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PRESS DIGEST - FINANCIAL TIMES- OCT 28
October 29, 2012 / 2:40 AM / 5 years ago

PRESS DIGEST - FINANCIAL TIMES- OCT 28

Headlines

FEAR OF SANDY SHUTS MARKETS AND FLIGHTS

SOUTH AFRICA REACHES ‘TIPPING POINT’

PPI PAYBACK BILL TO PASS 10 BLN POUNDS

LLOYDS TO PILOT SCRAPPING SALES INCENTIVES

CHINESE BANKS FLEE LONDON‘S TOUGH RULES

BANKS PUSHED FOR NEXT LIBOR SETTLEMENT

UBS RESTRUCTURING TO TAKE THREE YEARS

HEATHROW-STANSTED ‘DUAL HUB’ PROPOSED

INDEPENDENT SCOTLAND FACES EU APPLICATION

Overview

FEAR OF SANDY SHUTS MARKETS AND FLIGHTS

As the “Frankenstorm” approached the U.S. Northeast, transport systems were shut down and Mayor Bloomberg ordered residents of low-lying areas to evacuate, NYSE said it would close its main trading floor for the first time since 1985. CME also suspended floor trading.

SOUTH AFRICA REACHES ‘TIPPING POINT’

Deputy president Kgalema Motlanthe says the ruling ANC could lose public support amid widespread despondency if it fails to implement a “renewal”.

PPI PAYBACK BILL TO PASS 10 BLN POUNDS

The cost to banks of compensating customers mis-sold payment protection insurance is set to exceed 10 billion pounds this week.

LLOYDS TO PILOT SCRAPPING SALES INCENTIVES

Lloyds Banking Group launched a scheme to scrap employee bonuses linked to the number of products sold, instead focusing on customer service, as scale of PPI mis-selling remains in the spotlight.

CHINESE BANKS FLEE LONDON‘S TOUGH RULES

In a blow to London’s ambitions to become a European hub for Chinese banks, the country’s largest state-owned lenders including ICBC and Agricultural Bank of China are transferring more business to Luxembourg to avoid the UK’s stringent regulations.

BANKS PUSHED FOR NEXT LIBOR SETTLEMENT

US and UK authorities are driving for multinational settlements with at least one and possibly two more banks implicated in the Libor-rigging scandal by the end of the year.

UBS RESTRUCTURING TO TAKE THREE YEARS

The “most drastic current restructuring of any investment bank in the world”, which is due to cost around a sixth of the workforce their jobs, will take three years to complete.

HEATHROW-STANSTED ‘DUAL HUB’ PROPOSED

A firm of architects is proposing to increase the UK’s aviation capacity without building a new airport by expanding Stansted and linking it to Heathrow via the new Crossrail line.

INDEPENDENT SCOTLAND FACES EU APPLICATION

Contrary the first minister’s argument, an independent Scotland may have to reapply for EU membership, possibly setting a precedent for other European regions hoping to secede.

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