By Estelle Shirbon
EVIAN, France, July 6 (Reuters) – France and Britain called for action to curtail oil price volatility on Monday as part of a move towards tougher global governance to prevent a return to economic problems that existed before the financial crisis. Speaking at a Franco-British summit ahead of a meeting of G8 leaders in Italy this week, British Prime Minister Gordon Brown also said that tax havens should accelerate their reforms towards greater transparency for the good of the world economy. (more…)
Financial Regulatory Forum
By Estelle Shirbon
EVIAN, France, July 6 (Reuters) – French President Nicolas Sarkozy warned against a return to the “crazy” pay practices that were current in banks before the financial crisis. “These crazy remuneration levels — the more you speculated, the more you were paid…we won’t accept it,” Sarkozy said in a joint press conference with British Prime Minister Gordon Brown. (more…)
By Myles Neligan
LONDON, July 6 (Reuters) – Britain’s Financial Services Authority (FSA) plans to triple some of the fines it imposes on financial sector wrongdoers as part of a crackdown on offences such as mis-selling and insider dealing.
The bigger fines are designed to deter firms and individuals from breaking market rules by making the costs of doing so prohibitively high, the FSA said in a statement.
LONDON, July 4 (Reuters) – British finance minister Alistair Darling said “kamikaze” bankers brought the financial system to the point of collapse and regulators would get new powers to probe banks’ affairs.
LONDON, July 5 (Reuters) – The body in charge of Britain’s stakes in Lloyds Banking Group and Royal Bank of Scotland Group, will this week downplay expectations of a quick sale of the shareholdings, according to The Sunday Telegraph.
LONDON, July 6 (Reuters) – Government bail-outs of the world’s big banks pose a threat to free trade, Pascal Lamy, head of the World Trade Organisation (WTO), told the Financial Times newspaper in an interview on Monday.
SEOUL, July 6 (Reuters) – South Korea will toughen mortgage lending by broadening tight loan ceilings to the whole of Seoul and surrounding cities from Tuesday, a regulator said on Monday, amid signs of possible asset price bubbles.
SHANGHAI, July 6 (Reuters) – China published draft rules on information disclosure by companies aiming for an initial public offering on Shenzhen’s second board, as the country nears the launch of its own Nasdaq-style market to fund start-up firms.
By Kristina Cooke
NEW YORK, July 3 (Reuters) – The U.S. proposal for a systemic risk regulator to ensure firms are not taking the type of excessive risks that could destabilize the economy is the right approach but it will be difficult to execute, the president of the New York Federal Reserve said.
By David Lawder and Jennifer Ablan
WASHINGTON/NEW YORK, July 2 (Reuters) – The U.S. Treasury will launch its public/private investment fund program to buy up toxic securities with an initial funding of $20 billion from public and private sources, a level scaled back considerably from initial plans, people familiar with the matter said on Thursday.