(Reuters) - The European economy is not out of the danger zone, European Central Bank Executive Board member Yves Mersch said, calling for further financial integration to overcome remaining impediments to growth.
Showing posts with label European economy. Show all posts
Showing posts with label European economy. Show all posts
8/13/2014
Global stocks fall on Russian crisis; Euro at nine-month low
European shares fell on Tuesday, throwing a rally in the United States and Asia into reverse, and the euro dipped towards nine-month lows against the dollar as reports a Russian aid convoy was heading to Ukraine ratcheted up tension between Kiev and Moscow.
11/06/2013
European Commission predicts 'turning point' in Europe
The European Commission has said the European economy has reached a "turning point", but the eurozone will grow less quickly than previously expected.
5/30/2012
Americans Grew Gloomier About the Economy in May
Americans grew much gloomier about the economy in May, causing a critical measure of consumer confidence to suffer its biggest decline in eight months and ending a period of steady optimism.
4/18/2012
World economy still on life support
(Financial Times) -- The world economy "remains on life support" from central banks and has deteriorated since last autumn, the latest Brookings Institution-Financial Times tracking index shows, despite some recent signs of stabilisation.
3/04/2012
Britain's 'voice was heard' at EU summit, says David Cameron
Mr Cameron declared himself frustrated yesterday that the priorities of a group of 12 EU states, including the UK, had been ignored in the draft communique for the European Council summit in Brussels, in favour of proposals from France and Germany.
2/08/2012
Europe’s Banks Reluctant to Lend to Companies in Need of Cash
LONDON — European governments are not the only ones struggling with debt. So are some of the region’s companies.
12/16/2010
G20 protest doctor Freddy Patel's charge legal 'abuse'
A pathologist who examined a man who died in the G20 protests should not face a separate charge as it would be an abuse of process, his lawyer said.
Dr Freddy Patel examined Ian Tomlinson, who was pushed over by a policeman. Dr Patel was suspended for three months after concerns over the autopsy.
The General Medical Council is now deciding if he made a separate autopsy ruling without "proper consideration".
Dr Patel also faces another allegation, that he falsified his CV.
The separate autopsy ruling relates to the 2002 death of a prostitute, known as Mrs E.
Police discovered her in a flat, naked apart from a towel, with blood on the wall.
In his autopsy, Dr Patel noted she had facial bruising around her nose and a bite mark on her leg.
She had a split to her liver and blood loss.
Dr Patel found she had died during consensual sex and attempts to resuscitate her had failed.
It is alleged Dr Patel did not consider appropriately whether she had been asphyxiated in a non-obvious way.
But the pathologist's counsel, Adrian Hopkins QC, argued the panel had already ruled on the case in July this year and the matter should therefore not be considered again.
He claimed the allegations were "almost identical" to charges earlier ruled upon by the panel.
Mr Hopkins said: "The substance of the case against Dr Patel is the same.
"It is no good simply to tweak the wording to make the same criticism.
"We say these changes are changes of style not of substance and we have to look at substance."
Mr Hopkins added the length of time that had passed since the death meant evidence had been lost, and Dr Patel had been unable to respond fully.
The panel has the authority to ban Dr Patel from practising.
The hearing continues.
An inquest into the death of Mr Tomlinson, a newspaper seller, will begin next year.
Dr Patel's examination concluded that he died of natural causes linked to coronary artery disease.
But two other pathologists later separately concluded that Mr Tomlinson died of internal bleeding as a result of blunt force trauma, in combination with cirrhosis of the liver, after the G20 protests on 1 April 2009.
No charges have been brought against Pc Simon Harwood, the officer who pushed Mr Tomlinson and appeared to strike him with a baton on mobile phone footage then posted on the internet.
Source: BBC
www.bbc.co.uk
Dr Freddy Patel examined Ian Tomlinson, who was pushed over by a policeman. Dr Patel was suspended for three months after concerns over the autopsy.
The General Medical Council is now deciding if he made a separate autopsy ruling without "proper consideration".
Dr Patel also faces another allegation, that he falsified his CV.
The separate autopsy ruling relates to the 2002 death of a prostitute, known as Mrs E.
Police discovered her in a flat, naked apart from a towel, with blood on the wall.
In his autopsy, Dr Patel noted she had facial bruising around her nose and a bite mark on her leg.
She had a split to her liver and blood loss.
Dr Patel found she had died during consensual sex and attempts to resuscitate her had failed.
It is alleged Dr Patel did not consider appropriately whether she had been asphyxiated in a non-obvious way.
But the pathologist's counsel, Adrian Hopkins QC, argued the panel had already ruled on the case in July this year and the matter should therefore not be considered again.
He claimed the allegations were "almost identical" to charges earlier ruled upon by the panel.
Mr Hopkins said: "The substance of the case against Dr Patel is the same.
"It is no good simply to tweak the wording to make the same criticism.
"We say these changes are changes of style not of substance and we have to look at substance."
Mr Hopkins added the length of time that had passed since the death meant evidence had been lost, and Dr Patel had been unable to respond fully.
The panel has the authority to ban Dr Patel from practising.
The hearing continues.
An inquest into the death of Mr Tomlinson, a newspaper seller, will begin next year.
Dr Patel's examination concluded that he died of natural causes linked to coronary artery disease.
But two other pathologists later separately concluded that Mr Tomlinson died of internal bleeding as a result of blunt force trauma, in combination with cirrhosis of the liver, after the G20 protests on 1 April 2009.
No charges have been brought against Pc Simon Harwood, the officer who pushed Mr Tomlinson and appeared to strike him with a baton on mobile phone footage then posted on the internet.
Source: BBC
www.bbc.co.uk
11/20/2010
Regulators part curtain on swaps and hedge funds
By Christopher Doering and Rachelle Younglai
WASHINGTON (Reuters) - Regulators moved on Friday to bring more transparency to the sprawling derivatives market, hedge funds and private equity, all dimly lit corners of the financial world getting more scrutiny.
Proposed rules issued by the Commodity Futures Trading Commission and the Securities and Exchange Commission showed regulators stepping cautiously as they implement hundreds of new regulations mandated in July by Congress.
Shining a brighter light on derivatives was one of the key goals of the landmark Dodd-Frank reforms, pushed through by Democrats and President Barack Obama over the resistance of most Republicans and a host of Wall Street lobbyists.
The CFTC's and SEC's proposed rules target a range of derivatives including credit default swaps, which were implicated in the downfall of troubled giants Lehman Brothers and AIG during the 2007-2009 credit crisis.
Swaps in interest rates, currencies, credit risk or other underlying values, are a big chunk of the $583-trillion global market for derivative contracts traded over-the-counter (OTC), or among private firms, rather than on exchanges.
Until now, the market has been virtually unregulated, despite its tremendous size. Its opacity has made it a lucrative business for the largest OTC derivatives dealers: Bank of America, Goldman Sachs, Citigroup, JPMorgan Chase and Morgan Stanley.
The CFTC and SEC, following through on Dodd-Frank, have proposed new standards for OTC swap reporting and record-keeping. The CFTC's proposal on the timing of swaps reporting met some skepticism.
"This proposal merely repeats the vague statutory direction provided in the Dodd-Frank Act," said Scott O'Malia, a Republican CFTC commissioner, in prepared remarks.
In its proposal on Friday, the CFTC did not set specific time limits for reporting most swap trades. It said only that they be submitted "as soon as technologically practicable." It proposed that data on standardized block trades and large notional swaps be held for 15 minutes before being released.
The legislation approved in July is known as the Dodd-Frank Act after its Democratic co-authors Senator Christopher Dodd and Representative Barney Frank.
'REAL-TIME' STANDARD MANDATED
Much of the world's derivatives trading is done in New York and London. The leaders of the Group of 20 (G20) leading economies agreed in 2009 that derivatives must become less risky and more transparent. A report on the issue is expected from G20 regulators in January.
Dodd-Frank called for requiring market participants to report swap trades in "real-time" and left it up to regulators to define what that means -- one of many Dodd-Frank details still to be fleshed out in the implementation phase.
"I am not convinced we are doing the best thing by mandating a 15-minute time limit to report block trades and large notional swap trades between dealers and end users, while providing little to no direction on the reporting of all remaining trades," O'Malia said.
The agencies will evaluate comments from the public on their proposals over the next two months, with changes possibly resulting. Under Dodd-Frank, the deadline for final implementation of most new derivatives rules is April 2011.
The CFTC's preliminary recommendation came on the same day the SEC proposed rules for security-based swaps. Taken together, the agencies' proposals gave an early outline of not only when, but where and how swap data will be disclosed.
Dodd-Frank opens a business opportunity to play a data handling and warehousing role for Depository Trade & Clearing Corp and major exchanges, such as CME Group Inc and IntercontinentalExchange. ICE this week applied to make its ICE Trust unit a registered clearer under the CFTC.
HEDGE FUNDS TARGETED
The SEC on Friday also proposed, under another Dodd-Frank mandate, requiring hedge funds and private equity firms with more than $150 million in assets under management to register with the investor protection agency.
This rule is designed to help the SEC root out fraud and abuse in the $1.65-trillion hedge fund business.
Recently, the hedge fund sector, which includes giants such as Bridgewater Associates and Paulson & Co, has not posted the immense profits that some years ago made it famous.
Many hedge funds are already registered with the SEC, taking some of the edge off the agency's proposals. "They are not going to be hard to comply with," said Ron Geffner, who works with hedge funds as a partner at Sadis & Goldberg LLP.
The European Parliament on November 11 approved new rules to regulate managers of hedge funds and private equity beginning in 2013. EU member-states had already approved the package.
The implementation deadline for the SEC rule on hedge fund and private equity firm registration is April 2011.
(Additional reporting by Ayesha Rascoe and Dave Clarke in Washington, Jonathan Spicer in New York; Writing by Kevin Drawbaugh; Editing by Jackie Frank and Tim Dobbyn)
Source: www.reuters.com
WASHINGTON (Reuters) - Regulators moved on Friday to bring more transparency to the sprawling derivatives market, hedge funds and private equity, all dimly lit corners of the financial world getting more scrutiny.
Proposed rules issued by the Commodity Futures Trading Commission and the Securities and Exchange Commission showed regulators stepping cautiously as they implement hundreds of new regulations mandated in July by Congress.
Shining a brighter light on derivatives was one of the key goals of the landmark Dodd-Frank reforms, pushed through by Democrats and President Barack Obama over the resistance of most Republicans and a host of Wall Street lobbyists.
The CFTC's and SEC's proposed rules target a range of derivatives including credit default swaps, which were implicated in the downfall of troubled giants Lehman Brothers and AIG during the 2007-2009 credit crisis.
Swaps in interest rates, currencies, credit risk or other underlying values, are a big chunk of the $583-trillion global market for derivative contracts traded over-the-counter (OTC), or among private firms, rather than on exchanges.
Until now, the market has been virtually unregulated, despite its tremendous size. Its opacity has made it a lucrative business for the largest OTC derivatives dealers: Bank of America, Goldman Sachs, Citigroup, JPMorgan Chase and Morgan Stanley.
The CFTC and SEC, following through on Dodd-Frank, have proposed new standards for OTC swap reporting and record-keeping. The CFTC's proposal on the timing of swaps reporting met some skepticism.
"This proposal merely repeats the vague statutory direction provided in the Dodd-Frank Act," said Scott O'Malia, a Republican CFTC commissioner, in prepared remarks.
In its proposal on Friday, the CFTC did not set specific time limits for reporting most swap trades. It said only that they be submitted "as soon as technologically practicable." It proposed that data on standardized block trades and large notional swaps be held for 15 minutes before being released.
The legislation approved in July is known as the Dodd-Frank Act after its Democratic co-authors Senator Christopher Dodd and Representative Barney Frank.
'REAL-TIME' STANDARD MANDATED
Much of the world's derivatives trading is done in New York and London. The leaders of the Group of 20 (G20) leading economies agreed in 2009 that derivatives must become less risky and more transparent. A report on the issue is expected from G20 regulators in January.
Dodd-Frank called for requiring market participants to report swap trades in "real-time" and left it up to regulators to define what that means -- one of many Dodd-Frank details still to be fleshed out in the implementation phase.
"I am not convinced we are doing the best thing by mandating a 15-minute time limit to report block trades and large notional swap trades between dealers and end users, while providing little to no direction on the reporting of all remaining trades," O'Malia said.
The agencies will evaluate comments from the public on their proposals over the next two months, with changes possibly resulting. Under Dodd-Frank, the deadline for final implementation of most new derivatives rules is April 2011.
The CFTC's preliminary recommendation came on the same day the SEC proposed rules for security-based swaps. Taken together, the agencies' proposals gave an early outline of not only when, but where and how swap data will be disclosed.
Dodd-Frank opens a business opportunity to play a data handling and warehousing role for Depository Trade & Clearing Corp and major exchanges, such as CME Group Inc and IntercontinentalExchange. ICE this week applied to make its ICE Trust unit a registered clearer under the CFTC.
HEDGE FUNDS TARGETED
The SEC on Friday also proposed, under another Dodd-Frank mandate, requiring hedge funds and private equity firms with more than $150 million in assets under management to register with the investor protection agency.
This rule is designed to help the SEC root out fraud and abuse in the $1.65-trillion hedge fund business.
Recently, the hedge fund sector, which includes giants such as Bridgewater Associates and Paulson & Co, has not posted the immense profits that some years ago made it famous.
Many hedge funds are already registered with the SEC, taking some of the edge off the agency's proposals. "They are not going to be hard to comply with," said Ron Geffner, who works with hedge funds as a partner at Sadis & Goldberg LLP.
The European Parliament on November 11 approved new rules to regulate managers of hedge funds and private equity beginning in 2013. EU member-states had already approved the package.
The implementation deadline for the SEC rule on hedge fund and private equity firm registration is April 2011.
(Additional reporting by Ayesha Rascoe and Dave Clarke in Washington, Jonathan Spicer in New York; Writing by Kevin Drawbaugh; Editing by Jackie Frank and Tim Dobbyn)
Source: www.reuters.com
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