ICAP warns eurozone crisis will hit profits

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ICAP warns eurozone crisis will hit profits

ICAP warns eurozone crisis will hit profits
Interdealer broker ICAP has warned investors to prepare for lower revenues, causing the shares to suffer their biggest fall in four months. Blaming the latest eurozone ructions for dashing hopes that the buoyant trading volumes it enjoyed at the start of the year would continue, the FTSE 100 group said pre-tax profits will be about £280m this year.
The Daily Telegraph Business, p. 4
Also appeared in : Financial Times Companies and Markets, p.18

Funding for Lending: the figures
A comment on the Bank of England’s Funding for Lending scheme. Of those that have tapped the scheme, Barclays is by far the biggest, taking £6bn of the £13.8bn drawn by the end of December. It is followed by bailed-out Lloyds Banking Group at £3bn, Nationwide (£2bn), Santander (£1bn), bailed-out Royal Bank of Scotland (£750m) and Virgin Money, owner of Northern Rock (£500m).
The Guardian, p. 46

Allied Irish Banks ‘on course’ to return to profit
Allied Irish Banks has announced that it remains on target to return to profit next year after a big restructuring of the group in 2012 and a reduction in annual losses driven by a fall in bad loan provisions.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Cyprus acts to prevent stampede as banks reopen
Cyprus has imposed draconian capital controls including a total ban on cheques and a €300 (£253) daily limit on cash withdrawals in a bid to stem panic when the country’s banks reopen today.
The Daily Telegraph Business, p. 1-4
Also appeared in : International Herald Tribune, p.1, Financial Times, p.1, The Guardian, p.1-35, Independent i, p.2, Independent i, p.8, International Herald Tribune, p.13

Banks face new round of capital crunching
Banks could be forced to reduce the size of their investment banking operations, slash staff bonuses and cut dividend payments to investors after the Bank of England ordered lenders to raise £25bn in new capital. The new Prudential Regulation Authority (PRA), which is also run by the Bank of England, will hold meetings with all the major banks in the coming weeks to discuss how they can meet capital shortfalls.
The Daily Telegraph Business, p. 1
Also appeared in : The Guardian, p.46, International Herald Tribune, p.16, Independent i, p.46, International Herald Tribune, p.1, The Independent, p.59, The Daily Telegraph Business, p.4, Financial Times, p.3, The Times, p.51, International Herald Tribune, p.18, Financial Times, p.1

Brussels deals rare blow to City on bonuses
Britain’s opposition to a cap on bankers’ bonuses was swept aside as the rest of the European Union discarded a convention that the UK would not be directly overruled on an industry of vital national importance.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3
Also appeared in : Independent i, p.48

Ministers ‘complacent’ about threat of trading tax
The Government has shown “unforgiveable complacency” in failing to scrutinise a European Union plan to introduce a trading tax, according to a House of Lords committee that urged the UK to explore a legal challenge. A plan to introduce a levy on financial transactions in 11 EU countries next year could still end up forcing the UK to collect the tax, the Lords’ European Union Committee argued in a letter to Treasury Minister Greg Clark.
The Daily Telegraph Business, p. 4

Brics to create development bank
Leaders of the Brics group of emerging economies on Wednesday announced they had agreed to set up a development bank that could ultimately challenge the influence of the Bretton Woods institutions,
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6
Also appeared in : International Herald Tribune, p.13

Pru chief censured over ‘secret’ bid for Asian insurer
The Financial Services Authority yesterday publicly censured the chief executive of Prudential and fined the company £30 million for failing to tell it about the $35.5 billion bid for AIA in 2010.
The Times, p. 54
Also appeared in : The Daily Telegraph Business, p.1-4, The Daily Telegraph Business, p.2, The Independent, p.61

Lloyd’s rebukes Europe’s watchdogs
Richard Ward, the head of the Lloyd’s of London insurance market, has rebuked European regulators for issuing another set of guidelines for the implementation of long delayed Solvency II rules for insurers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 22
Also appeared in : Independent i, p.49, The Independent, p.62

Credit Suisse buys Morgan Stanley wealth business unit
Credit Suisse has announced that it is buying Morgan Stanley’s European and Middle Eastern wealth management unit in a deal that will double the Swiss bank’s UK business with rich clients.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Australia to use electronic prices to set interbank rate
Australia is to use prices displayed electronically by brokers and trading venues to set the price of the country’s benchmark interbank borrowing rate.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 33

Credit Suisse deal
Morgan Stanley has agreed to sell its wealth management business in Europe, the Middle East and Africa to Credit Suisse for an undisclosed sum.
The Times, p. 56

JPMorgan likely to overtake Goldman Sachs at top of the league
According to Mergermarket, a string of high-profile advisory work makes it likely that JPMorgan will overtake Goldman Sachs at the top of the league table for quarterly M&A volume for the first time in two years.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

Lehman pays creditors
Lehman Brothers said that cheques totalling $14.2bn would be sent to creditors next week.
The Times, p. 56

Madoff: ‘banks knew about $50bn scam’
Bernie Madoff, the disgraced US financier convicted of running the largest Ponzi scheme in history, which defrauded investors of an estimated $50bn, has written from prison pinpointing banks he says were aware of the scheme.
Independent i, p. 27
Also appeared in : International Herald Tribune, p.17

The above articles appeared on 28/03/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.