|Lloyds Banking Group plc branch sale update: NBNK struggles to show it has sufficient capital|
|Monday, 21 May 2012 08:13|
News round up: Lloyds, NBNK, JPMorgan Chase, Scottish high streets, Eurozone break-up plans, 3CIF, Bailouts and IG Metail.
The multi-billion dollar losses that JPMorgan Chase has racked up underline the urgent need to better regulate credit default swaps, Sheila Bair, one of America's most powerful financial regulators over the last five years, has warned.
Scottish high streets
Scotland´s struggling high streets have been dealt a fresh blow today as figures reveal that the numbers of shoppers north of the Border plunged in the run-up to Easter. Retailers reported a 12.6% drop in footfall in the three months to the end of April, outstripping the 2% fall posted for the UK as a whole.
Eurozone break-up plans
When it comes to contingency planning for a Eurozone break-up, it is typically a German company that has been ahead of the game. Industrial conglomerate Siemens acquired a banking licence in December 2010. That allowed it to access directly European Central Bank funds, so cutting its exposure to swings in jumpy currency markets.
Caisse Centrale du Crédit Immobilier de France
France may be forced to rescue one of its largest mortgage providers after the lender became the latest victim of the Eurozone crisis. Caisse Centrale du Crédit Immobilier de France (3CIF) — an influential institution that has advanced mortgages worth €33bn (£27bn), or 4% of the French market — could be nationalised. Another option is an emergency funding deal with a rival institution.
European taxpayers face having to bankroll a new wave of bailouts amid growing funding problems at state-backed borrowers across the region, according to senior bankers. Financiers are becoming increasingly concerned that many taxpayer-backed borrowers are losing their ability to access private funding markets.
Germany’s largest industrial union has secured the biggest pay rise for members in two decades in what is being seen as a major breakthrough in dealing with the Eurozone’s chronic imbalances. The deal was hailed by economists as a watershed moment for Germany, which is under intense international pressure to let wages rise faster to stimulate domestic consumer spending and help the Eurozone’s less efficient producers become more competitive.
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