Uk Says Its Local Banking Rules Eased For All, Not Just Chinese

Computer-generated sketch

The two people had phoned in the same name based on the sketches, Detective Chief Inspector Andy Redwood said during the BBC’s “Crimewatch” program, which aired an appeal Monday night for information about a man police want to track down. The man was seen carrying a child matching McCann’s description on the night she vanished in 2007 around the resort town of Praia da Luz in Portugal. Police hope for new leads in McCann case New evidence in McCann case The man is described as white, between 20 and 40 years old, with short brown hair and a medium build. He was seen carrying a blond child, who might have been in pajamas and who was estimated to be 3 to 4 years old, around the time Madeleine disappeared, police had said. The sketches are based on descriptions from separate witnesses, investigators said. Since the program aired, British police said they have received more than 300 phoned tips and 170 e-mailed ones. “We will now take the time to follow up these lines of enquiry,” Redwood said. Police target 38 ‘people of interest’ in Madeleine McCann’s ’07 disappearance The latest revelation is critical in reconstructing what exactly happened more than six years ago on the night of May 3, 2007,when McCann disappeared from her family’s villa while her parents dined at a nearby restaurant. The girl was just days shy of her fourth birthday. Computer-generated sketch Computer-generated sketch Computer-generated sketch Neither her parents nor the detectives investigating her case have given up on one day finding the little girl from Leicestershire, England. “There may be an entirely innocent explanation of this man, but we need to establish who he is to assist with our inquiries,” Redwood said earlier.

Bailey said branches would only be allowed if the PRA had clear and credible assurances from the parents of banks and from their home regulator. “This is not a free for all,” he said. “Our stance is sensibly cautious, but not I think restrictive … And let me reiterate that it is a general policy, not a China policy, and it is consistent with promoting the benefits of an open world economy.” In the last five years Britain has required most overseas banks to set up their UK operations as subsidiaries rather than branches, thereby providing greater protection for depositors and taxpayers. Branches are treated as extensions of the overseas bank, leaving the British regulator with limited control over capital and liquidity. According to media reports Chinese banks have complained the rules made it hard to operate in Britain, prompting them to move much of their business to Luxembourg. But in announcing an easing of the rules Osborne was met with accusations that he was being softer on Chinese banks, and going against the trend of requiring tougher rules on capital adequacy and against money laundering. A senior UK lawmaker on Wednesday called on the PRA to show it had not been put under pressure by the government. Following Thursday’s clarification from the PRA several bankers welcomed the shift in policy as a boost for London’s financial industry. “I think it’s good,” said Jeremy Bennett, chief executive in Europe for Japanese bank Nomura. “We (Nomura) are a typical example of people who choose to base themselves in London because of all the intellectual capital. “If we don’t reach out to the big Asian powers and the big investors it is at our peril.” RESOLUTION PROGRESS Bailey said progress had been made in how banks would be wound down in an orderly way and ensure customers’ money is kept safe, meaning it was reasonable to take steps towards a resumption of the growth of cross-border banking in ways that were discouraged in the past. Cross-border banking has become divided since the 2007-09 financial crisis as regulators want to avoid having to use taxpayer money to shore up lenders again, prompting some to force foreign banks to hold more capital locally. The European Union’s chief financial services regulator warned earlier on Thursday he could take tit-for-tat action if the United States pushes ahead with plans to impose extra capital requirements on foreign banks.

UK unemployment steady but claimant count plummets

The unemployment rate remained at 7.7 percent between June-August, the Office of National Statistics said on Wednesday, with employment rising by 155,000. Youth unemployment was little changed, with 958,000 16-24-year-olds unemployed over the three months. In September, however, the claimant count fell by 41,700 – the biggest monthly fall since June 1997. is firing on all cylinders,” Alan Clarke, U.K. and euro zone economist at Scotiabank. He had, however, expected a fall in the unemployment rate to 7.6 percent. “Employment probably didn’t pick up as much as it should have done,” he said, highlighting that the claimant count comes out one month ahead of the broader unemployment rate. “It didn’t happen today, but should do next month.” Sterling moved higher by over 0.16 percent against the dollar following the news. (Read More: Weak PMI reinforces case for BoE to hold fire ) UK economy is in ‘sweet spot’ Alan Clarke, director of fixed income strategy and banking & markets at Scotiabank, reacts to the release of the latest U.K. unemployment figures and says the U.K. economy is in a “sweet spot”. Britain’s unemployment rate has taken on new significance since the country’s central bank issued “forward guidance,” vowing to keep interest rates at their record low of 0.5 percent until the rate falls below 7 percent. Bank of England Governor Mark Carney has said he expects this to take around three years. Generally, however, investors have been unconvinced by the central bank’s predictions, believing that unemployment will fall faster, boosting the chance of a rate hike earlier than the Bank of England expects. “This is a pretty robust set of labor market data overall, which will probably fuel market suspicion that the Bank of England will likely end up hiking interest early in 2015 or even in late-2014, and certainly well before mid-2016,” said Howard Archer, chief U.K.