Friday newspaper round-up: Mervyn King, Bank of Japan, JPMorgan...

B.C. | ShareCast | 15 Mar, 2013 06:52 - Updated: 07:52 | | |

Mervyn King

Sir Mervyn King, the Governor of the Bank of England, has said that the recovery in Britain is 'in sight' and that there has been 'good progress' made towards a new, sustainable economy, according to The Telegraph.

The Financial Times says that the Japanese parliament has approved the nominations for the top three jobs at the Bank of Japan, appointing Haruhiko Kuroda as Governor. The move "usher[s] in a new era of more aggressive monetary easing in the world's third-largest economy", the paper writes.

The Times reports that Jamie Dimon, the frontman of US banking giant JPMorgan Chase, allegedly lied to the US government and tried to hide trading losses from regulators. The paper says that the Senate Investigation Committee's report into the "London Whale" losses places much of the blame on the Chief Executive, as the company "dodged federal regulators and misled the public by hiding losses, by mismarking credit derivatives’ values".

Anschutz Entertainment Group, the owner of the O2 Arena in London, has pulled the venue off the market after receiving offers more than $1.0bn less than it expected, according to The Times.

The European Central Bank (ECB) needs 800 additional staff, raising its current workforce by more than half, to fulfil its new position as the supervisor of 6,000 banks in the Eurozone, writes The Telegraph.

HMRC is looking to shut down all 281 of its enquiry centres, replacing them with one-to-one tax advisory services, in an attempt to save £13m per annum, reports The Independent.. The move could put 1,300 jobs at risk.


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09:36 Friday broker round-up

09:21 Market overview: RBS beats forecasts with Q3 profits

0928: RBS said that operating profit, excluding restructuring, litigation and conduct costs, rose to £2.34bn from £1.95bn the year before. According to Ian Gordon from Investec, the consensus forecast for adjusted operating profit was just £2bn. He hailed the bank's "great year of balance-sheet repair", but kept a 'hold' rating on the stock, saying that its strategic progress is largely in the price. The stock is up 3.4%.

09:13 Europe open: Stocks gain after Bank of Japan boosts stimulus

European stocks gained after the Bank of Japan unexpectedly boosted its stimulus, raising its annual target for monetary expansion.

09:04 London open: RBS and IAG lead gains as UK stocks rise on BoJ stimulus

London's stock market jumped in early deals on Friday, trading at levels not seen since the start of the month, after Japan's central bank unexpectedly ramped up its monetary-easing plan in a bid to revive growth.

09:12 Barclays sets aside £500m in currency investigation

Barclays expects to pay a £500m potential fine as a result of currency trading investigations and has also set aside £170m in customer compensation for those who were mis-sold payment protection insurance (PPI).

08:40 WPP sees organic sales slowdown in third quarter

Tougher comparatives led to a slowdown in organic growth at advertising and media giant WPP in the third quarter, though the company maintained its guidance for the full year.

08:31 Intu Properties agrees new credit facility

Intu Properties has put in place a new corporate £600m revolving credit facility (RCF) to replace the existing £375m facility, which had been due to expire in November 2018.

08:27 World Bank cuts 500 jobs, plans to restructure

The World Bank president Jim Yong Kim announced on Thursday that he will cut a net total of 250 jobs to kick-start restructuring plans.

08:27 Direct Line on track as motor premiums stabilise

Direct Line said it remains on track to hit its full-year targets despite "highly competitive" markets, with pricing in the motor insurance market continuing to stabilise in the third quarter.

08:10 Support and resistance levels for the main equity benchmarks

The following are the technical support and resistance levels for the major global equity benchmarks.



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