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Home > Blogs > QFINANCE Editor > QFINANCE: News Briefing (July 11–17, 2012)

QFINANCE: News Briefing (July 11–17, 2012)

Each week QFINANCE.com brings you some of the biggest news stories from the past five days in finance and business – essential reading to keep you up to date with latest topics.

If you have any views on how we can improve this service or new areas you would like to see covered, please do not hesitate to contact us at qfinancenews@bloomsbury.com

Wednesday July 11


Last Wednesday marked the first official visit of French president Hollande to the UK after Cameron had refused to meet him before he was elected last May. The two presidents clashed on the income tax as the French socialist planned on setting a 75% top rate on income tax which Cameron said will drive French business to Britain.
More on the FT

Thursday July 12


The EU was warned by the twenty biggest fund managers that the rules discussed in Brussels threaten to increase costs for ordinary investors considerably and have a negative effect on the single market. The group of 20 including Axa, BlackRock, Fidelity and Allianz‘s global investors have strongly criticized the hedge fund regulation reforms.
More on the FT

Friday July 13


The Libor scandal could cost up to $22bn (£14.3bn) in regulatory fines for the banks, legal bills and civil damages, according to Morgan Stanley’s recent calculations. The “crude estimate” evaluates the impact that the scandal will have on market shares and deals for the concerned banks. Amongst other banks, taxpayer-owned RBS is likely to face one of the biggest fines, with a legal bill of up to $1bn.
More on CityAM

Monday July 16


China is planning on cutting taxes on profit for foreign companies by 50% to encourage more overseas investments after rules on withholding taxes were relaxed. The lower tax rates will only concern companies and shareholders that are based in countries with double taxation agreements with China, such as the UK.
More on the FT

Tuesday July 17


A major scandal hit HSBC bank on Tuesday as the American Senate published a report suspecting “drug money laundering” funds from countries including Mexico and Syria had passed through the bank. The Senate Permanent Subcommittee on Investigations, a congressional watchdog, declared that large sums of Mexican drug money had almost certainly passed through HSBC due to lax controls at one of Europe’s largest banks.
More on BBC

Featuring event:


Capital Adequacy and Strategy Conference, September 13-14, 2012 in NYC. Dodd Frank and Basel III are going to change the way banks raise, allocate and manage capital. Areas for discussion at this conference include the new legislation and what it means for capital adequacy, what to do to achieve the optimum level of capital and how to ensure continuous profitability. By attending this event you will have the opportunity to review key regulations, including Dodd Frank and Basell III that are affecting capital adequacy.

Come back next Tuesday for another report on the world of business and finance.

Tags: banking , central banks , China , ECB , economic recovery , European Central Bank , European Monetary Union , eurozone , Federal Reserve , financial crisis , France , Greece , Greek debt , hedge funds , IMF , inflation , International Monetary Fund , RBS , sovereign debt , Spain , transparency , UK , US , US economy
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