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Pension funds were plunged into crisis yesterday as experts predicted stock market turmoil could last all summer.
Daily Express, p. 1-2

Brussels rejects cap on fund manager bonuses
The European Parliament yesterday voted to overturn an agreement to impose a bonus cap on European fund managers. However, MEPs warned that the fund management industry, the lion’s share of which is based in Britain, is likely to face bigger demands for transparency. The Parliament suggested that a higher proportion of fund managers’ bonuses should be in shares and should be deferred. EU member countries would have to agree to any changes first.
The Daily Telegraph Business, p. 4
Also appeared in : The Independent, p.53, Independent i, p.41

Governor enjoys more room to manoeuvre at first policy meeting
Analysts expect new Bank of England Governor Mark Carney to hold fire on another round of quantitative easing today following strong economic figures published yesterday.
The Times, p. 38
Also appeared in : The Daily Telegraph Business, p.2

Interviews start for top job at RBS
RBS has narrowed down the shortlisted candidates to replace Stephen Hester as chief executive to four or five.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 14

Judge approves £1.25bn HSBC settlement
HSBC’s $1. 92bn (£1. 25bn) payment to settle claims that it flouted money-laundering rules and measures to stop transactions between countries placed under sanctions has been approved by a US federal judge.
The Daily Telegraph Business, p. 4
Also appeared in : Daily Express, p.50

RBS will foot the bill for bank split
RBS has agreed to pick up the £850,000 tab after the Treasury appointed Rothschild to advise on whether to split it into a ‘good’ and a ‘bad’ bank.
Daily Mail, p. 75

JP Morgan ‘wanted to impress regulator’
An appeal tribunal heard how Ian Hannam, a leading banker, was disciplined by JP Morgan for making rash communications because his employer wanted to show the financial regulator that it took the conduct of its staff seriously.
The Times, p. 36

JPMORGAN wins currency cases
JP Morgan Chase & Co yesterday won the dismissal of lawsuits accusing them of overcharging clients for trading currencies.
City AM London, p. 2

Service sector boom may rule out fresh round of QE
The new Bank of England governor’s first monetary policy committee meeting will announce its findings today , with the rate-setting body unlikely to sanction more electronic printing of money this month.
The Guardian, p. 25

Co-op inquiry will determine why it’s grim up north
Incoming Co-op Group chief executive Euan Sutherland is planning an independent inquiry into the discovery of a £1.5bn capital hole at Co-op Bank.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 14

More turmoil possible for China banks
The cash squeeze that has shaken the Chinese banking system recently could be just a preview of greater instability to come if Beijing pushes ahead with the liberalisation of interest rates and capital controls.
International Herald Tribune, p. 18

The above articles appeared on 04/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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