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British MP in online row with HSBC
Friday 28 Oct 2011 | Regulation Mutters
British parliamentarian Tom Watson got into a scrap with HSBC on Thursday on Twitter, threatening to leave the bank unless it sorted out his “problem”. At lunchtime the MP, famed for haranguing Rupert Murdoch and his empire, vowed to switch from the global giant after two decades as a customer unless it took action over an undisclosed issue. “Well @Hsbc after 20 years together we’re nearly…
Osborne: a europhile in sheep’s clothing
Thursday 27 Oct 2011 | Regulation Mutters
Who would have thought that a British chancellor of the exchequer, let alone a Conservative one, would be such an EU federalist? The Tory leadership received a battering from its own backbenchers on Monday in a vote on whether the country should leave the EU. But that doesn’t seem to have dimmed George Osborne’s enthusiasm for counterparts in the eurozone to lock themselves into ever closer…
London ‘Occupy’ protest leads priest to quit
Thursday 27 Oct 2011 | Regulation Mutters
The Occupy the London Stock Exchange protest in the City of London claimed the scalp of an unlikely figure on Thursday morning. The canon chancellor of St Paul’s Cathedral, Dr Giles Fraser, who has supported the protests, said he was resigning over the reaction of church authorities. “It is with great regret and sadness that I have handed in my notice at St Paul’s Cathedral,” Fraser said on…
Unwilling bride ‘accepts’ need for regulation
Friday 21 Oct 2011 | Regulation Mutters
As “Occupy London Stock Exchange” rages in the City of London, one of the district’s top business representatives pressed the case of capitalism on Thursday. Chris Cummings, chief executive of TheCityUK, said: “Sometimes our industry is indeed portrayed as the unwilling bride dragged to the altar of regulatory reform. “But I think that’s a misreading,” he added. Cummings was speaking at an…
Indian warning on ETFs and systemic buildup
Thursday 20 Oct 2011 | Regulation Mutters
The Reserve Bank of India has joined in the chorus of regulators worldwide who are warning of the risks potentially posed by exchange traded funds, among other financial instruments. Executive director V.K. Sharma told a conference in Singapore that synthetic, inverse, short, or leveraged ETFs “portend” the build-up of systemic risk, following similar concerns raised by British, EU and…
The world according to Bart Chilton: Part XI
Tuesday 18 Oct 2011 | Regulation Mutters
CFTC commissioner Bart Chilton, never one for dour moments, decided to entertain nervous market participants on Tuesday with another cheery popular culture reference. While traders and policymakers anxiously awaited the commission’s vote on commodity derivative position limits, Chilton likened he and his fellow regulators to TV cops Starsky and Hutch… and senators to police…
Carn he do it? Yes he Carn!
Monday 17 Oct 2011 | Regulation Mutters
Canadian central bank governor Mark Carney looks to have established himself as the favourite for the chairmanship of the Financial Stability Board. The influential body is in need of a new head after Italian central bank governor ‘Super’ Mario Draghi was chosen as president of the European Central Bank, a full-time position he will take up at the start of November. Although it is…
Priestly intervention aids City protest
Monday 17 Oct 2011 | Regulation Mutters
A weekend “Occupy London Stock Exchange” protest which saw 3,000 people gather to vent their anger at the financial services industry and policymakers was continuing on Monday morning. The protest however had to relocate from the LSE to St Paul’s Cathedral, after being steered away by police. Around 250 campaigners in turn pitched their tents in front of the church. The police presence was…
US corporation tax revenues at $181bn
Monday 17 Oct 2011 | Regulation Mutters
In the US, corporate income tax revenues amounted to $181bn (€130bn) in fiscal year 2011, according to budget results unveiled by the Treasury on Friday. The corporate tax take is $13bn (€9.4bn) lower than the Treasury expected to achieve and will heap pressure on already strained public finances. “This decrease reflected lower-than-expected payments of 2011 corporation income tax…
Bid to ‘Occupy London Stock Exchange’
Friday 14 Oct 2011 | Regulation Mutters
London’s traders might want to avoid working over the weekend as “Occupy London Stock Exchange” protestors descend on the City on Saturday. As contagion spreads across the eurozone, so too is adrenaline apparently rising to stage action against the financial world. Londoners have joined in the frenzy and will be occupying the LSE at noon on Saturday to voice their discontent. “By…
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