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Banking

WireTap 0900 25/11/11

A round-up of the key stories across the specialist financial media, including an exclusive from Euromoney on how the alleged UBS rogue trader could use bank's risk management record as defence.


Euro rescue fund’s impact in doubt 

A plan to boost the firepower of the eurozone’s €440bn rescue fund could deliver as little as half what the bloc’s leaders had hoped for because of a sharp deterioration in market conditions over the past month, according to several senior eurozone government officials

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China Sovereign Fund May Give ‘Indirect’ Support to Europe Via Investment

China’s sovereign wealth fund may give “indirect” support to Europe through investments without being the nation’s main route for any aid, said Jesse Wang, the executive vice president of China Investment Corp.

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Hungary credit rating cut to junk at Moody’s 

Hungary lost its investment-grade rating at Moody’s Investors Service after 15 years as the Cabinet seeks International Monetary Fund help to boost confidence in the European Union’s most-indebted eastern member

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Exclusive: Alleged UBS rogue trader could use bank's risk management record as defence

Exclusive: Alleged UBS rogue trader could use bank's risk management record as defence
Kweku Adoboli could use “lack of a sufficient risk management structure” as part of his defence, says a source close to UBS

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Jefferies said to lure UBS bankers in Asia 

Jefferies Group Inc. (JEF) has hired at least seven UBS (UBSN) AG bankers in Hong Kong in the past two months after luring Ren Wang from the Swiss lender to become its Asia president, three people with knowledge of the matter said

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Olympus ex-CEO Woodford says willing but not begging to return 

The British ex-CEO of Japan's Olympus Corp emerged from a frosty meeting of directors on Friday, convinced its board would eventually quit over an accounting scandal engulfing the firm, but he said he wasn't "begging" to return and clean up the mess

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