Things we're reading today include ...
Today's must watch:
Eliot Spitzer (no jokes please) on regulators
Today's must read:
Single standard proves elusive goal - Financial Times
"Cracks in international relations have been brought to light. There was the rushed adoption in October 2008 of an amendment to
IFRS, allowing reclassifications of certain assets, without apparent
co-ordination with the US Financial Accounting Standards Board. Then, in July 2009 the IASB
and FASB gave divergent views on the use of fair value in financial
instruments accounting. In November the European Commission dealt
convergence another blow byrefusing to consider adoption in 2009 of IFRS rules relating to fair value. In
the US the Securities and Exchange Commission is still not commenting
on IFRS adoption milestones, which observers attribute to cold feet
about a single global standard."
Virgin to buy Northern Rock?
Virgin Money hires adviser for bank acquisition - The Telegraph
Companies
Russian firm to list in Hong Kong - BBC
UBS ‘whistleblower’ loses jail-term battle - The Times
Goldman exodus talk a wake-up call over bonus tax, says London mayor Boris Johnson - The Telegraph
UK
FSA urged to publish report on shortcomings at Britain's crisis-hit banks - Telegraph
‘Coshed’ banks consider flight from London over tax burden - The Times
Economists see recession drawing to a close in UK - The Times
£200m quantitative easing 'slowly taking effect' - The Independent
Good year as hedge funds play catch-up - Financial Times
World
An Invisible Revolution in Rural India - Wall Street Journal
The Big Apple’s Big Problem - Newsweek
Lax Oversight Caused Crisis, Bernanke Says - New York Times
Technology
Threat to chip-and-pin terminals - BBC
Businesses stung by BOQ computer bug - Sydney Morning Herald
A Decade in Plastic: Hits, Misses and Also-Rans - Wall Street Journal
2020 Vision: Why you won't recognize the 'Net in 10 years - Computerworld
Quote of the Day:
"Internet payments accounted for one in four card transactions over Christmas."
Cash remains king but here comes the new wave - the Times
The Financial Services Club is sponsored by:
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...