Rpt-split On Finance Overshadows Europe-u.s. Trade Talks

A gauge of food and beverage stocks was the second-worst performer among 19 industry groups in the Stoxx 600. Nestle SA, the worlds biggest food company, lost 1.7 percent. SABMiller Plc slipped 4.8 percent for its biggest weekly decline since November 2011 amid a strike at its South African beer division. Nokian Renkaat Nokian Renkaat tumbled 9.7 percent, the biggest weekly drop since October 2012. Full-year net sales and operating profit will decline because of the rubles retreat against the euro, the Nordic regions biggest tiremaker said. Hochtief AG, which owns a controlling stake in Leighton Holdings Ltd., lost 4.9 percent for the largest slide since June. Leighton, Australia s biggest builder, allegedly paid bribes to win contracts, the Age newspaper reported. Former chiefs Wal King and David Stewart were aware of the conduct, according to the report. Leighton has been under investigation by the Australian Federal Police since at least February 2012 after the company reported potentially illegal activity at its subsidiary Leighton Offshore Pte. in Iraq . King denied the allegation and a spokeswoman for Stewart declined to comment. Randgold Resources Ltd. slid 3.5 percent and Fresnillo Plc, which produces gold and silver in Mexico , tumbled 8.7 percent as prices of precious metals fell this week.

banks will have to comply with both U.S. and EU rules, which is costly,” said Konstantinos Karountzos at the European Banking Federation. CACOPHONY U.S. Trade Representative Michael Froman, a former economic adviser to President Barack Obama, has expressed Washington’s reluctance. “There has been an explosion of regulatory activity,” Froman said in Brussels on Sept. 30, making clear Europe and the United States could not merge their financial regulation. “That work should continue in parallel,” he said. If financial regulation is left out, the deal will still have huge scope, setting standards in areas from chemicals to car safety, while opening up agricultural markets. But given finance’s central role in business, the pact would arguably be weaker and its longer-term scope limited. Both sides have struggled to regulate finance at home and this is discouraging Washington from seeking any transatlantic imitative. U.S. officials fear a deal with Europe could reopen their main reform since the financial crisis, the 848-page Dodd-Frank Act, introduced in 2010 to discourage risk-taking, and lead to the act being watered down. In Europe a cacophony of voices advocates differing approaches to regulation, despite Brussels’ efforts to impose a federal-style system.

ACE Launches Environmental Risk Taskforce for Continental Europe

Markets open in 3 hrs 13 mins ACE Launches Environmental Risk Taskforce for Continental Europe Nicolas Givelet appointed as Environmental Risk Engineer to support growing business Press Release: ACE Group 35 minutes ago Nicolas Givelet, Environmental Risk Engineer, ACE European Group (Photo: Business Wire) Multimedia Gallery URL RELATED QUOTES 92.88 PARIS–(BUSINESS WIRE)– ACE Group today announced the appointment of Nicolas Givelet as Risk Engineer in its Continental Europe environmental insurance team as it continues to invest in building its environmental risk expertise for clients facing an increasingly complex global regulatory environment. In this newly-created role, Nicolas will lead a new environmental risk engineering taskforce for ACE in the region, assisting the pan-European underwriting and claims teams on technical matters, as well as liaising with ACEs clients and suppliers. He will also coordinate and manage a team of specialist external consultants to support specific projects in key markets. Nicolas will report to Dorothee Prunier, Environmental Risk Manager for Continental Europe, and takes up his Paris-based role with immediate effect. Nicolas, who has eleven years of experience in environmental risk, joins ACE from AXA Corporate Solutions, where he was Environmental Risks Underwriter. Before joining AXA in 2011, he spent four years as Environmental Risks Client Advisor at Marsh. Prior to working in the insurance industry, he was Contaminated Land Consultant at two companies, Burgeap and HPC Envirotec . He was also Environmental Research Associate at both the Institute of Geological Sciences in Bern, Switzerland and the Institute of Geochemical Sciences in Heidelberg, Germany. Dorothee Prunier, Environmental Risk Manager for Continental Europe at ACE, said: Environmental liability is one of Europes key emerging risks and it is a strategic growth area for ACE. By building an environmental risk engineering taskforce of internal and external experts, we will ensure that our clients have access to the best possible combination of underwriting and risk engineering expertise both for standalone and multinational programmes. Given his extensive understanding of environmental risk from an insurance, broking, academic and technical perspective, Nicolas will be a great asset to our growing European environmental risk team. ENDS About ACE: The ACE Group is one of the worlds largest multiline property and casualty insurers.

Europe soul-searches after Lampedusa exposes tensions

Action must be taken,” France’s Foreign Minister Laurent Fabius said Sunday after a boat loaded with migrants caught fire and sank near the island of Lampedusa, killing 300 people. Preventing a repeat of Thursday’s tragedy will top the agenda when interior ministers from European states meet on Tuesday, a day ahead of a visit to Lampedusa by European Commission chief Jose Manuel Barroso. Some argue that radical change is now required, among them as Italy’s Integration Minister Cecile Kyenge, who said the number of places in immigrant centres would be trebled from 8,000 to 24,000. Kyenge, an Italian-Congolese politician who has suffered racist taunts from other lawmakers as the country’s first black minister, told the Corriere della Sera daily the law could “no longer be punitive”. Peope light candles in memory of the victims of Lampedusa on October 4, 2013 in Rome, a day after a Lampedusa is struggling to accomodate 1,000 people in a holding facility with just 250 places — a situation replicated elsewhere in Italy as a new influx of migrants from Syria and Egypt has brought 30,000 arrivals since the beginning of 2013. But with far-right parties peddling xenophobia across Europe and a tough economic climate, hopes are slim that the Lampedusa disaster will spawn a long hoped-for single EU migration policy that could avert further tragedy. Experts in Brussels believe the sympathetic words of politicians all too often clash with the complex and politically explosive issue of illegal immigration in Europe. “We need a new policy at the European level,” said Michele Cercone, spokesman for home affairs commissioner Cecilia Malmstroem. “Migration policies are fragmented, inward-looking, left in the hands of member states and subject to domestic political considerations.” A black flag reading “Shame” in Italian flies in the Lampedusa harbour on October 4, 2013, in Italy, In the short term such a move is unlikely, as asylum-seekers in the European Union must appeal for help in the country through which they enter. This system is frequently criticised by Europe’s southern states, particularly Italy, Greece and Spain, which want a redistribution of asylum applications to even out the burden. But Europe’s northern states say they more than do their bit, as two-thirds of the 102,700 successful applications made to the EU in 2012 were granted by Germany, France, Britain, Sweden and Belgium.