Japan ruling party vows to tackle debt, sales tax
Japan’s ruling Democratic Party has vowed to fix the country’s tattered finances and pledged to seek a decision on tax reform quickly, paving the way for a likely hike in a politically sensitive consumption tax. In their campaign platform for a July 11 upper house election, the Democrats also vowed to do their best to […]
EU leaders sanction Iranian oil and gas sector
The measures go substantially beyond the sanctions the UN agreed on June 10 and are designed to pressure Tehran to return to talks over an uranium enrichment programme Western powers believe is designed to produce nuclear weapons. The steps, which could come into force within weeks, will focus on trade, including dual-use items, banking and […]
Bank of England pushes for more ABS transparency
Britain’s central bank proposed these changes in March 2010 and aims to begin a phased introduction of the new criteria in 2011. There will be no grandfathering. “The feedback is supportive in principle,” said Sarah Breeden, head of special projects, markets at the Bank. “There were some particular issues including concerns about consistency with other […]
Germany appeals to EU neighbours to back bank levy
Merkel made her pitch ahead of a meeting of EU leaders to discuss tightening controls on spending by the bloc’s 27 countries and how charges against the banking industry should be structured. “We will prepare for the G20 and G8 meeting so that we can go with as united a European position as possible that […]
Fairfield to raise $450-$500m in London IPO
Fairfield has not yet decided on the proportion of its shares to be sold, but a banking source familiar with the matter told reporters the stake floated was likely to be more than 25 percent but less than half of the firm. The initial public offering could value the company at more than $1bn, the […]
US jobless claims, price data back low rates policy
Fears that growth could be slowing were heightened by a report showing factory activity in the country’s Mid-Atlantic region braked to its slowest pace in 10 months in June. The employment gauge fell to its lowest level since November. “I don’t know if this is temporary, related to everything that has been going on in […]
Lehman Europe creditors could get speedier payouts
Thousands of creditors of bankrupt US investment bank Lehman Brothers owed about $22bn will be offered earlier cash payments if they are willing to accept lower valuations on their claims. PwC, which is in charge of the collapsed bank’s main European operations, said that the majority of claims should be agreed by the end of […]
Scrapping, tough economy hit May Europe car sales
New passenger car sales fell 9.3 percent in May in the EU as the effects of government support for the car industry slipped away and the economic environment remained difficult, industry association ACEA have announced. Governments helped carmakers hit by the crisis last year with scrapping incentive schemes that boosted demand for new cars, but […]
Resolution plans cash call to fund AXA deal
Acquisitions vehicle Resolution said it would fund its planned takeover of French insurer AXA’s British life operations by raising £2bn ($2.91bn) in a rights issue. The acquisition would cost a total of £2.75bn, Resolution said, adding that it hoped to announce a deal by the end of June. The company, founded by insurance tycoon Clive […]
Spain says has not, will not make EU aid request
Spain’s economy ministry has said it had not made a request for economic aid from the EU, after a newspaper report that the EU was preparing to activate a package in case Madrid asked for it. “This is lie. There’s no rescue. There’s nothing asked for, nor will there be, nothing, but nothing. I don’t […]
