Standard & Poor's misled investors Judge rules, National savings ISA rate cut and daily roundup

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Standard & Poor’s misled investors Judge rules, National savings ISA rate cut and daily roundup

 

Investment/NS&I cuts its rate on ISA

More than 320,000 savers were dealt an expensive blow yesterday when Government-backed National Savings & Investments cut its Direct ISA interest rate by 10 per cent to 2.25 per cent

The Independent,  p. 5

 

Pickles seeks to ‘unlock’ council pensions

Eric Pickles is to announce plans today to release £22bn of investment in infrastructure by allowing council pension funds to double the amount they can pump into local building projects to 30 per cent.

This abstract from the Financial Times was produced by Kantar Media

Financial Times,  p. 6

Also appeared in : The Times,  p.3

 

Banks have lost right to self-rule – HSBC chief

HSBC’s chairman Douglas Flint told MPs that banks had “lost the right to self-determination” on the day his bank more than doubled to $1.5bn the amount set aside to cover penalties from US regulators for breaking anti-money laundering laws. Appearing before the Parliamentary Commission on Banking Standards, Mr Flint said demands for banks to hold more capital and tougher regulation could make forcing them to ringfence retail operations from risky investment banking “not necessary”.

The Independent,  p. 52

Also appeared in : Independent i,  p.40, The Daily Telegraph Business,  p.1

 

Big banks buy into plans to ring-fence retail operations

Barclays and HSBC have said that they could ring-fence high street operations from riskier investment divisions earlier than planned, as they urged the Government to make sure that such proposals were “flexible”.

The Times,  p. 37

Also appeared in : Financial Times,  p.6

 

Barclays caught in U.S. regulators’ vice

Four months after Barclays reached a $453 million settlement with American and British regulators over manipulating the London interbank offered rate, or Libor, the Federal Energy Regulatory Commission is seeking a $435 million civil penalty over accusations that the bank manipulated energy prices in and around California.

International Herald Tribune,  p. 20

 

Judge rules S&P misled derivative investors

An Australian judge has ruled that Standard & Poor’s misled investors by awarding its highest rating to a complex derivative product that collapsed in value less than two years after it was created by ABN Amro’s wholesale banking division.

This abstract from the Financial Times was produced by Kantar Media

Financial Times Companies and Markets,  p. 17

Also appeared in : The Daily Telegraph Business,  p.2, The Times,  p.39, International Herald Tribune,  p.21

 

Biggest banks fall behind on reform effort, says FSB

The Financial Stability Board, made up of central bankers and regulators, announced yesterday that “uneven headway” had been made on solving the problem of banks that are seen as “too big to fail”.

This abstract from the Financial Times was produced by Kantar Media

Financial Times,  p. 8

 

The above articles appeared on 06\11\12 reproduced with the kind permission of Kantar Media UK . All rights reserved.