News

France's minister for European affairs Jean Leonetti has signaled plans for a Europe-wide financial transaction tax are set to be legalised by the end of 2012, despite opposition from countries including the UK.

The European Financial Stability Facility (EFSF) has sold €3bn of debt in an oversubscribed auction, passing its first major test of 2012.

The Financial Services Compensation Scheme (FSCS) has begun the process of compensating MF Global customers, with private customers with individual accounts the first to receive application forms.

The FTSE 100 has extended losses as concerns over eurozone banks' need for more capital hit sentiment across the continent.

Iceland's finance minister said the country is still committed to adopting the euro despite fears over the stability of the single currency.

City Financial has overhauled its Strategic Global Bond fund, changing the manager and giving the vehicle a wider investment remit.

Europe's single currency reached a 15-month low against the dollar following a French bond auction this morning which saw almost all of the €8bn of debt targeted being sold.

Spanish banks will be required to find another €50bn in provisions to make up for ‘bad property assets' as the government carries out further reforms on the financial sector.

Alliance Trust has appointed Karin Forseke as non-executive chairman to replace Lesley Knox, who announced last year she intended to step down from the role.

A former chief executive officer of UBS AG's wealth management unit who is challenging a £100,000 FSA fine was yesterday accused of failing to control the activities of his team, allowing them to make up to 50 unauthorised trades per day.