FURTHER FURTHER READING
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Olli Rehn (left) and Valdis Dombrovskis, the Latvian prime minster, (right) regrettably seem to have got lost in a Powerpoint presentation. Read more
The Commission encourages bondholders, where they are sufficiently concerned, to raise such issues publicly where practical. The PRA should examine the scope for extending bondholder influence of this type…
– ‘Changing Banking for Good’, Parliamentary Commission on Banking Standards
It’s actually well worth reading the full letter from Mark Taber to Andrew Bailey of the Prudential Regulation Authority, the latest protest against the £500m bail-in of subordinated bondholders that’s emerged from the Co-op Bank mess.
Both countries were seen as great early hopes for replicating the success of shale gas in the US: Poland for its geology and enthusiastic government; China for its apparently vast reserves and for, well being China and getting things done. Both countries, clearly, are motivated to improve their domestic supply and hence their energy independence.
Yet both are taking longer than expected to reach material amounts of shale gas production. The FT’s Leslie Hook last week reported that few believe China will meet its 2015 production target of 6.5bn cubic metres – a modest amount, equivalent to 2 per cent of the country’s total gas production. Read more
S&P has a report out arguing that if Japanese rates rise by 3 percentage points from 2012 levels and Japanese banks’ unrealised gains on equity holdings are taken into account, they see “most of the banks able to meet the required capital levels by a wide margin”. Reassuring.
But if we don’t take those unrealised gains into account there might be some trouble…. Read more
Live markets commentary from FT.com
Royal Dutch Shell has chosen Ben van Beurden, head of its refining and marketing activities, as its new CEO || Chinese consumer inflation rose 2.7% in June compared to a year earlier || Alcoa faces a bill of up to $180m to settle a bribery probe brought by the US DoJ || Financial data releases face NY probe || China’s air pollution has cut life expectancy by an average of 5.5 years in the north of the country || CFTC weighs delay of swaps rules || Kazakhstan’s state oil company is planning a big push into Europe || US ‘auditor rotation’ blocked by new bill || FTAV’s latest || Markets Read more
There’s one thing about how the Qataris have gone about protecting their $5.5bn or so lending in Egypt — and it’s a small thing, next to a coup d’etat, the swift exit of the chap they’d bet on, and a looming balance of payments crisis…
But it’s a familiar thing:
Asian stocks rise || China CPI rises 2.7% in June || UK surveys point to house price rises and improved business sentiment || Alcoa beats, warns of bribery settlement costs || Chinese pollution shortens lifespan by 5.5 years || Spain’s banks seeking DTA loophole || Gavyn Davies on China’s credit mess Read more