Regulators are focusing on at least four of Europe's biggest banks in Libor investigations, "suspecting that Barclays" traders were the ringleaders of a circle that included Crédit Agricole, HSBC, Deutsche Bank and Société Générale. Evidence of links between traders at all four banks and Barclays" former euroswaps trader Philippe Moryoussef is under scrutiny, people involved in the process have told the Financial Times." Bank of America delivered improved 2Q net income after cost cuts that included the loss of 20,000 jobs, but suffered a spike in claims for faulty mortgages. China is buying up stakes in foreign private equity stakes from GM's pension plan: The country's State Administration of Foreign Exchange, which manages its forex reserves, will pay $1.5bn - $2bn for stakes in funds managed by firms including Carlyle Group, Blackstone and CVC Capital Partners, from an advisory firm that manages GM's pension funds. Manchester United plans to raise $300m through an IPO in the US as the English football club looks to to pay down the company's net debt of £425m. The club is expected to launch its roadshow as early as next week with the aim of pricing its shares in early August, people familiar with its plans said. UTC nears Rocketdyne sale: US defence group United Technologies Corp is "in final discussions to sell its Rocketdyne business to GenCorp, a maker of aerospace propulsion systems, two people familiar with the matter said on Wednesday." UTC bought Rocketdyne from Boeing for $700m cash more than seven years ago. Universal Music offered to sell parts of EMI to independent record labels in order to win regulatory clearance for its 1.2bn bid for the label. Mervyn King and other central bankers plan to talk Libor on September 9, over dinner in Basel. (Wall Street Journal) They will consider whether the benchmark can be reformed, or should just be scrapped. Capital One Financial agreed to pay $210m to resolve charges that its staff misled consumers into paying for extra credit card products. It is the first enforcement action enacted by the Consumer Financial Protection Bureau, which was established almost a year ago. The Singapore Exchange is strengthening its listing standards, significantly raising requirements on the profitability of companies wanting to go public. Poor corporate governance in Asia has been blamed by some experts on weak listings rules. New Oriental shares sink: The NY-listed Beijing-based education service provider fell 35% on Wednesday after short seller Muddy Waters accused it of fraud. The company's shares fell 34% the day before when it said the SEC was investigating its accounting practices. HSBC's Mexican money-laundering nightmare, and its inadequate response. How signs of trouble manifested inside Peregrine/PFG before its collapse. Marissa Mayer and the motherhood penalty. Japanese property billionaire bets $202m on China. Asian markets Nikkei 225 up +81.10 (+0.93%) at 8,808 Topix up +7.05 (+0.95%) at 747.51 Hang Seng up +307.45 (+1.60%) at 19,547 US markets S&P 500 up +9.11 (+0.67%) at 1,373 DJIA up +103.16 (+0.81%) at 12,909 Nasdaq up +32.56 (+1.12%) at 2,943 European markets Eurofirst 300 up +12.17 (+1.17%) at 1,054 FTSE100 up +56.68 (+1.01%) at 5,686 CAC 40 up +58.43 (+1.84%) at 3,235 Dax up +106.78 (+1.62%) at 6,684 Currencies €/$ 1.23 (1.23) $/¥ 78.62 (78.78) £/$ 1.57 (1.57) Commodities ($) Brent Crude (ICE) up +0.75 at 105.91 Light Crude (Nymex) up +0.46 at 90.33 100 Oz Gold (Comex) unchanged 0.00 at 1,570 Copper (Comex) up +1.95 at 349.25 10-year government bond yields (%) US 1.49 UK 1.48 Germany 1.21 CDS (closing levels) Markit iTraxx SovX Western Europe +2.5bps at 264.38bp Markit iTraxx Europe -3.43bps at 163.39bp Markit iTraxx Xover -13.15bps at 651.68bp Markit CDX IG -3.07bps at 108.34bp This entry was posted by Kate Mackenzie on Thursday, July 19th, 2012 at 5:40 and is filed under Uncategorised.