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UK jobless up most in 2 yrs, gov’t cuts bite
September 14, 2011--
Record public sector job losses pushed up British unemployment at its fastest pace in two years in the three months to July, and the number claiming jobless benefit rose for the sixth straight month in August.
The official numbers add to pressure on the government to do more to boost growth as budget cuts that have helped kept it out of trouble on debt hurt thousands of British households. Claimant count unemployment rose by 20,300 last month -- a smaller rise than July's 33,700 increase and below forecasts for a jump of 35,000, but continuing a rising trend since February. The dip below forecast initially prompted some gains for sterling , but the broadly negative numbers brought it back to trade flat compared to before the data. On the wider ILO measure, which includes people who are looking for work, the number of people without a job rose by 80,000 in the three months to July to 2.510 million, the biggest quarterly rise since August 2009. The jobless rate came in as forecast at 7.9 percent. The number of people in employment also fell by 69,000 in the three months to July, the biggest drop since March 2010. The data show the impact of cuts to reduce a record budget deficit is starting to kick-in in earnest; they also add to the case for the Bank of England to do more to stimulate a flagging economy as turbulence in the UK's main trading partners threatens to tip the nation back into recession.
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Source: Todays Zaman
Greece default idea gains ground despite denials
September 13, 2011-- Ihe idea Greece could default on its 350-billion-euro-plus debts is gaining ground despite official denials given ever-tightening room for manoeuvre in Athens and growing reticence among partners to keep shelling out loans.
Privately, eurozone governments are examining what the radical option would mean, despite carrying on publicly with ratifying a July 21 agreement a second bailout for Greece worth 160 billion euros.
The default scenario "is now inevitable," said Greens financial affairs MEP Pascal Canfin, a specialist in this area.
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Source: EUbusiness
Russia can consider help for individual countries: Kremlin
September 13, 2011--Russia is available to consider requests for financial assistance from individual countries, a Kremlin source told AFP on Tuesday, after Brazil said top emerging economies would discuss possible aid to the European Union.
"We study requests of individual countries if we receive them. Not within the framework of BRICS" though, a high-ranking Kremlin source said.
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Source: EUbusiness
Italy issues close to EUR 6.5bn in bonds, rates soar
September 13, 2011-- Italy placed bonds worth close to 6.5 billion euros (8.8 billion dollars) on Tuesday but the yield it had to offer reached a new high level, the Bank of Italy said, revealing a marked lack of investor confidence.
Shortly before the placement, the Italian finance ministry announced that Finance Minister Giulio Tremonti had met delegates from China's biggest sovereign wealth fund CIC, as the government fights acute market pressure over its public finances.
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Source: FIN24
Deutsche Börse announces changes to the DivDAX
Changes effective September 19, 2011
September 13, 2011-- Deutsche Börse today announced the results of the regular annual review of the DivDAX.
The following four companies will be added to the DivDAX: Lufthansa AG, Daimler AG, Man SE ST O.N. and Bayerische Motoren Werke AG.
The following four companies are being removed from the DivDAX: Merck KGAA, Linde AG, Volkswagen AG and Beiersdorf AG.
All component changes will be effective at the start of trading on Monday, September, 19, 2011.
DivDAX® is a registered trademark of Deutsche Börse AG.
Source: Deutsche Börse
Eurozone government debt will peak next year
September 12, 2011--Public debt across the 17-nation eurozone will rise even as growth returns, hitting a peak of 88.7 percent of gross domestic product in 2012, the EU said on Monday.
The bailed-out trio of Greece, Ireland and Portugal -- facing deeper recession than others -- will already have to wait much longer to see their debt burdens ease, according to the annual European Commission report on public finances.
But so too will Spain and non-euro Britain, where heavy banking bailouts and burst housing bubbles will make it even harder to deal with the impact of ageing populations on government finances over coming decades, it said.
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Source: EUbusiness
Reform plans to hit UK banks
September 12, 2011--Britain's banks should shield retail operations from riskier investment banking units and boost capital levels to protect taxpayers from future crises, in far-reaching proposals that could cost the industry £7bn a year.
The Independent Commission on Banking also said on Monday banks must hold core capital of at least 10% in their British retail banking operations and have primary loss-absorbing capital of 17% - 20%.
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Source: FIN 24
Euro area securities issues statistics-July 2011
September 12, 2011--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.8% in July 2011, compared with 3.9% in June. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 1.8% in July 2011, compared with 1.6% in June.
New issuance of debt securities by euro area residents totalled EUR 903 billion in July 2011 (see Table 1
and Chart 1). Redemptions stood at EUR 912 billion and net redemptions amounted to EUR 2 billion
(see Table 1).1 The annual growth rate of outstanding debt securities issued by euro area residents was
3.8% in July 2011, compared with 3.9% in June.
As regards the sectoral breakdown, the annual growth rate of outstanding debt securities issued by nonfinancial corporations increased from 4.1% in June 2011 to 4.7% in July (see Table 2 and Chart 4). For the monetary financial institutions (MFIs) sector, this growth rate was 1.8% in July 2011, compared with 1.7% in June. The annual growth rate of outstanding debt securities issued by financial corporations other than MFIs was 0.9% in July 2011, compared with 0.7% in June. For the general government, this growth rate decreased from 7.3% in June 2011 to 6.8% in July.
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Source: ECB
The Independent Commission on Banking released its Final Report
September 12, 2011--The Independent Commission on Banking released its Final Report on 12 September 2011.
Introduction
On 16 June 2010, the Chancellor of the Exchequer announced the creation of the Independent Commission on Banking, chaired by Sir John Vickers.
The Commission has been asked to consider structural and related non-structural reforms to the UK banking sector to promote financial stability and competition, and to make recommendations to the Government by the end of September 2011.
view the ICB Final Report
Recommendations September 2011
Source: ICB
German Federal Financial Supervisory Authority (BaFin) approves merger of Deutsche Börse and NYSE Euronext
September 12, 2011--Germany’s Federal Financial Supervisory Authority (BaFin) has approved the merger of Deutsche Börse and NYSE Euronext. With BaFin’s decision, the merger has reached an important regulatory milestone in Germany.
The BaFin examination is comparable to the shareholder control procedure by the stock exchange regulators. It concerns a significant acquisition of shares in the banks and financial services institutions of the Deutsche Börse Group by the parent company of the new group (Holdco) headquartered in the Netherlands, and the permissibility of this acquisition. This particularly includes Clearstream Banking AG as the central settlement institution for securities transactions, and Eurex Clearing AG as the central counterparty for the derivatives exchange Eurex.
Among other things, BaFin’s examination involved assessing the reliability of the Dutch Holdco and its financial solidity. BaFin’s overall conclusion was that there are no grounds against the merger in Germany in terms of banking supervisory regulations.
The transaction remains subject to further conditions being met, such as approval by the responsible EU competition authorities and by responsible exchange supervisory authorities.
Source: Deutsche Börse
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