Flotation prospectuses in the US are very poor at protecting investors, the UK's most senior financial regulator has said, reigniting the war of words between regulators on each side of the Atlantic as financial services business shifts from the US to the UK, reports The Times.
Sir Callum McCarthy, the chairman of the Financial Services Authority, told The Times that British standards were much higher.
“IPO documents in the States are very poor, actually, in protecting investors,” he said, adding that they were far too long. “If you get lots and lots of data, you don’t necessarily get more information.”
BARCLAYS CONFIRMED this morning that the governments of China and Singapore have both agreed to help finance an improved takeover offer for ABN Amro, reports The Guardian.
It has raised its offer for the Dutch bank to €67.5bn (£45.4bn), with €24.8bn in cash and the remainder in shares.
This is a €4.5bn increase on the deal Barclays agreed with ABN Amro in April.
To fund this new offer, it is raising up to €13.4bn (£9bn) from the state-controlled China Development Bank and Temasek, the investment arm of the Singapore government.
HOUSEHOLDS ARE BEING squeezed by a pincer movement of tax and interest rate raises, according to the latest Ernst & Young ITEM Club economic forecast, based on the Treasury's own model of the economy, reports The Independent.
The report points out that fiscal drag (where allowances and tax bands don't keep up with inflation) has helped to push the tax burden "towards record levels".
Household tax payments rose by 9.8% in the year to the first quarter, far ahead of pay rises.
Given this background, the forecast warns that “the Chancellor and the Bank of England's Monetary Policy Committee have to tread a careful line between keeping an eye on an over-exuberant City and a housing market that refuses to dampen down, without panicking into a series of damaging interest rate rises”.
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