The third in the series of Evolving Banking Regulation reports from KPMG, analysing the regulatory landscape confronting European banks, concludes that the strategic, operational and change agenda challenges they face have never been greater – and that banks are now in the midst of a multi-year transition.
The Office of Fair Trading (OFT) has announced that Mercedes-Benz and three of its commercial vehicle dealers, Ciceley, Road Range and Enza, have admitted infringing competition law and agreed to pay fines totalling £2.6 million.
Sterling is weakening on the back of sentiment which is often the case in the FX markets. Today Sterling weakened against the US dollar and the Euro as it was unveiled in the MPC minutes that three of the members, including the Governor, voted to increase the quantitative easing programme by £25bn to £400bn.
Credit Agricole have reported record loss in 2012 following an unexpected tax charge.
The Financial Services Authority (FSA) has fined three Lloyds Banking Group firms a total of £4,315,000 for failings in their systems and controls that resulted in up to 140,000 customers receiving delayed payment protection insurance (PPI) redress. The three firms are Lloyds TSB Bank Plc, Lloyds TSB Scotland Plc and Bank of Scotland plc (together, LBG).
In 2012 Ferrari posted record results in its best ever trading period in the company’s 66-year history. This fact was confirmed when the Ferrari Board of Directors met under the chairmanship of Luca di Montezemolo to examine the company’s end-of-year results.
State-backed and financial investors’ appetite for M&A, combined with divestments, will drive a recovery in mining and metals deal volumes and value in 2013, following a slow and patchy year for deals in 2012, according to Ernst & Young.
There was a boost for Japanese shares following the decision of G20 finance ministers not to single out Japan for criticism over the recent yen weakness.
Lower commodity prices and a writedown on a key iron ore project have seen Anglo American fall to a pre-tax loss in 2012.
The European Commission has adopted a proposal for a Financial Transactions Tax (FTT), which is expected to raise around €30-35billion a year.