HSBC, Barclays bosses plea to Chancellor

 Print E-mail
Economy
Written by Gary Howes   
Thursday, 28 January 2010

Morning Business News, Thursday 28 January: HSBC Holdings, Barclays, Standard Chartered, Wm Morrison, Sky and AIG.

 

HSBC Holdings (LON:HSBA), Barclays (LON:BARC) and Standard Chartered (LON:STAN) are to attempt to persaude the Chancellor, Alistair Darling, that any moves to curtail the banks will have unforeseen repercussions for the global economy.

To lend impetus to the drive the three British banks will be backed by US giants JPMorgan Chase and Morgan Stanley.

The meeting, to be held at Davos, will provide the first solid opportunity for the banks to air concerns about the proposed introduction of tough new sanctions against the banking sector.

We have already heard from Barclays president Bob Diamond on the issue, he told the Telegraph yesterday that President Barack Obama and his fellow world leaders may find it increasingly difficult to source finance in the capital markets if they insist on splitting up banks that are "too big to fail."

However it appears that the FSA Chairman, Lord Turner, and the Barclays boss have differing opinions on the issue of credit availability in future months. 

Turner told delegates at the forum in Davos that authorities should be given fresh powers to control availability of credit to prevent asset price bubbles.

 

Wm Morrison


Wm Morrison has tapped a relative unknown in the UK retailing industry as its new chief executive. The supermarket chain said Dalton Philips, an Irishman who was chief operating officer of Canadian retailer Loblaw, would replace Marc Bolland, writes the FT.

British Sky Broadcasting


British Sky Broadcasting is claiming a world first in 3D television with its live broadcast this weekend of a football match in selected pubs around the UK. Sky will today announce that its 3D TV service will be available to subscribers from April, showing live Premier League football every week.

The satellite broadcaster hopes that screenings in pubs will help publicise the service, writes the FT.

AIG


The Federal Reserve had no choice but to pay off AIG's trading parties, including Goldman Sachs and other major banks, because any attempts to negotiate a better deal for taxpayers could have triggered a new financial panic, the US Treasury Secretary Tim Geithner insisted under questioning from Congress yesterday, according to the Independent. 

 
Share this article:
Digg It! Digg it!   Post to del.icio.us del.icio.us   Seed in Newsvine Newsvine   Post to reddit Reddit   Facebook  Stumble It! Stumble It!  

Subscribe to our weekly newsletter for top jobs, news, blogs and more

Get the latest senior finance job roles, news, blogs, features, industry moves and opinion delivered directly to your inbox every week. Sign up here .