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EU signals further divergence from global banking rules

By Huw Jones LONDON, March 26 (Reuters) - The European Union will continue to diverge from global banking regulations where necessary to avoid overburdening smaller lenders, the bloc's financial services chief said on Thursday. European commissioner Jonathan Hill, in the job since Nov

Financial advisers should be prosecuted for recommending tax avoidance schemes, say MPs

Financial advisers should be prosecuted by the next government for aiding tax avoidance schemes, a new UK parliamentary report has claimed. The parliamentary Public Accounts Committee analysed public spending, use of tax relief as well as advice given by the big four accountancy firms, and scrutinis

UK mortgage approvals rise for 2nd month in February - BBA

LONDON, March 25 (Reuters) - Mortgages approved by British banks rose in February for a second month in a row, adding to signs that a slowdown in the British housing market may have bottomed out, the British Bankers' Association said on Wednesday. Mortgage approvals for house purchase rose

HSBC's Islamic banking unit plans sukuk sale in Malaysia

March 26 (Reuters) - The Malaysian Islamic banking arm of HSBC Holdings will tap the Islamic bonds (sukuk) market for only the third time on Friday, as part of a 3 billion ringgit ($816 million) sukuk programme, the lender said in a regulatory filing. No size or tenor for the deal was given

FTSE 100 movers: TUI soars on strong first half results, supermarkets lower

TUI topped the risers after the group's first half trading update had surpassed last year's trading figures. The group's full year guidance of underlying operating profit growth of 10% to 15% was reiterated, based on the strength of current trading, as online bookings for hotel resorts and cruises s

Canada's TD Bank appointed gold and silver market maker -LBMA

LONDON, March 25 (Reuters) - The Toronto Dominion Bank has been appointed the 15th market-making member of the London Bullion Market Association, effective from March 19, the LBMA said on Wednesday. As a market maker, the Canadian bank will be obliged to offer two-way quotations in gold an

Britain launches Europe's first yuan money-market fund

LONDON, March 25 (Reuters) - Britain deepened its financial links with China on Wednesday with the launch of Europe's first yuan-denominated money market fund, which allows investors to get direct exposure to China's interbank lending market. The exchange-traded fund from China Construction

This year, compliance rules may be a damper on HK's Rugby Sevens

By Saikat Chatterjee and Michelle Price HONG KONG, March 25 (Reuters) - Hong Kong's Rugby Sevens is one of the most hotly anticipated corporate events on the global sporting calendar, but many money managers may be missing from this year's quintessential party weekend at one of the world's

UPDATE 1-HSBC chairman says new banker accountability rules are reasonable

(Adds comments from FCA CEO Wheatley) By Huw Jones LONDON, March 24 (Reuters) - New rules being rolled out to make bankers more accountable were "entirely reasonable" given the pain Britain suffered in the financial crisis, HSBC Chairman Douglas Flint said on Tuesday. The new "

HSBC To Put Ring-Fenced UK Bank Head Office In Birmingham

HSBC looks to move UK operations to Birmingham

Banking giant HSBC on Tuesday announced that the ring-fenced section of the bank that is being set up will be based in a new headquarters in Birmingham. The ring-fenced entity of a UK bank is under a new law designed for the sector to avert risk by moving operations with separate funding, leadership

HSBC chairman says new banker accountability rules are reasonable

LONDON, March 24 (Reuters) - New rules being rolled out to make bankers more accountable were "entirely reasonable" given the pain Britain suffered in the financial crisis, HSBC Chairman Douglas Flint said on Tuesday. The new "senior managers' regime" will make top bankers directly account

HSBC to put HQ for UK ring-fenced bank in Birmingham -memo

By Steve Slater LONDON, March 24 (Reuters) - HSBC is to base its "ring-fenced" British retail and commercial banking business in Birmingham in central England, shifting about 1,000 staff there from its London headquarters. Britain's big banks must separate such operations from riskier

UPDATE 1-Leaving EU would be 'disastrous' for Britain -Standard Life chairman

(Adds more comment from minister, HSBC) By Huw Jones LONDON, March 24 (Reuters) - Leaving the European Union would be disastrous for Britain and harm its economy, Standard Life Chairman Gerry Grimstone said on Tuesday. "It would be disastrous for London and the UK if the UK were

LONDON MIDDAY BRIEFING: Kingfisher's French Expansion Hits The Rocks