Matthew Fell News
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U.K. financial firms may add 4,000 jobs in the first half of the year, ending three consecutive quarters of cuts, as companies anticipate increased sales, the Confederation of British Industry said.
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The European Union proposed a tax on financial transactions that could be collected worldwide as soon as the start of next year by the 11 EU nations that have so far signed up to participate.
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The European Union is attempting to tax London’s financial firms through the “back door” with its transactions levy and should be stopped by the U.K. government, according to British banks and fund managers.
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The agency that oversees the U.S. municipal-bond market delayed proposed rules for financial advisers until the Securities and Exchange Commission defines who will be subject to the regulation.
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After being rigged by some of the world’s biggest financial institutions, the London interbank offered rate, the benchmark for more than $300 trillion of securities and loans, is now increasingly being set by a smaller group of banks.
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Proposals to overhaul Libor, including enhanced powers for U.K. regulators to prosecute rate rigging, may be enacted early next year in a bid to revive confidence in the scandal-ridden benchmark and banking industry.
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Executives at listed companies may be forced to put their bonus packages to a shareholder vote under measures proposed by the European Union today.
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The U.K. Office of Fair Trading and the Competition Commission will merge in a restructuring of government agencies in which 192 bodies will be abolished, Cabinet Office Minister Francis Maude said.
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Oversight of Libor will be handed to the U.K.’s financial regulator, and dozens of the currencies and maturities that make up the benchmark axed, under proposals designed to revive confidence in a rate tarnished by scandal.
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Britain’s six largest banks will start a 1.5 billion-pound ($2.4 billion) fund to help smaller companies get financing after the government threatened to curb bonuses unless firms boost lending.
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