Spain’s banks face €10bn more provisions
©Reuters Spanish banks will need to put aside extra provisions of up to €10bn to cover loans that borrowers will struggle to repay, according to an internal estimate by the…
ISS settles SEC suit over information leaks
A former employee of Institutional Shareholder Services allegedly told a proxy solicitor how 100 shareholders were voting their proxies in exchange for meals, concert and airline tickets, US regulators alleged.…
Vanguard extends European ETF push
Vanguard, the world’s fourth largest fund manager, extended its push into the European exchange traded funds market with the launch of four new ETFs on the London Stock Exchange on…
Financial transaction tax
The financial industry’s lobbyists are hard at it, churning out warnings about a financial transaction tax proposed by 11 EU member states. Business models at banks, brokers and exchanges destroyed;…
Bank division lifts profits at Investec
A 30 per cent increase in full-year operating profit in its banking division helped boost overall growth at Investec, the South African bank and asset manager. Higher lending and a…
‘Think again on women’s pensions’
©Bloomberg The government is being warned that there will be “casualties” from its decision not to offer wider protection to older women losing state pension rights from 2016. The stark…
Carney poised to shape UK QE policy
The minutes of the last meeting of the Bank of England’s Monetary Policy Committee showed that a 6-3 majority voted to keep the asset purchase target at £375bn – with…
Venture capital misses out on bull run
In recent months, it might seem as if investors have fallen in love with risky corporate bets. For as central banks have pumped eye-popping sums into the system, spreads on…
Chinese banks barred from sponsoring IPOs
On the first anniversary of its stock market listing last month, Xi’an Longi Silicon Materials Corp served its factory workers steaming plates of simmered fish, an unusual delicacy for the…
Deutsche Bank chief warns market bulls
Deutsche Bank’s co-chief executive sounded a warning over the bullishness that has driven some markets to peaks around the world, saying investors might be misjudging the potential for shocks in…
GE eyes consumer finance unit IPO
General Electric is considering listing its consumer finance operations to fund more share buybacks and strengthen focus on its industrial businesses, its chief executive has indicated. Jeff Immelt told a…
Portal launched to challenge Rightmove
Seven big London estate agents are trying to rival the dominance of Rightmove, the property website, by launching their own portal. The company, called Agents’ Mutual, will be wholly owned…
Monte dei Paschi director suspended
An Italian judge has suspended a director of Monte dei Paschi di Siena over allegations he leaked privileged information from a board meeting to the media. Prosecutors allege that Michele…
Managers to leave Canaccord Genuity
Several senior managers in the advisory business at Canaccord Genuity, the European arm of Canaccord Financial, are set to leave the group, according to people close to the situation. The…
Insurers brace for Oklahoma tornado costs
The tornado that ripped apart a suburban swath of Oklahoma City is expected to rank among the five most costly for insurers in the US since records began in 1950.…