The European Commission says it wants to cut reliance on credit rating agencies, encourage more competition so there is less reliance on three major agencies - Moody's, Standard & Poor's and Fitch - and reduce potential conflicts of interest. The Association of Corporate Treasurers (ACT) said it was concerned over forced rotation in a market dominated by three main players - S&P, Moody's Investor Service and Fitch Ratings. Martin O'Donovan, ACT's deputy director of policy, said that while companies would welcome more choice there were "huge practical difficulties" for rotation in the current "oligopolistic" market. Moody's has said that the plans to overhaul regulation of the sector will undermine the integrity of the whole European credit market. In a letter to European finance ministers including George Osborne, Michel Madelain, chief operating officer at Moody's, said the changes would undermine investors' confidence. He said allowing ESMA to "pre-approve" methodologies would "undermine credit rating agencies".
Access Investments-Building Awareness - European Union-ROMANIA
Tuesday, November 15, 2011
EC internal market and services - commissioners office
The European Commission says it wants to cut reliance on credit rating agencies, encourage more competition so there is less reliance on three major agencies - Moody's, Standard & Poor's and Fitch - and reduce potential conflicts of interest. The Association of Corporate Treasurers (ACT) said it was concerned over forced rotation in a market dominated by three main players - S&P, Moody's Investor Service and Fitch Ratings. Martin O'Donovan, ACT's deputy director of policy, said that while companies would welcome more choice there were "huge practical difficulties" for rotation in the current "oligopolistic" market. Moody's has said that the plans to overhaul regulation of the sector will undermine the integrity of the whole European credit market. In a letter to European finance ministers including George Osborne, Michel Madelain, chief operating officer at Moody's, said the changes would undermine investors' confidence. He said allowing ESMA to "pre-approve" methodologies would "undermine credit rating agencies".
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a looser union, David Cameron said on Monday, after Angela Merkel, the German chancellor, said that she wanted substantial treaty change to strengthen it and give the European commission the chance to impose fiscal discipline on excessively indebted states in the single currency area.
Speaking at the lord mayor's banquet in London, Cameron, describing himself as a sceptic, hailed the collapse of the old assumption that power within the EU could only flow from the nation states to Brussels and EU membership could only lead to ever closer union.
Merkel had earlier described the crisis as probably Europe's toughest hour since the second world war, but again spurned UK proposals for a Eurobond or for the European central bank to become lender of last resort to prop up the euro.
Cameron is due to travel to Berlin at the end of this week both to urge Merkel to make the ECB more interventionist and to set out what the UK will seek to safeguard and change in the event of treaty change being sought by Germany.
Warren Buffett buys $10bn IBM stakeLow-tech stock guru Warren Buffett drops long-standing antipathy to IT sector by buying 5% of IBM, saying he had been 'hit between the eyes' by its competitive advantages
reddit this Dominic Rushe in New York guardian.co.uk, Monday 14 November 2011 18.37 GMT Article history
Warren Buffett at the annual shareholders meeting of his Berkshire Hathaway investment group this year. Photograph: Rick Wilking/Reuters
The billionaire investor Warren Buffett has ended his moratorium on investing in technology, taking a $12bn (£7.5bn) stake in IBM, the 100-year-old tech firm.
Buffett's Berkshire Hathaway investment firm has been buying shares in IBM since March and now owns 64 million shares, or about 5.4% of the outstanding stock, Buffett said in an interview on Monday on the financial news channel CNBC.
The investor was given permission by securities regulators to keep the purchases secret for several months but having finalised the purchase the firm also revealed that it added smaller stakes in Intel Corp, DirecTV, General Dynamics and CVS Caremark Corp.
Buffett is a close friend of Bill Gates, Microsoft's co-founder, but has famously avoided hi-tech stocks, preferring to invest in household names such as Coca-Cola and American Express, or insurers.
There is this from nouvelobs this morning
http://tempsreel.nouvelobs.com/economie/20111115.OBS4506/dette-une-banque-allemande-remet-en-cause-le-triple-a-de-la-france.html
I havent checked out the credentials of the bank nor The Lisbon Council but the result putting France somewhere between Italy and Spain looks about right to me.
hihihihih..So countries that are in the eurozone are expanding, but UK growth is stagnent because of Eurozone problems, even though we are not in the eurozone. Another excuse needed Dave. Surely you will run out of excuses and one day finally admit you just are'nt upto it.
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