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30 April 2012
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Global News Coverage for Investment Professionals

  Top Stories 
 
  • ESMA calls on regulators to harmonize market-abuse penalties
    The European Securities and Markets Authority said finance regulators in the region should harmonize penalties for market manipulators and insider traders. Chairman Stephen Maijoor said most regulators have implemented market-abuse sanctions, but "differences remain in their availability, regulators' ability to use them and the allocation of resources." Bloomberg (26 Apr.) LinkedInFacebookTwitterEmail this Story
  • Fitch says EU banks need bail-ins, not bailouts
    The EU faces a balancing act of making banks safer while guaranteeing that taxpayer money won't go to rescuing them again, said Bridget Gandy, managing director and co-head of European, Middle Eastern and African financial institutions at Fitch Ratings. One solution is for banks to convert debt into equity rather than search for capital, a tactic known as bail-in. CNBC (27 Apr.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
 
  • Strong U.S. earnings reports send Asian-Pacific markets mostly higher
    Most major Asian-Pacific share markets rose Monday as traders reacted to solid earnings reports from the U.S. Australia's S&P/ASX 200 rose 0.7%. South Korea's Kospi gained 0.2%. Hong Kong's Hang Seng Index jumped 1.2%. India's Sensex gained 0.6%. Singapore's Straits Times Index and Taiwan's Taiex bucked the trend, each falling 0.2%. Chinese and Japanese markets were closed for holidays. The Wall Street Journal (30 Apr.) LinkedInFacebookTwitterEmail this Story
  • China Postal Express readies $1.6B IPO on Shanghai exchange
    A unit of state-owned China Post Group, China Postal Express & Logistics, hopes to raise as much as $1.6 billion in an initial public offering, according to a prospectus that the country's securities regulator published. The firm plans to list on the Shanghai Stock Exchange and sell as many as 4 billion yuan-denominated shares. Bloomberg (29 Apr.) LinkedInFacebookTwitterEmail this Story
  • Islamic finance might face shake-up from standards body
    Bahrain's Accounting and Auditing Organization for Islamic Financial Institutions, a standard-setting body for the Islamic finance industry, plans a wide-ranging review that could overhaul the rapidly expanding industry. The group will begin consultation on reform of Shariah boards, the organizations of Islamic scholars who determine whether financial policies and products are acceptable under Islamic law. Reuters (29 Apr.) LinkedInFacebookTwitterEmail this Story
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  Economics 
 
  • For many firms, U.S. profit compensates for China's slowdown
    Multinational corporations are finding that strengthening profit in the U.S. is making up for the fact that they can't count on China for dramatic earnings growth anymore. Caterpillar CEO Doug Oberhelman said the construction-equipment-maker's rising earnings from its U.S. operation in the first quarter "more than offset slowing in China and Brazil." The Wall Street Journal (30 Apr.) LinkedInFacebookTwitterEmail this Story
  • Analysis: France's Hollande could create problems for euro
    If Socialist candidate Francois Hollande defeats incumbent Nicolas Sarkozy in the French presidential election, he might undermine Europe's determination to implement economic reform, according to The Economist. "Every German chancellor eventually learns to tame the president next door, and Mr Hollande would be a less mercurial partner than Mr Sarkozy," the magazine notes. "But his refusal to countenance structural reform of any sort would surely make it harder for him to persuade [German Chancellor Angela] Merkel to tolerate more inflation or consider some form of debt mutualisation." The Economist (28 Apr.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • European lawmakers question Ferber's proposals
    Top members of the European Parliament are questioning proposals by Markus Ferber, a lawmaker guiding changes to financial regulation through the body. The Economic and Monetary Affairs Committee recently discussed algorithmic trading, investor protection and other issues as part of an effort to overhaul financial regulation. The Trade News (U.K.) (27 Apr.) LinkedInFacebookTwitterEmail this Story
  • U.S. lawmaker opposes self-regulation for financial advisers
    Backers of a bill to put U.S. financial advisers under the supervision of a self-regulatory organization claim bipartisan support, but Rep. Barney Frank, a senior member of the House Financial Services Committee, said he is against the measure. "This notion of self-regulation is inherently dubious," Frank said. "I'm opposed to it." InvestmentNews (free registration) (29 Apr.), Financial Advisor online (27 Apr.) LinkedInFacebookTwitterEmail this Story
  • White House financial-fraud task force bolsters staff
    The Obama administration's task force that examines misconduct that contributed to the financial crisis added five financial analysts and 10 federal prosecutors. The move indicates a White House plan to pursue cases against companies and executives who played a role in the crisis. Reuters (27 Apr.) LinkedInFacebookTwitterEmail this Story
  • U.S. backs Argentina in suit tied to sovereign-bond restructurings
    Argentina has a good chance of prevailing in a court appeal involving the 2005 and 2010 restructuring of its bonds after the U.S. filed a brief supporting Argentina's position, experts said. The U.S. agreed with Argentina's argument that it shouldn't be required to pay the same amount to bondholders who rejected restructuring offers as it does to those who cooperated. International Financing Review (28 Apr.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
 
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