Tuesday, April 16

Day: December 9, 2017

UK banking stocks made big gains after 2008 financial crisis proved softer
ENGLISH, United Kingdom

UK banking stocks made big gains after 2008 financial crisis proved softer

    UK bank shares soar after regulation update proves softer than investors feare. UK banking stocks have made big gains after global rules designed to prevent a repeat of the 2008 financial crisis proved softer than investors initially feared. The changes, which complete an update of the world’s financial rulebook, known as Basel III, were agreed at a meeting of international financial regulators in Frankfurt late yesterday. They aim to stop big banks gaming the system and ensure they hold enough capital to survive an economic crash. But after a year-long deadlock, the Basel Committee on Banking Supervision that devises the rules, set lower capital requirements than originally envisaged in order to win the approval of sceptical nations including France. Lloyds led the banki...
Leadsom Embarrassed By Behaviour In Parliament Sex Harassment Scandal
ENGLISH, United Kingdom

Leadsom Embarrassed By Behaviour In Parliament Sex Harassment Scandal

    Leadsom wouldn't comment on reports Sir Michael Fallon resigned as defence secretary partly over comments he made to her Commons Leader Andrea Leadsom has said she feels embarrassed for people whose bad behaviour has been exposed by a wave of parliamentary sleaze allegations. Leadsom said she was working on a cross-party drive to change the culture at Westminster. The Cabinet minister refused to be drawn on reports that allegations she made about comments from Sir Michael Fallon played a role in his resignation as Defence Secretary, the Press Association reports. Leadsom told BBC Radio 4’s Today programme: I don’t comment on private conversations. I was absolutely not interested in discussing issues in public, and I was very sorry to see what was said in the press. That wa...
Trade talks will not start until February at earliest
ENGLISH, Europe

Trade talks will not start until February at earliest

    The EU has told Theresa May that it will not start discussing the terms of a trade relationship with the UK until February at the earliest and only then if the British prime minister has taken a grip of her divided cabinet and come forward with an agreed vision of the future. While May was being lauded by her ministers in London on Friday, EU officials in Brussels said that when leaders do move the Brexit talks on, the first negotiations will have to be limited to the terms of a time-limited transition period. The EU is unable to talk about a future trade deal without “more clarity” from May on her cabinet’s vision of a free trade agreement with the EU, a senior EU official said. Michel Barnier made it clear that Britain could only expect a post-Brexit trade deal a...
Man arrested for assault following House of Lords disturbance
ENGLISH, United Kingdom

Man arrested for assault following House of Lords disturbance

    A man has been arrested on suspicion of assault following a disturbance in the Palace of Westminster. Police were called to the Strangers Gallery, outside the House of Lords Chamber, on Friday morning. A man, thought to be in his 20s, was escorted from the building and arrested on suspicion of assault and criminal damage. The specific details of the allegations against him have not been revealed. A House of Lords spokesperson said: "A member of the public caused a disturbance at the entrance to Strangers Gallery outside the House of Lords Chamber. The Metropolitan Police escorted the individual away from the Chamber. A Met spokesman said: At approximately 11.15am police were called to reports of a disturbance within the Palace of Westminster. A man, believed aged in his 20...
China’s debt levels pose stability risk: says IMF
Asia, ENGLISH

China’s debt levels pose stability risk: says IMF

    Fears that China risks being the cause of a fresh global financial crisis have been highlighted by the International Monetary Fund in a hard-hitting warning about the growing debt-dependency of the world’s second biggest economy. The IMF’s health check of China’s financial system found that credit was high by international levels, that personal debt had increased in the past five years, and that the pressure to maintain the country’s rapid growth had bred an unwillingness to let struggling firms fail. While praising China’s president, Xi Jinping, for his commitment to improving financial security, the IMF said reforms by Beijing in recent years had not gone far enough. The system’s increasing complexity has sown financial stability risks, the IMF’s assessment said. “Credit...