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Private equity regains appetite for deals
March 31, 2010--Private equity dealmaking rebounded in the first quarter to its highest level since Lehman Brothers collapsed 18 months ago, highlighting how UK buy-out bosses are expecting an economic recovery.
There were 36 private equity buy-outs worth a total of £5.14bn ($7.8bn) in the first three months of the year, the highest by number and value for seven quarters, according to research published on Thursday by KPMG, the accountants.
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Source: FT.com
EU urges Germany to stimulate domestic demand
March 31, 2010-The EU Commission on Wednesday called on Germany to stimulate demand in its domestic private sector, amid concern that Europe's biggest economy is too driven by its trade surpluses.
In a quarterly report on the eurozone, the EU's executive arm called more generally for reforms to even out the wide differences in competitiveness among member states.
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Source: EUBusiness
Greece will regain market confidence: ECB chief
March 31, 2010--Greece should gradually regain market confidence in its ability to repay its debt thanks to "convincing" austerity measures from Athens, the European Central Bank chief said Wednesday.
"I expect that observers, markets, participants would progressively recognise that the decisions that have been taken by the Greek government, which I have qualified ... as convincing (and) courageous, will operate," Jean-Claude Trichet told a press conference in Stockholm.
In an attempt to avert bankruptcy, the Greek government has outlined tax hikes and spending cuts designed to save the state 4.8 billion euros (6.5 billion dollars) and to restore its tattered credibility on financial markets.
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Source: EUBusiness
Regulator sets out strategic plan
March 30, 2010--Preparing for automatic enrolment, improving standards of governance and administration, and filling deficits as soon as reasonably affordable are amongst the top priorities set out in The Pensions Regulator’s fourth corporate plan.
The corporate and business plan 2010-13 sets out how the regulator will continue to protect members’ benefits in a climate of financial uncertainty that has impacted both pension schemes and sponsoring employers.
In anticipation of our new duties, which bring new and different audiences, the regulator has also overhauled the design and content of its website – tailored to be user-friendly for employers, individuals, pension professionals and trustees – and launched new information for employers to help them get ready for workplace pension reforms.
During the next three years the regulator will:
Continue to emphasise to trustees the importance of setting prudent funding targets and agreeing with employers that any resulting deficit is filled as quickly as possible. Support employers to get to grips with their new duties to auto-enrol staff into workplace pension schemes, and the regulator will design and build an effective compliance regime. Focus on standards of delivery of DC schemes - looking to trustees and providers to ensure they are effectively run and suited to members’ needs.
view the
The corporate and business plan 2010-13
Source: The Pensions Regulator
Majority Of Financial Services Practitioners Believe Hung Parliament Will Damage UK Economy
March 30, 2010--Four out of five financial services practitioners believe the UK economy will suffer if the general election results in a hung Parliament, a Chartered Institute of Securities & Investment (CISI) survey shows.
Of those taking part, 21% suggested that having no single political party with an overall majority would plunge the country into a prolonged recession.
A further 59% thought that the impact would be to delay economic recovery.
However, 12% considered that there would be no effect and 8% said a hung Parliament would provide a boost to the economy.
Visit cisi.org for more info
Source: Fresh Business Thinking Online
FSA consults on enhanced client asset protection
March 30, 2010--The Financial Services Authority (FSA) has today published a consultation on changes to its client asset rules. The aim of the consultation is to ensure that clients have confidence their money and assets are safe and will be returned within a reasonable timeframe in the event that a firm becomes insolvent
The failure of Lehman Brothers International (Europe) (LBIE) highlighted a number of areas where the client assets sourcebook (CASS) could be strengthened. Keen to learn lessons, the FSA has been reviewing this area on a number of fronts including engagement with a number of working groups and extensive pre-consultation with firms. The FSA also input into the Treasury’s consultations which considered effective resolution arrangements for investment banks.
The consultation focuses on the following:
Re-hypothecation of client assets - Creating a requirement that all prime brokerage agreements will contain a disclosure annex which will highlight relevant definitions and the contractual limit on re-hypothecation. These are provisions in the contract which apply when a firm can ‘use’ its clients assets in specified circumstances;
Increased reporting to clients – The FSA will require daily reporting on client money and assets holdings to all prime brokerage clients. This will mean that clients will know exactly what is happening to their assets, what transactions have been completed and, if relevant, which and how many of their assets have been re-hypothecated;
view the Consultation Paper
Source: FSA.uk.gov
Ensuring long-term stability for building societies
March 30, 2010--The Treasury today published a discussion document on options for securing the long-term stability of the building society sector.
The paper seeks views from investors, members, societies and others on options for:
New, more resilient capital instruments (ranking as Core Tier 1 or Tier 1)
Modifications to existing capital instruments to make them more resilient in times of stress
Enhancing the Government’s role in supporting societies to raise capital for stability and growth, including changes to legislation
Exploring whether capital instruments abroad should be adopted in the UK
While building societies have historically been well capitalised, and the majority of building societies have responded strongly to challenging conditions since the financial crisis, the new regulatory environment and increased market competition has raised a number of areas where reform could improve the resilience of the building society model. These include improving corporate governance and looking at new funding and capital models.
Financial Services Secretary to the Treasury, Paul Myners said:
“Building societies have long been at the heart of financial services in the UK. The sector encourages a diverse financial system and offers a strong business model. The Government is keen to ensure that this remains the case in the long-term.
“I am confident that the range of options available to building societies will enable them to increase their resilience to stress and give the sector, as a whole, the capacity to grow.
“There is a need to consider whether the current capital instruments available to building societies are sufficient to ensure the long term stability and growth of the sector, as well as exploring the alternative options and what changes would be needed to introduce such instruments.”
view Building Society Capital and related issues: March 2010 a discussion paper
Source: HM Treasury
HSBC gets $580m for new private equity fund
March 31, 2010--HSBC has defied a drought in private equity fundraising by collecting $580m (£384m) for its new infrastructure fund to invest in public-private partnership projects, such as hospitals, prisons, offices, housing and transport.
The first closing for HSBC’s third infrastructure fund, to be announced on Wednesday, takes it nearer to its target of raising $1bn. It contrasts with the grim fate of several other infrastructure funds that were abandoned or postponed after money dried up.
Source: FT.com
Eurozone needs tighter economic coordination: IMF head
March 30, 2010--The eurozone's woes have exposed a glaring lack of coordination and enforcement in the 16-nation currency union, the head of the International Monetary Fund said Monday.
"This is certainly a very important test of the viability of the eurozone," Dominique Strauss-Kahn said in a debate with an audience of government and financial officials during a visit to Poland.
"But I'm optimistic. My view is that there is no way that the European Union will not overcome this crisis. Of course overcoming a crisis is not enough," he said at the debate in the plush ballroom of Warsaw's historic Royal Castle.
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Source: EUbusiness
IMF report says Turkey GDP more than doubled in 1992-2009 period
March 29, 2010--Turkey's gross domestic product with current prices soared to $869.1 billion as of 2009 from $330.3 billion in 1992, marking a 163.12 percent increase on purchasing power parity, an IMF report said Monday.
The report estimated that Turkey's GDP would increase to $710.833 billion in 2014.
The figure pointed to a narrowing gap between Turkey and European countries as the change was 125.74 percent in Spain, 115.8 percent in Great Britain, 89.64 percent in France, 81.6 percent in Russia, 71.4 percent in Germany, and 66.06 percent in Italy.
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Source: Todays Zaman
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