Critics of the the Financial Stability Oversight Council’s designation of nonbanks as systemically important got a chance last month to point to what they viewed as shortcomings in its approach, while also offering clues for possible improvements, during a U.S. Senate hearing on the issue.
Ever since its creation under the 2010 Dodd-Frank Act, the process by which the council designates systemically important financial institutions, or SIFIs, has been criticized as being heavily politicized, and marred with opacity.
FSOC, its rationale, and designation process
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TrustLaw is a story of continuous growth. Tell us about your expansion in 2014.
2014 was a tremendous year for us: we more than doubled the number of connections made in 2013, recruited new firms, and facilitated the first connections in places as diverse as Myanmar, Taiwan, South Korea, and New Zealand. We also grew in places where we were already present, expanding our reach and building deeper relationships, from India to Africa to Europe.
The TrustLaw Index of Pro Bono has quickly become the benchmark for monitoring trends across the pro bono industry. What were the overall findings?
This was really the first poll of its kind, and quite an ambitious project. The goal was to provide a global assessment of trends and benchmarks across the pro bono legal industry on a country-by-country basis. We were thrilled with the response: 103 law firms provided data on their work across 69 different countries. The data highlighted a lot of interesting facts and trends. We were happy to see that the average value of pro bono per lawyer was actually $11,000, and that they had done over 1.5 million hours of pro bono in 2013. (more…)
Fast-track mine approvals, tighter production oversight and more flexibility in coal sales have helped power station stocks recover from a six-year low India hit in October. Fewer power cuts are likely in the country this summer after a surge in output at Coal India helped generators amass record stocks, a turnaround for Prime Minister Narendra Modi. Today’s graphic shows the coal stock positions at thermal power stations in each province.
- France M&A activity totals $37.7 billion, down 55% compared to YTD 2014
- US DCM activity totals $642.6 billion, a 7% increase compared to year ago levels
- Europe ECM hits $79.2 billion so far in 2015, down 2% compared to last year
- Financials M&A hits $99.0 billion this year, down 20% from 2014 levels
- Consumer Products DCM underwriting totals $22.4 billion for YTD 2015, down 17%
- Technology ECM decreases 42% over 2014 with $19.4 billion raised
For more info, download the full Investment Banking Scorecard.
Thomson Reuters Deals Intelligence delivers IB content including quarterly reviews showing trends in M&A and Capital Markets.
Along China’s southern coast you can find a city with tropical beaches and a thriving tourist economy. It’s called Sanya, and it, like many other places in China, has seen rapid economic development over the last 15 years. What is different about Sanya is that local leaders decided that as the city embarks on its growth plan, it’s also critically important to keep an accounting of the amount of natural resources and associated ecosystem services being lost, or gained, along the way. This methodology is a form of “natural capital accounting,” or more specifically development of a “natural capital balance sheet,” and confronted with daunting challenges, the city of Sanya provides an example for China and the world of how to grow sustainably.
Taking Stock Over Time
Eskom, which provides 95% of South Africa’s power, has an installed capacity of 42,000 MW, more than enough to handle the country’s current peak demand. However, constant demand in recent months have caused frequent power cuts from household and industrial consumers, which the company says are needed to prevent a grid collapse. Today’s graphic looks at South Africa’s aging power plants.
Earlier this month, Reuters was first to report that U.S. cable T.V. operator Cablevision Systems Corp was planning to make an offer for the New York Daily News, valuing the troubled tabloid at just $1. The offer would come one month after New York media and real estate magnate Mortimer Zuckerman said he was considering selling the newspaper and had hired Lazard Ltd to assist with the process. The Reuters report was picked up widely in the press, including the Wall Street Journal, Drudge Report, the Huffington Post, Politico, Variety and many more. In a Reuters Best: Journalist Spotlight Q&A, M&A Correspondent Liana Baker offers an inside look at how she landed the scoop.
Q. How did you score the exclusive?
A. As a former media reporter-turned-M&A reporter, I try to keep close tabs on all the high profile sales processes in the media industry. In late February, real estate magnate Mort Zuckerman put the New York Daily News up for sale. Since then I’ve been following who might be the bidders and checking in with people close to the situation. The fact that Cablevision, a large public cable company and owner of the paper Newsday, was going to bid $1 was too good a story to ignore when I first heard about it. Although on the surface it seems like a ridiculous pricetag, in the past few years, Newsweek sold for $1 and at one point, Businessweek was rumored to sell for $1. And this New York Daily News story isn’t done yet. Sources tell me that management presentations are this week with interested bidders including Cablevision.
Q. What types of reporting/sourcing were involved?
A. On the M&A team and anywhere at Reuters, we never reveal sources who speak off the record. But M&A reporters regularly check in with bankers, lawyers, company sources, traders, hedge funds and sharp analysts and most of our stories stem from conversations with these people in the know.
Q. What was the hardest part about reporting the story? (more…)
Being responsible and ethical is part of the Thomson Reuters heritage — a fundamental pillar of our business. We seek to attract and retain the most talented individuals and create an environment where all our people can develop to their full potential to better serve our customers and communities. Valuing and promoting diversity and inclusion is key to this objective. Explore our 2014 Corporate Responsibility & Inclusion report to see how we’re ensuring sustainable growth through diversity of talents, outlooks and ideas.
Our culture – It’s all in the mind-set
Australia, which relies heavily on diesel to operate mines and carry output to ports, is the Asia-Pacific region’s top importer of the fuel. Diesel makes up more than half of the country’s total oil product arrivals. Today’s graphic look at Australia’s fuel imports and demand.