Good morning New York,
FT ALPHAVILLE
India's central bank does not have as much influence as you might think, and in large part its because the informal economy is huge.
Joseph has picked up the 150 page review from RBS and pulled apart the bad bank.
NEWS
Royal Bank of Scotland on Friday announced plans to transfer £38bn of its riskiest loans into an internally managed bad bank, with the aspiration of running down the portfolio within the next three years. George Osborne, UK chancellor, said that the reprivatisation of RBS is unlikely to start before the 2015 general election. (Financial Times).
Nissan slashed its full-year profit forecast by 15 per cent, blaming volatile demand and recall-related costs, and announced it would reshuffle its management. The Japanese carmaker cited sluggish demand in Europe, volatile emerging markets and higher than expected product recall costs (Financial Times).
Prices for new homes in China continued to climb in October, with prices in 100 cities tracked by the China Real Estate Index System up 10.7 per cent on the year before. It marks the fourth month in a row that the rate of price increases has accelerated (Wall Street Journal).
Export orders boosted UK manufacturing in October. The fastest growth in export orders in more than two years helped British manufacturing grow solidly last month, a survey showed on Friday, in a sign that the country's economic recovery may be gaining a broader base (Reuters).
The CFTC faces a cash crunch, according to the regulator's enforcement chief who stepped down this week. David Meister told the WSJ that the under-funding caused it to delay cases and shelve certain probes. (Wall Street Journal).
