Press Round-up – March 8

March 8, 2012

Osborne urged to ignore calls to spend
A report published on Thursday by accountancy firm PwC will urge British finance minister George Osborne to bank any one-off improvement in the public finances this year rather than attempt to use the spare cash to prop up growth. (Times)

Press Round-up – March 7

March 7, 2012

RBS should be split up, says Cable
British Business Secretary Vince Cable has called for state-owned Royal Bank of Scotland to be broken up to create a vehicle for lending to small companies, as ministers scramble for ways to unblock credit lines to the sector.  (FT)

Press Round-up – March 6

March 6, 2012

Regulators consider Libor overhaul
UK regulators and global banks are discussing a potentially far-reaching overhaul of the calculation and regulation of interbank lending rates, amid claims that the benchmark for $350 trillion contracts worldwide may have been subject to manipulation.  (FT)

Press Round-up – March 5

March 5, 2012

Banks still long way from completing “living wills”
Banks are a long way from finishing the “living wills” that spell out how they can be stabilised or shut down in a crisis before a June deadline, with European and Japanese banks far behind their U.S. and UK counterparts, according to a survey by Ernst & Young. (FT)

Press Round-up – March 2

March 2, 2012

A380 wing cracks related to UK design fault
Wing cracks that have grounded the Airbus 380 superjumbo have been identified as the fault of design engineers at the manufacturer’s state-of-the-art facility in England. (Times)

Press Round-up – March 1

March 1, 2012

50p tax rate is delaying UK recovery, say businesses
The 50 pence higher rate of income tax is “damaging the economy” and delaying the recovery from recession, more than 500 entrepreneurs and business owners warn on Thursday. (Telegraph)

Press Round-up – February 29

February 29, 2012

BTG takes steps towards listing
BTG Pactual has mandated Goldman Sachs and JPMorgan to help manage its initial public offering as it tries to build one of the biggest independent emerging market investment banks. (FT)

from MacroScope:

There be feudin’ at the BoE

February 28, 2012

The once-good relationship between Bank of England Governor Mervyn King and his most likely successor, Deputy Governor Paul Tucker, is coming  under increasing strain, according to a new book by former Daily Telegraph journalist Dan Conaghan.  It  alleges   King’s management style and and alleged disdain for the financial markets is to blame.

Press Round-up – February 28

February 28, 2012

Data show ECB loan spur for bond rally
Italian and Spanish banks accelerated their sovereign debt purchases by a record monthly amount in January, underlining how the use of cheap funding from the European Central Bank has contributed to a bond rally among peripheral euro zone countries.   (FT)

Press Round-up – February 27

February 27, 2012

UK’S Prudential may move to Hong Kong
Prudential, one of Britain’s oldest insurers, is considering plans to uproot its headquarters from London to Hong Kong amid concerns about the impact of new European capital adequacy regulations. (FT)
HSBC set to claw back ‘mis-selling’ bonuses
HSBC, Britain’s largest bank, is set to claw back thousands of pounds of bonuses from executives after the mis-selling of nearly 300 million pounds of long term care bonds to elderly customers.(Telegraph)
Lloyds and RBS may tap ECB’s LTRO funds
Britain’s two part-nationalised banks, Lloyds  and RBS, plan to tap the European Central Bank’s special three-year funding scheme for a combined amount of about 15 billion euros, on a par with some of the euro zone’s largest banks. (FT)