Financial services
UK watchdog swoops on big banks
Office visits are the most dramatic example yet of the regulator’s focus on ensuring that wholesale markets participants protect the interests of end users
Categories: Financial services
Green bank achieves £2.3bn energy boost
Vince Cable, business secretary, has hailed the pioneering lender’s funding success with 11 power schemes, including the Drax biomass venture
Categories: Financial services
CFTC sues broker over disclosure breaches
In the civil actions, the CFTC alleges the former CME brokers provided order flow information, including ‘the identities of the parties to specific trades’
Categories: Financial services
US banks tipped off to Harp loans
Banks say they have been able to use release to identify and analyse Harp loans, highlighting the industry’s use of ‘big data’ analysis
Categories: Financial services
PPF warned to expect bigger bills
Clearest signal yet to trustees of defined benefit schemes to take a more lenient approach with companies struggling to plug their deficits
Categories: Financial services
KKR offloads bulk of China dairy stake
New York-based buyout group almost triples investment in China Modern Dairy, the country’s largest raw milk producer
Categories: Financial services
Esure holds its own in fierce sector
Group’s inaugural results as a listed company show 1.6 per cent rise in premiums despite fierce competition in UK motor insurance market
Categories: Financial services
3i to sell Civica to Ontario pension fund
UK’s oldest private equity group to reap more than twice its initial investment as it sells software maker for £390m including debt to Omers of Canada
Categories: Financial services
ING to float European insurance operation
Dutch group’s timetable is ahead of the extended deadline imposed by regulators and comes after the company floated its US insurance business
Categories: Financial services
German companies weigh in against Tobin tax
Exporters voice concern over European Commission’s plans for levy on financial transactions across eurozone as a way of curbing speculation by banks
Categories: Financial services
S&P stocks shift points to further gains
There are signs that investors recognise defensive sectors have become too rich, with industrials, energy, technology and materials picking up steam
Categories: Financial services
US housing recovery lifts Freddie Mac
Through Fannie and Freddie, which have taken $187bn in bailout funds, the US government owns or guarantees about nine out of 10 new mortgages
Categories: Financial services
Commodities hedge funds suffer weak quarter
Investors head for the exit, with the average fund losing 0.8% in the first quarter, although a handful of managers are offering positive returns
Categories: Financial services
China brokers ramp up prop trading
Profits are rising despite the practice being frowned upon in the west and it is set to become more important after regulators relaxed restrictions
Categories: Financial services
Prince prepared to defend his Kingdom
Billionaire Saudi Arabian investor is ready to offer more shares in his investment group to help expand his sprawling banking-to-hotels empire
Categories: Financial services
JLT director quits after LatAm switch
Vyvienne Wade has abruptly left the FTSE 250 group after a breakdown in her relations with the insurance broker where she worked for more than 26 years
Categories: Financial services
Pru profits hit by variable annuities
Performance in the US, where Prudential operates under the Jackson brand, limited the total rise in new business profits to 5%
Categories: Financial services
Numis rides out storm with return to black
Chief executive says market sentiment has improved markedly in the past six months with strong inflows of capital into equities
Categories: Financial services
Fed warns of fire sale risk for US repo
NY Fed paper says “co-operation and contractual arrangements among tri-party repo market participants” needed to address risk of fire sale once dealer defaults
Categories: Financial services
Credit Suisse moves City dealmaker Grigg
Well-connected banker shifts from managerial role into a client-focused one as part of group’s reshuffle of advisory and underwriting units
Categories: Financial services
The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more