DAVOS (Reuters) – Europe’s bankers defended the big bank model this week in Davos as the mounting cost of regulation puts a question mark over its future.
Big complex banks must now hold far more capital than in the past because they are seen as posing higher economic risks and they have to be easier to dismantle if they hit trouble. That has hurt their profitability and held back share prices.
DAVOS, Switzerland (Reuters) – Sweden’s central bank should consider steps to weaken the crown to keep the economy competitive after the European Central Bank launched substantial bond-buying on Thursday, former finance minister Anders Borg told Reuters.
Borg, in government until last year and now chair of the Global Financial System Initiative at the World Economic Forum, said the currency was arguably too strong for the good of the economy and the Riksbank had tools to act.
LONDON (Reuters) – Portsmouth, an historic naval town on the south coast of England, will host America’s Cup World Series sailing races in Britain in 2015 and 2016 as part of the build-up to the main event in 2017.
British challenger Ben Ainslie is building a base in Portsmouth for his Ben Ainslie Racing (BAR) team, which aims to win the America’s Cup in 2017 and bring the “Auld Mug” back to Britain for the first time since it was held in 1851 in the waters of the Solent off the south coast of England.
LONDON, Nov 5 (Reuters) – Wells Fargo & Co, the
world’s biggest bank by stock market value, remains on the
lookout to buy loan portfolios in Europe but is in no hurry to
snap up an ailing bank to speed up its international growth, a
senior executive told Reuters.
San Francisco-based Wells Fargo emerged from the financial
crisis of 2008-2009 better placed than many rivals and is often
touted as a possible buyer of banks around the world.
LONDON (Reuters) – Former Morgan Stanley dealmaker Scott Matlock is to join ex-colleague Paul Taubman’s new advisory boutique, sources familiar with the move said.
Matlock’s move to team up with Taubman, who has worked on some of the biggest recent U.S. telecoms deals, was finalised this week, said one of the sources, who asked not to be named.
ISLE OF WIGHT England (Reuters) – Ben Ainslie isn’t angry, but sailing’s most successful Olympian is clearly irritated.
After a text book start to the annual “Round the Island Race” off Cowes, Ainslie and his crew aboard the sleek green racing yacht “Rebel” are locked in a tacking duel with another 45-footer called “Toe in the Water”.
LONDON (Reuters) – The chief executive of U.S. wealth manager and investment bank Stifel Financial (SF.N: Quote, Profile, Research, Stock Buzz) aims to double revenue at Oriel Securities, the mid-market British investment bank and stockbroker it is buying.
Missouri-based Stifel said last week it planned to complete the acquisition of employee-owned Oriel by the end of September.
LONDON (Reuters) – Pimco’s new global equity chief plans a first batch of new hires that could see her investment team grow by half as the U.S. bond powerhouse boosts its stock offering – and one of those running money will be her.
That equity expansion strategy has been honed in the three months since French-born Virginie Maisonneuve was hired by then-Chief Executive Mohamed El-Erian – before a high-profile bust-up with Chief Investment Officer Bill Gross led to El-Erian’s departure.
DAVOS, Switzerland, Jan 24 (Reuters) – Colombian Finance
Minister Mauricio Cardenas said on Friday he is confident a
commitment to fiscal responsibility and low inflation will mean
markets continue to treat the country differently from other
“I am very confident that what Colombia has is quite solid
because it is based on fundamentals that are not going to
change, for example fiscal responsibility is written into the
constitution, it is part of the fiscal rule. Low inflation is
part of the mandate of the independent central bank,” he said.
DAVOS, Switzerland (Reuters) – Bank of England Governor Mark Carney sought to quash growing speculation that interest rates may rise sooner than the central bank has signaled after its first attempt to steer markets was overtaken by Britain’s economic turnaround.
In a speech on Friday, Carney stressed the economy was not yet strong enough to cope without stimulus.