An advisory panel to the Minister of Justice in Japan has recommended a revision of the commercial code to simplify merger and corporate spin off procedures in Japan. Implementation, which is expected in 2006, aims to speed up the restructuring
State Street says its Investor Confidence Index has dipped in June. According to the index, investor confidence declined by 6.4 points to 85.5, from a revised May 2004 reading of 91.9. Developed by Harvard University professor Ken Froot and Paul
Michael Alix, chair of the Securities Industry Association's Risk Management Committee and senior managing director, Bear Stearns, told the House of Representatives Financial Services' Subcommittee on Financial Institutions and Consumer Credit that Basel II is a good thing. The CSE
Wachovia, the fourth largest US bank, has bought SouthTrust Corp for $14.3 billion in stock. It will enable Wachovia to expand in the fast growing south east of the US. The price puts SouthTrust stock at a 20 per cent
British insurer Royal & Sun Alliance is in talks to sell its UK life assurance operations. The company said discussions were at an early stage and that figures mentioned in weekend press reports were "purely speculative." Royal & Sun is
Canada's Sun Life Financial plans to open more branches in China next year to profit from the fast growing insurance market, its chief executive said yesterday. The Toronto based firm has run a joint venture with China Everbright Group Ltd
ING declined to comment yesterday on market rumours it is considering the disposal of its US reinsurance business. "This is just a rumour in the market. We decline to comment on a possible sale," said a spokesman. But analysts believe
Technical difficulties prevented Banca Intesa issuing settlement status and confirmation reports for much of yesterday. Normal service was resumed at 3.00 p.m.
Fund manager Royal London has welcomed the increase in the expense ratio cap agreed by the UK Government for "Sandler products." However, the company says it still believes that the charge structure, with an annual management charge alone, will not
Systems problems mean Nordea Denmark cannot send instructions for settlement in the Swedish market. According to the VPC in Stockholm, trades for value today and tomorrow with Nordea Denmark as counterpart will be matched manually during the day.