Financial Times general
O’Neil quits UKFI as bank hopes fade
Departure of Treasury unit’s head reflects fading prospect of reprivatisation of government stakes in RBS and Lloyds Banking Group
Categories: General
South Korea growth at two-year high
Asia’s fourth-largest economy grew 0.9% in the first quarter of the year denting hopes of a rate cut
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Asian stocks gain amid stimulus hopes
Recent weak economic readings fuel expectations of more central bank largesse
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Wall St shrugs off Apple’s cash return
Tim Cook said Apple was working on ‘amazing new hardware, software, and services that we can’t wait to introduce this fall and throughout 2014’
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Cameron shakes up No 10 policy unit
After criticism of lacklustre Number 10 operation and allegations of drift, Cameron puts rising Tory stars at the heart of shaping policy ahead of the 2015 election
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BT seeks mobile partner in 4G push
UK group begins tender for operator in renewed drive into sector, setting up a potential reunion with O2, the mobile operator it spun off 12 years ago
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BoE opens FLS door to buy-to-let landlords
The Funding for Lending Scheme is the only scheme that has not specifically excluded buy-to-let investors
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Permira raises half of target for new fund
After 19 months securing commitments from investors the UK group has moved towards a fundraising target that is a fraction of its last fund
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Evonik’s Frankfurt trading debut set at €2bn
Chemicals company set for trading debut with about 14% of shares on the Frankfurt exchange on Thursday, valuing the group at nearly €15bn
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Dualit wins battle over Nespresso patent
Court ruling in favour of small British group is a blow for Nestlé, whose annual sales of coffee machines is estimated to be SFr4.5bn
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Letta calls for easing of austerity policies
Prospect of new Italian government within days sustained a rally on the Milan stock exchange and kept short-term Italian bond yields close to recent record lows
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JPMorgan under pressure in Basel spat
European groups accused the lender and other US banks of putting their own interests ahead of their clients in a spat over bank capital rules for derivatives
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P&G sales growth falls short of forecasts
Consumer goods company is in the midst of a drive to cut costs and improve the efficiency of its operations as sales growth falls short of expectations
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Rwanda to issue first international bond
The central African country is raising $400m by issuing a 10-year bond to international investors, with bankers expecting the final price to be set on Thursday
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Chinese roll out red carpet for Hollande
Likely warm reception for French president in marked contrast to treatment of UK government since prime minister David Cameron met Dalai Lama
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Opec grapples with oil price slide
Even as the price has weakened from a high this year of more than $119, Opec members appear to be resisting the temptation to act
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Pressure mounts on ECB to cut rates
A fall in German business confidence and warnings of weak demand in Europe from VW and Daimler adds to pressure on the European Central Bank to cut interest rates
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Barclays profit falls 25% on restructuring
Strategic overhaul by new chief executive Antony Jenkins costs £514m in the first quarter of 2013, limiting adjusted pre-tax profit to £1.79bn
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Bank of England extends lending scheme
Central bank increases incentives to lend to small companies to help boost the economy and includes some non-bank credit providers in the scheme
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China says 21 killed in Xinjiang clashes
Regional government says 21 people, including 15 officials, were killed in clashes in China’s western Xinjiang region – the worst violence in months
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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