UK News
Insights from the UK and beyond
Press Round-up – February 3
BT set to launch “ultra-fast” internet
“Ultra-fast” broadband using direct fibre-optic connections will become available to most British homes and businesses next year, after a significant technological breakthrough by BT, the UK telecoms group. (FT)
OECD says EU bailout is ‘not enough’
The euro zone’s bailout funds are not big enough, the Organisation for Economic Co-operation and Development (OECD) has warned, amid mounting concerns about a Greek default. (Telegraph)
SNB stands firm on Swiss Franc cap
The independence of the Swiss National Bank risks being compromised due to political pressure following the departure of Philipp Hildebrand as chairman, the central bank’s acting chairman has warned. (FT)
Deutsche Bank concerned by ECB loans
Deutsche Bank has risked a clash with the European Central Bank by indicating it sees a stigma attached to the long-term help offered to banks to try to ease the euro zone’s funding crisis. (FT)
Brussels finds new black hole in Greece’s finances
Pressure on Greece’s recession-stricken economy has intensified after international debt inspectors admitted an additional 15 billion euros would be needed to fill a newly discovered black hole in the country’s finances. (Guardian)
Spanish banks told to find billions
Spanish banks must find 50 billion euros from profits and capital this year to finance a clean-up of their balance sheets or agree to merge with another bank by May to gain an extra year’s grace, according to Spain’s economy minister Luis de Guindos. (FT)
Press Round-up – February 2
Jefferies confirms Hoare Govett acquisition
Jefferies, the U.S.-based investment bank, on Wednesday confirmed its acquisition of Hoare Govett, the UK broker, from Royal Bank of Scotland. (FT)
Balls critical of UK’s new financial bill
The bill to revamp the UK’s financial regulation includes a “gaping hole” that could prevent important warnings from reaching the British finance minister, Ed Balls, shadow finance minister of the UK’s opposition party Labour, has warned. (FT)
Press Round-up – February 1
Former RBS boss stripped of knighthood
Sir Fred Goodwin, the former boss of Royal Bank of Scotland, was stripped of his knighthood on Tuesday, in the latest political concession to public anger in Britain over the perceived arrogance of some senior bankers. (FT)
EU to rule on Deutsche Boerse and NYSE merger
The NYSE Euronext and Deutsche Borse tie-up on Wednesday faces its day of reckoning in Brussels, as EU commissioners are expected to sign-off a recommendation to block a merger that allegedly stifles competition. (FT)
Press Round-up – January 31
Below is a round-up of today’s notable stories in Britain’s business press. Click each headline to read the story in full.
Business tells ministers to “back off bonuses”
Confederation of British Industry president Sir Roger Carr has accused politicians of harming the international reputation of the London’s financial services district by resorting to terms of populist abuse in the row over bankers’ bonuses. (Times)
Press Round-up – January 30
Lloyd’s chief plans management changes
The chief executive of Lloyds Banking Group Antonio Horta-Osorio is set to unveil plans to simplify the bank’s management structure and hand more power to top executives, as he attempts to convince investors he can avoid a relapse of the exhaustion he suffered last year. (FT)
Mining chiefs in secret meeting to halt tax rises
The heads of the world’s biggest mining companies met in secret in Davos last week to discuss ways in which to halt the growing threat of resource nationalism. (Times)
Europe’s carmakers hit out at India trade deal
Europe’s carmakers are crying foul over a proposed trade agreement between the European Union and India, which they say would restrict access to one of their most important but highly protected markets. (FT)
Press Round-up – January 27
Osborne to unveil powers to control banks
The British treasury will on Friday publish plans for a radical overhaul of financial regulation that will hand the UK’s finance minister George Osborne new powers. (Telegraph)
NYSE chief sees little chance of Deutsche Boerse deal
Duncan Niederauer, chief executive of NYSE Euronext, has admitted he “misjudged” European antitrust authorities’ approach to his exchange’s attempted tie-up with Deutsche Boerse, saying there was only a “glimmer of hope” the deal would succeed. (FT)
from Breakingviews:
UK’s problem: it’s the best in Europe
By Ian Campbell
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
UK GDP stalled in the fourth quarter, contracting by 0.2 percent. That’s bad. But which major west European economy will perform best in 2012? It’s the UK again, the IMF predicted this week.
Press Round-up – January 26
Einhorn and Greenlight fined by UK financial regulators
David Einhorn, one of the world’s highest profile hedge fund managers, and his firm, Greenlight Capital, have been fined 7.2 million pounds ($11.22 million) by UK regulators for trading before a 2009 equity fundraising by Punch Taverns. (FT)
Ex-Lloyds chief joins UK advisory firm
Eric Daniels, former chief executive of Lloyds Banking Group and one of the most high-profile figures in the financial crisis, is joining a little-known advisory firm. (FT)
from John Lloyd:
A yacht not fit for a queen
Her Majesty Elizabeth the Second, by the Grace of God, of the United Kingdom of Great Britain and Northern Ireland, and of Her other Realms and Territories, Queen, Head of the Commonwealth, Defender of the Faith … is in want of a yacht.
She had one, the Royal Yacht Britannia, which she loved very much. When the Labour government of Tony Blair said it was too expensive and decommissioned it soon after assuming office in 1997, she was seen to weep at the ceremony. Last year, Blair was reported as saying he regretted the decision, pressed upon him by the then-chancellor, Gordon Brown, and inherited from the previous, Conservative administration. It cost £11 million a year to run, and a necessary refit would have cost some £50 million. So it was put out to the nautical equivalent of pasture. It’s now on show at a dock in Leith, the port of Scotland’s capital, Edinburgh, where it’s in much demand as a venue for “occasions."
Press Round-up – January 25
IMF issues $440 billion global warning for 2012
Europe will enter a mild recession this year, Britain will slow to a crawl and growth worldwide will expand significantly less than hoped, the International Monetary Fund said. (Times)
S&P downgrades French banks
The loss of France’s long-cherished triple A sovereign debt status spilt over into its banking sector on Tuesday as Standard & Poor’s cut its long-term ratings for Societe Generale and Credit Agricole, two of the country’s top three banks. (FT)
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