Bank of England pushes for more ABS transparency

Britain’s central bank proposed these changes in March 2010 and aims to begin a phased introduction of the new criteria in 2011. There will be no grandfathering. “The feedback is supportive in principle,” said Sarah Breeden, head of special projects, markets at the Bank. “There were some particular issues including concerns about consistency with other…

EU leaders sanction Iranian oil and gas sector

The measures go substantially beyond the sanctions the UN agreed on June 10 and are designed to pressure Tehran to return to talks over an uranium enrichment programme Western powers believe is designed to produce nuclear weapons. The steps, which could come into force within weeks, will focus on trade, including dual-use items, banking and…

Scrapping, tough economy hit May Europe car sales

New passenger car sales fell 9.3 percent in May in the EU as the effects of government support for the car industry slipped away and the economic environment remained difficult, industry association ACEA have announced. Governments helped carmakers hit by the crisis last year with scrapping incentive schemes that boosted demand for new cars, but…

Resolution plans cash call to fund AXA deal

Acquisitions vehicle Resolution said it would fund its planned takeover of French insurer AXA’s British life operations by raising £2bn ($2.91bn) in a rights issue. The acquisition would cost a total of £2.75bn, Resolution said, adding that it hoped to announce a deal by the end of June. The company, founded by insurance tycoon Clive…