News
UBS names Japan country head and Asia vice-chairman
UBS has named Toshiharu Kojima as its first-ever country head for Japan, as well as chairman and chief executive of UBS Securities in Tokyo. Timothy Chia will become Asia vice-chairman of the investment banking division in Singapore.
CDSs widen on Australian banks, Spanish energy
The cost of credit protection on Spanish energy firms and Australian banks soared in early trading this morning while market sentiment towards US auto makers improved.
Algorithmics, RMA and RiskBusiness unite op risk resources
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UBS buys AIG commodity indexing business
UBS has announced that it will acquire the commodity index business of AIG Financial Products Group. The deal includes the rights to the Dow Jones-AIG Commodity Index, an industry benchmark launched a decade ago.
Constellation sells commodities business to Goldman Sachs
Constellation Energy is to sell the majority of its London-based international commodities business, including its coal and freight operations and European energy trading units, to Goldman Sachs.
Ofgem closes competition case against Scottish Power and SSE
UK energy regulator Ofgem has closed a Competition Act case investigating the behaviour of Scottish Power and Scottish and Southern Energy in the wholesale electricity market.
Sovereign CDSs at record levels
The cost of credit protection on the sovereign debt of Spain, Portugal and Ireland reached all-time highs in intraday trading this morning.
Marsh appoints Hong Kong chairman
US insurance broker and risk adviser Marsh has hired insurance industry veteran Kenneth Kwok in the newly created role of Hong Kong chairman. His role will include developing new relationships in the local business community and strengthening the…
CFTC names temporary chief
Michael Dunn, one of the commissioners of the US Commodity Futures Trading Commission, has been elected as interim chairman.
UK announces second bank rescue package
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US props up Bank of America
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UK fraud 'iceberg right ahead'
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PWG committees release hedge fund best practices
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Additional executive compensation rules issued under TARP
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DTCC to publish more CDS data
The Depository Trust and Clearing Corporation (DTCC), the largest derivatives clearing house in the US, is to expand the data it publishes on the credit derivatives market.
UBS "reprioritises" commodity business
UBS today agreed to purchase the commodity index business of AIG Financial Products Corporation for $15 million plus an earnout, after confirming the sale of its base metals, oil and US power and gas businesses to Barclays Capital on Friday.
Banks tighten conditions on revolving credit extensions
More stringent terms and conditions are being attached to revolving credit facilities (RCFs), although banks are still extending them to investment-grade corporates. Analysts and bankers agree that RCFs are becoming more expensive and smaller and will…
Basel Committee prepares to raise capital requirements with 'stressed VAR' test
Banks may face significantly higher regulatory capital requirements under proposed changes to the Basel II capital adequacy rules released today.
Massive writedowns expose failure of RBS' ABN Amro takeover
Ahead of its 2008 results announcement next month, Royal Bank of Scotland has warned of £28 billion in writedowns and losses, much of it associated with the 2007 takeover of parts of the Dutch bank ABN Amro. The UK government has again stepped in to help…
CDSs widen on Spanish banks
The cost of credit protection on a wide range of firms fell in early trading today, while spreads widened on Spanish financials and US sovereign debt.
UK government creates £50 billion ABS fund
The UK government outlined further plans today to try to stabilise the economy and encourage banks to lend more.
Basel Committee out with Basel II enhancements
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$20 billion in Tarp aid for Bank of America after Merrill losses
Bank of America will receive a $20 billion cash injection and guarantees on $118 billion of debt in return for carrying through its acquisition of Merrill Lynch at the start of the year.
Citi hit by $8.9 billion Q4 loss, splits company
US banking giant Citi today reported a net loss of $8.9 billion for the fourth quarter and a $18.7 billion loss for the whole of 2008. The bank will now be split into two entities.