For a bailout designed to keep Cyprus from exiting the Eurozone, it is ironic that the terms appear destined to destabilise the single currency.
The Financial Services Authority (FSA) has finalised new rules and regulations for financial benchmarks. This follows the recommendations of the Wheatley Review of the London Inter-Bank Offered Rate (LIBOR).
The UK’s major banks recorded a rise in core profits of 45% in 2012 – to a combined sum of £31.5 billion – only to see that increase wiped out by a mixture of regulatory fines, customer redress provisions and the accounting consequences of improved creditworthiness which left statutory profits down 40% on the previous year at £11.7 billion, according to KPMG.
Cyprus will remain in the eurozone after a last-minute bailout deal was agreed to save their banking system from collapsing.
The Financial Services Authority (FSA) has published the business plan and risk outlook for the Financial Conduct Authority (FCA), for 2013/14. The FSA will be replaced by the FCA and the Prudential Regulation Authority (PRA) on 1 April 2013.
The European Parliament's Monetary Affairs Committee (ECON) voted on the remuneration rules to apply to asset managers who manage UCITS funds.
Next have said that despite recent weeks of quiet trading pre-tax profit rose to £666.5m for the year to January, up from £579.5m in the previous 12 months.
The Jersey Government announced that Jersey is finalising a FATCA style agreement with the UK government to enhance its existing tax information exchange arrangements.
The Pound gained across the board on Wednesday morning following the release of the minutes of the Bank of England’s meeting this month which showed that the vote on additional quantitative easing remained three members against six.
Greggs have seen pre-tax profits fall for the 52 weeks to December 29th 2012.