Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Banks

Osborne warns BoE against curbing growth

Posted on April 30, 2013

George Osborne urged the Bank of England not to undermine recovery through an overzealous focus on banking stability, in an attempt to put growth at the heart of the new governor’s mandate.

The chancellor told the bank’s Financial Policy Committee to give “due weight to the impact of its actions on the near-term economic recovery” when carrying out its primary job of maintaining financial stability.

    Mr Osborne noted the “short-term trade-offs” that the FPC faces: between strengthening the banking system and making sure that banks are able to increase lending into the economy.

    His letter to Sir Mervyn King, departing bank governor, said the committee should be particularly attentive to its secondary objective of sustaining economic growth “at this stage in the cycle”.

    The chancellor set out the remit for the FPC, which formally took on its new powers in April, in a five-page memorandum. The committee will guide the work of Mark Carney, who will chair the committee when he takes up his post as governor in July.

    The remit reflects Mr Osborne’s concern that an excessive focus on making the banking system shockproof could create “the financial stability of a graveyard”.

    The emphasis on growth echoes Mr Osborne’s earlier guidance to the bank’s Monetary Policy Committee, which clarified that policy makers could prioritise growth when setting interest rates, provided that inflation remained under control.

    Mr Osborne’s focus on growth was reflected in his decision in March not to appoint two outspoken advocates of tough bank regulation, Michael Cohrs and Robert Jenkins, to the permanent FPC.

    Mr Osborne’s comments in the remit may be part of his long running battle over efforts by some regulators and MPs to force banks to conform to tougher leverage requirements, which the chancellor fears could constrain lending.

    The FPC suggested last year that banks could use liquidity buffers, held in excess of regulatory guidance, to support extra lending.

    Mr Osborne’s letter to Sir Mervyn also urged FPC members to co-ordinate their speeches and opinions. He said confidence in financial markets would be boosted by “consistent messages about the planned regulatory response to financial stability risks”.

    The move to assert discipline concerned Andrew Tyrie, Commons Treasury committee chairman, who said the FPC’s accountability to parliament and the public would be “enhanced, where possible by open debate, not by concealment”.