Forex News and Rumors – Afternoon Update

Ireland follows US Executive pay cap linking it to EUR 7 Billion Bank Rescue

Ireland is cracking down on its banks by linking a €7bn (£6bn) rescue package to cuts in senior bankers’ pay. As the British government comes under pressure to curb bonuses, Dublin has announced it will recapitalise Allied Irish bank and Bank of Ireland only if the banks agree to slash executives’ salaries. More

OPEC willing to cut further, but would rather see full compliance to current production levels first

OPEC is willing to cut oil output further at a meeting in March, the group’s secretary-general said on Monday, adding he would like to see full compliance with existing curbs first. Abdullah al-Badri also told reporters in a briefing that OPEC’s compliance with existing oil supply curbs of 4.2 million barrels per day (bpd) was about 80%, based on preliminary data, higher than some estimates. More

France announces €6-billion auto maker loan

France is providing a loan rescue of €6-billion ($7.7-billion U.S.) to Renault SA and PSA Peugeot-Citroen, in return for a promise from the auto makers not to close factories. As part of the package, another €1-billion is going to the auto industry to guarantee a line of credit.  More

UK’s Financial Services Authority looking to regulate bank bonuses

As the growing furore over bonus payouts at part-nationalised banks showed little signs of abating, Lord Turner of Ecchinswell, the chairman of the FSA, said that the regulator would try to help to stamp out the short-term attitude to risk among bankers.  More

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