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Banking

WireTap 1400 26/03/12

A round-up of the key stories across the specialist financial media, including news that private bank Coutts & Co has been fined £8.75 million for failing to take required precautions against money laundering


Coutts fined for laundering violations

Coutts & Co, the private bank used by the Queen, has been fined £8.75 million for failing to take required precautions against money laundering, in the first case to emerge from a Financial Services Authority investigation into the way banks handle accounts of overseas politicians and other high-risk customers.

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Ifo cheer fades as eurozone debt fears resurface

Spain's and Italy's stock markets fell on Monday as fears they will struggle to enact reforms needed for growth returned, but a report that Germany might agree to combine the eurozone's two bailout funds temporarily lifted the two countries' bonds.

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Bernanke: Not clear if good jobs trends will last 

Improvement in the nation’s labour market since last autumn might only be a reversal of large layoffs that hit during the recession, and further improvement might depend on faster economic growth, Federal Reserve chairman Ben Bernanke said on Monday.

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Tokyo-Osaka seen as best bet after deals fail: real M&A

As stock exchange mergers crumbled from Frankfurt and New York to Singapore and Sydney, traders have become only more convinced that Japan’s plan to combine its biggest bourses is the best bet to succeed.

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Emerging stocks fall to eight-week low on profit concern

Emerging-market stocks fell amid concern earnings growth at companies in developing nations is slowing and that India’s government will struggle to rein in the country’s fiscal deficit.

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