PRESS DIGEST - Financial Times - Dec 4

Financial Times

Headlines

UK FINANCE MINISTER TO BACK GAS IN BUDGET

CREDIT SUISSE TO CHARGE FOR DEPOSITS

REPUBLICANS MAKE FISCAL CLIFF COUNTER-OFFER

EURO MINISTERS APPROVE SPANISH BANK AID

UBS IN GLOBAL TALKS OVER LIBOR SETTLEMENT

CHINESE UNITS OF TOP AUDITORS CHARGED BY SEC

FORMER HBOS CHIEF EXEC SORRY FOR BANK FAILURE

NEWS CORP SHAKES UP BOARD AHEAD OF SPLIT

CME INVESTIGATES FORMER GOLDMAN TRADER

Overview

UK FINANCE MINISTER TO BACK GAS IN BUDGET

UK Chancellor George Osborne is to approve up to 30 gas-fired power stations in a move which will also see a new regulator and possible tax breaks for the shale gas sector.

CREDIT SUISSE TO CHARGE FOR DEPOSITS

Credit Suisse's banking clients are to be charged for parking their cash with the Swiss bank after it announced plans to introduce negative rates on short-term deposits held by financial institutions in Swiss francs.

REPUBLICANS MAKE FISCAL CLIFF COUNTER-OFFER

Republicans in the House of Representatives delivered a counter-offer to President Barack Obama in talks to avert the fiscal cliff, suggesting some movement in the delicate budget negotiations.

EURO MINISTERS APPROVE SPANISH BANK AID

Eurozone finance ministers formally approved 39.5 billion euros in aid to Spanish banks on Monday night, having said in June they were ready to provide up to 100 billion euros.

UBS IN GLOBAL TALKS OVER LIBOR SETTLEMENT

UBS is in global talks to reach a settlement of more than $450 million over the alleged manipulation of Libor, putting the Swiss bank on track for a record fine in the wide-reaching rate-rigging scandal.

CHINESE UNITS OF TOP AUDITORS CHARGED BY SEC

The US financial markets regulator has charged the Chinese affiliates of five leading accounting firms with violating securities laws for refusing to produce paperwork relating to nine Chinese companies.

FORMER HBOS CHIEF EXEC SORRY FOR BANK FAILURE

James Crosby, former chief executive of HBOS, now part of Lloyds Banking Group, has apologised for his role at the bank, admitting the British mortgage bank had failed because of "incompetence".

NEWS CORP SHAKES UP BOARD AHEAD OF SPLIT

Rupert Murdoch has revealed senior management appointments across News Corp as he prepares to split News Corp into two separate divisions next year.

CME INVESTIGATES FORMER GOLDMAN TRADER

CME Group regulators are investigating Glenn Hadden, the US Treasuries trader who was hired last year to head Morgan Stanley's interest rates business, over trades he made while at Goldman Sachs.