EU‘S BARNIER PLANS TO BAN IDEA OF RATINGS BLACKOUT
Plans to ban sovereign credit ratings in “exceptional circumstances” have been shelved by Europe’s top financial regulator after he came under pressure to retreat from the controversial measure to rein in the agencies that issue the assessments of national financial strength.
Eurozone bond markets suffered a mass sell-off on Tuesday as investor fears spread beyond Italy and Spain to triple A rated France, Austria, Finland and the Netherlands.
EasyJet is breaking with one of the key principles of low-cost airlines as it begins a trial of allocating seats on some routes.
John Pluthero is leaving Cable & Wireless Worldwide following another round of dire results, wiping more than a quarter off the troubled telecoms operator’s market value.
British finance minister George Osborne is to set out in mid-December detailed plans to shake up Britain’s banking sector, setting in train what is likely to be a detailed consultation with banks over the erection of a firewall between retail and investment operations.
Negotiators for Greek debt holders have offered to swap their bonds for new ones worth half their current face value, but only if the new bonds contain high interest rates and have extra incentives, including annual payments if Greece’s economy recovers.
UBS is preparing to provide investors with details of a strategic plan that will shrink its investment bank’s balance sheet by half following the anointing of Sergio Ermotti as permanent group chief executive.
HGCapital, the mid-market private equity group, is in talks to buy back the main part of Iris Software Group four years after it sold the UK’s largest private business software maker to Hellman & Friedman.
The UK’s Serious Fraud Office has joined other prosecutors around the world in formally opening an investigation into suspect payments of $1 billion at Olympus.