News
FSA asks firms to stop selling single-premium PPI
Daily news headlines
US banks told: prepare for 47% drop in house prices
The US Treasury told the country's major banks they must ensure their capital levels can cope with a severe recession, including unemployment over 10% and an overall 47% drop in house prices from their peak in 2006.
Speculation over regulation mounts as Madoff lawsuits rack up
European investment funds are preparing to face tighter regulation in the wake of the Madoff scandal.
Obama calls for economy-wide carbon cap
President Barack Obama has indicated that the administration will work with Congress on cap-and-trade legislation in an effort to increase US energy independence.
Centrica invests in 60 bcf gas storage facility
British utility Centrica will develop the UK's second largest gas storage facility through the acquisition of a controlling interest in the Baird gas field project in the southern North Sea.
Uncertain outlook for US public power
Moody's has forecast a stable credit outlook for the US public power electric utility sector in 2009, but says the recession and environmental regulations could present challenges.
CDS spreads narrow on US and European financials
The cost of credit protection on US and European banks fell in early trading today, while remaining high on Latin American and eastern European sovereign debt.
UBS replaces CEO
UBS named Oswald Grübel as its new group chief executive today after Marcel Rohner left the bank.
Low recovery rates set for Ferretti LCDS
At an auction held today, data vendor Markit and broker Creditex determined a final settlement value of 10.875% for loan-only credit default swaps (LCDS) referencing Italian luxury yacht manufacturer Ferretti, meaning protection sellers would need to pay…
Madoff feeders' due diligence attacked as lawsuits mount
Investors that lost billions of dollars to Bernard Madoff have filed several class-action lawsuits claiming massive due diligence failures by fund managers who placed money into the alleged $50 billion Ponzi scheme, even though scant detail has emerged…
RBS signs up to UK's asset-protection scheme
Royal Bank of Scotland (RBS), which today announced 2008 losses of £24.1 billion, has become the first bank to sign up to the UK government's asset-protection scheme, which will offer insurance against future losses in return for a promise to increase…
Iosco reports on outsourcing principles
Daily news headlines
OECD urges governments to tackle disaster risk
Daily news headlines
AIMA in bid to stave off imposed global regulation
Daily news headlines
De Larosiere calls for ECB to lead European macro supervision
The European Central Bank would lead a new body intended to provide early warning of future financial crises, under proposals presented to the European Commission today.
ICF offers risk management for energy companies
Consultant ICF International has announced that it will offer risk management services to the energy sector.
RWE restructures
RWE has announced plans to restructure its supply and distribution business in Germany and reorganise its ultra-high voltage grid as part of a €6.5 billion investment scheme.
New single-name CDS sparks hedging worries
Plans to reshape the US single-name credit default swap (CDS) market are causing concerns among some credit portfolio managers, due to a limit on their ability to get capital relief for hedges under Basel II.
Ambac pares losses in Q4
Ambac saw a fourth-quarter net loss of $2.3 billion, a slight improvement on its performance in the third quarter of 2008, when it lost $2.4 billion and a notable improvement from its showing in the fourth quarter of 2007, when it shed $3.3 billion.
CDSs tighten on US and European banks
The cost of credit protection on US and European banks fell in early trading this morning.
Lloyds' HBOS losses highlight flaws in FSA capital measures
With UK banking group Lloyds set to announce heavy 2008 losses later this week, industry observers are turning against plans from the UK Financial Services Authority (FSA) to loosen bank capital requirements.
JP Morgan cuts dividend to build capital reserves
JP Morgan cut its quarterly dividend from 38c to 5c a share yesterday, in a bid to build up $5 billion in additional capital reserves.
FCStone Group increases bad debt provision for energy trading account
FCStone Group expects to incur an additional $60m to $80m pre-tax bad debt provision in connection with previously-reported losses on a significant energy trading account.
Global carbon trading to grow by 20% in 2009
The global carbon market will see a 20% boost in volume in 2009, according to the latest figures from Point Carbon.