutting programme expected to save the Ministry of Justice (MOJ) £360m. The MOJ detailed plans of the closures yesterday as part of its contribution to an £11bn savings plan introduced by the government. Justice secretary Jack Straw said: “Due to the low utilisation [...]
HOW THE AGREEMENT AFFECTS THE CITY May 20, 2010 BANKING • The coalition has agreed to impose some kind of levy on the banking industry, although its exact form has yet to be decided. The Tories want to introduce a fee on banks’ wholesale funding, while the Liberal Democrats would prefer a tax on profits. • There is a vague commitment to tackle “unacceptable [...]
The budget is Darling’s last chance to convince voters and markets March 23, 2010 MORE than one budget is expected this year, and there is a good chance that tomorrow’s will be superseded by another once the election has been fought and won. But that doesn’t detract from the fact that there is still an awful lot riding on chancellor Alistair Darling’s words this week. Firstly, the budget provides [...]
RBS unveils a £1.25bn boost to its finances March 25, 2010 ROYAL Bank of Scotland (RBS) yesterday unveiled a plan to restructure up to £15.8bn of debt in a balance sheet overhaul that will generate a £1.25bn gain for the bailed-out bank. RBS, 84-per cent government-owned after it was rescued at the height of the financial crisis, flagged the move last month. It said yesterday it [...]
Opportunities for growth in green Asia April 13, 2010 TAKE a trip around emerging Asia these days and you won’t just see skyscrapers and coal-fired power plants growing out of places where there were once nothing but fields. Wind turbines, solar energy plants, incinerator manufacturers, water treatment plants and microirrigation developments are just as likely to spring up before your eyes. There is now [...]
Constrained times ahead for banks as regulators piece together Basel III May 19, 2010 SINCE the banking crisis occurred, every major regulatory authority, central bank and government has been developing ideas for improving bank regulations, with some already imposed. Meanwhile, the Basel Committee on Banking Supervision, which produced the original 1988 Basel Accord regulating capital requirements for banks and its subsequent revision, Basel II, ploughs on with a new [...]
Darling aims for harmony on bank tax March 24, 2010 CHANCELLOR Alistair Darling yesterday threw his full weight behind a drive for international coordination on the implementation of a global risk tax on banks at an International Monetary Fund meeting next month. “This must be brought forward quickly, as I will urge international finance ministers in Washington next month,” Darling said as he presented his [...]
IMF Greece bailout likely March 18, 2010 GERMANY is moving towards supporting a joint International Monetary Fund (IMF) and EU bailout for Greece should the country need help with its debt refinancing. In a dramatic U-turn set to put Germany on a collison path with its European peers, chancellor Angela Merkel said she was open to financial participation with the Washington-based IMF [...]
City workers slam class war Budget March 24, 2010 THE City was left unconvinced by yesterday’s Budget, slamming Darling for failing to provide a clear outline on how the government was planning to reduce its huge deficit. Banks were being sent a contradictory message, critics said, pointing out that Darling has asked nationalised banks such as Lloyds and the Royal Bank of Scotland to [...]