mediawatch - Luxembourg for Finance

mediawatch
01 - 15 april 2011
Friday, April 01 - 15, 2011
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LUXEMBOURG FINANCIAL CENTRE MONITORING
Finanzplatz im Zeichen des „Islamic Finance“
journal.lu, 15/04/11
http://www.journal.lu/2011/04/15/finanzplatz-im-zeichen-des-%E2%80%9Eislamic-finance%E2%80%9C/
Eine hochrangige Abordnung von Zentralbankenvertretern, Regulatoren und anderen Finanzexperten aus der islamischen Welt wird
vom 10. bis 13. Mai 2011 zum diesjährigen „Islamic Financial Services Board Summit“ in Luxemburg erwartet. Verantwortlich für die
Organisation dieser mehrtägigen Veranstaltung, die bislang erst ein einziges Mal in Europa, genauer gesagt in London, stattfand, sind
die Banque Centrale du Luxembourg“ (BCL) und die Agentur „Luxembourg For Finance“ (LFF), die zu diesem Zweck in enger Verbindung stehen mit dem in der malaysischen Hauptstadt Kuala Lumpur ansässigen „Islamic Financial Services Board“ (IFSB).
Luxembourg’s lead central banker puts Europe’s banks on notice
Global Pensions, 14/04/11
http://www.globalpensions.com/global-pensions/news/2043518/luxembourgs-lead-central-banker-europes-banks-notice
Yves Mersch, governor of the Banque centrale du Luxembourg and member of the European Central Bank council has warned Europe’s banks they would not be rescued a second time.
Markets followed Mersch’s speech closely yesterday to gauge how a leading candidate touted to replace Jean-Claude Trichet as the
European Central Bank’s president views financial institutions.
Speaking at Berlin’s Freie University, Mersch backed financial regulation to avert future crisis but not to be an “overly tight corset
which leads to strangulation of market dynamics”.
RH: le secteur financier gourmand en compétence
paperJam.lu, 14/04/11
http://goo.gl/0YXCO
La crise de 2008 a fortement ébranlé le secteur financier, au point, aujourd’hui encore, de modifier les besoins, les délais et les stratégies des différentes entreprises et institutions en matière de recrutement. Pour répondre à ces nouvelles attentes, les candidats en
quête d’un poste dans ce secteur doivent désormais étendre leurs compétences et couvrir parfois plusieurs domaines d’activité. Voilà
ce que demande le secteur financier en 2011, selon le cabinet de recrutement Hays.
No Spain, no gain
lff.lu, 06/04/11
http://www.lff.lu/finance/news/news-detail/article/working-to-a-better-future/21/
Financial centres in Europe need to join forces in order to stand their ground against the growing markets in Asia. The European
Roundtable of Financial Centres has been launched by a group of countries for whom it is not wishful thinking to believe that Europe
can remain competitive. Luxembourg and Spain are two members of this initiative that are working actively on new strategies to
position European financial centres in the world.
IMF country report: Luxembourg—2011 Article IV Consultation Preliminary Conclusions
International Monetary Fund, 04/04/11
http://www.imf.org/external/np/ms/2011/040411.htm
Mirroring developments in core-Europe, Luxembourg experienced stronger-than-expected growth in 2010. Economic activity was
initially underpinned by investment and restocking, but exports have increased markedly since the second quarter, notably financial
services and metal products. Private consumption has also begun to gradually recover despite moderate increases in consumer lending spreads. Employment growth has been gaining pace but, despite enhanced employment support programs, the unemployment
rate has not eased and remains at about 6 percent. Weak wage growth has tempered core inflation even though headline inflation
has been boosted by global commodity price developments and administered price increases.
mediawatch
01 - 15 april 2011
Friday, April 01 - 15, 2011
FINANCIAL CENTRE: MEDIA COVERAGE (by number of articles)
2 5
mediawatch
01 - 15 april 2011
Friday, April 01 - 15, 2011
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
3 5
mediawatch
01 - 15 april 2011
Friday, April 01 - 15, 2011
4 5
FINANCIAL CENTRES MONITORING
Germany:
Frankfurt will Versicherungszentrum werden
Handelsblatt, 31/03/11
http://www.handelsblatt.com/unternehmen/versicherungen/frankfurt-will-versicherungszentrum-werden/4008268.html
Das Bundesland Hessen setzt stärker auf die Versicherungsbranche. Der Finanzplatz Frankfurt solle zu einem Zentrum für Finanzmarktregulierung und Risikomanagement weiter entwickelt werden, erklärte das hessische Europaministerium. Seit Jahresanfang
sitzt die neue EU-Versicherungsaufsicht Eiopa in Frankfurt. Begleitend werde am House of Finance der Frankfurter Goethe-Universität
ein „International Center für Insurance Regulation“ eingerichtet. Direktor dieses Kompetenzzentrums für Versicherungsaufsicht werde
Professor Helmut Gründl, der auch als Berater für Eiopa ernannt worden ist.
Switzerland:
Freikauf für Finanzplatz
Handelszeitung, 07/04/11
http://www.handelszeitung.ch/unternehmen/freikauf-fuer-finanzplatz
Seit die USA im Februar vier Kundenberater der Credit Suisse zur Verhaftung ausgeschrieben haben, zittern hiesige Banker. Sie
befürchten, dass sich der «Fall UBS» gleich mehrfach wiederholt. Die meisten Finanzhäuser mit amerikanischer Kundschaft schliessen
nicht aus, demnächst selbst ins Visier der USA zu geraten.
Darum nun suchen die Banken und das Eidgenössische Finanzdepartement fieberhaft nach Wegen, um weitere US-Klagen zu
verhindern. Patrick Odier, Präsident der Schweizerischen Bankiervereinigung, schwebt deshalb eine globale Lösung vor – und zwar
möglichst noch dieses Jahr. «Wir können nicht verneinen, dass in der Vergangenheit Fehler passiert sind.» Nun müsse man eine
Lösung finden.
Swiss miss out as Arab capital flies to UK
gulfnews.com, 01/04/11
http://gulfnews.com/business/banking/swiss-miss-out-as-arab-capital-flies-to-uk-1.785821
London is gaining in the battle for rich Middle Eastern families seeking shelter from political unrest at home, as its private banks and
top end property sector tempt them away from Switzerland.
Money is moving out of the Middle East and a larger share is heading to London, wealth managers in both countries say, mostly
speaking on condition of anonymity because of the sensitivity of discussing their clients.
UK:
The Banking Commission and the battle for the City
The Telegraph, 02/04/11
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8423404/The-Banking-Commission-and-the-battle-for-the-City.
html
On October 27, 1986 the modern City of London was born. The “Big Bang”, as it became known, fired the starting gun on a quarter
of a century of virtually ceaseless growth in the financial services industry that transformed a small, gentlemanly world into a global
leviathan.
In eight days time, Sir John Vickers, the chairman of the Government-appointed Independent Commission on Banking, will unveil an
interim report that could mark an equally important date in the history of British banking.
UK to revamp rules on covered bond issuance
Reuters, 06/04/11
http://www.reuters.com/article/2011/04/06/fsa-covered-bonds-idUSLDE7351EE20110406
The UK Treasury and Financial Services Authority published a joint review on Wednesday of regulations governing the covered bond
market, proposing changes to create a level playing field with European issuers.
In the report, the authorities outline six proposals which they believe will create a standard of consistent investor reporting and
highlight the quality of underlying assets.
mediawatch
01 - 15 april 2011
Friday, April 01 - 15, 2011
5 5
FINANCIAL CENTRES MONITORING
China:
Global banks face ‘pay up or lose talent’ war in China
The Economic Times, 14/04/11
http://economictimes.indiatimes.com/news/international-business/global-banks-face-pay-up-or-lose-talent-war-in-china/articleshow/7979587.cms
International banks in China find themselves stuck between a rock and a hard place as the battle for top-tier talent on the mainland
leaves them facing a stark choice: either pay exorbitant salaries and benefits or lose their best people to competitors at a head-spinning rate.
China last year overtook Japan as the world’s second-biggest economy and the country is positioning itself for a record fundraising
boom to fuel its next stage of growth.
Dubai:
Expats in UAE urged to make their money travel
The National, 05/04/11
http://www.thenational.ae/business/economy/expats-in-uae-urged-to-make-their-money-travel
Since the start of the financial crisis, international authorities have clamped down on the impenetrable bank privacy laws in offshore havens such as Switzerland and the Cayman Islands over possible tax evasion by account holders, forcing many such havens to
rethink their business models.
In the Global Financial Centres Index (GFCI), published last month, London, New York and Hong Kong remained the leading cities for
banking and other financial services.
Bahrain:
Bahrain’s sovereign ratings lowered
zawya.com, 06/04/11
http://www.zawya.com/story.cfm/sidZAWYA20110406120148
Capital Intelligence (CI), the international credit rating agency, announced today that is has downgraded Bahrain’s Long-term Foreign
and Local Currency ratings to ‘BBB+’ from ‘A’ and lowered its Short-term Foreign and Local Currency ratings to ‘A2’ from ‘A1’. The Outlook is ‘Negative’.
The downgrade in Bahrain’s credit ratings reflects the recent increase in political risk, which may have adverse consequences for
economic growth and public finances in the short-term and beyond. The downgrade also takes into account the weakening of fiscal
flexibility over the past few years, which has reduced the authorities’ capacity to cope with external shocks and will be harder to
restore in the current climate.
Bahrain’s future as international financial centre remains intact
gulfnews.com, 04/04/11
http://gulfnews.com/business/banking/bahrain-s-future-as-international-financial-centre-remains-intact-1.787072
Bahrain may be grabbing the world headlines for all the wrong reasons, but its financial services industry is relying on its track record
of resilience to outmanoeuvre them.
“Yes, there were a few issues that we faced recently but we must move on and look ahead,” said Jamal Hijres, CEO of Capinnova Investment Bank, which is wholly-owned by the Bank of Bahrain and Kuwait. “As an investment bank we will evaluate [future] deals based
on future potential and accordingly go ahead… irrespective of whether it is in Bahrain or elsewhere.”