This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/scotland/edinburgh_and_east/7622867.stm

The article has changed 5 times. There is an RSS feed of changes available.

Version 3 Version 4
Finance speculator clampdown call Curbs on bank share speculators
(about 6 hours later)
Scottish political parties have united to demand a clampdown on financial speculators, in the wake of the planned HBOS takeover by Lloyds TSB. The SNP has welcomed the Financial Services Authority announcement that short-selling restrictions will be imposed to tackle market instability.
The call came after First Minister Alex Salmond urged the UK Government to end short selling by speculators, which he branded "economic vandalism". Analysts argued that short-selling, whereby traders bet on share prices falling, had been a factor behind the takeover of HBOS by Lloyds TSB.
He also said Lloyds TSB chairman Sir Victor Blank had agreed to hold talks with the Scottish Government. The move comes after Scottish political parties united to demand a clampdown on financial speculators.
The changes will be introduced from midnight on Thursday.
First Minister Alex Salmond had urged the UK Government to end short selling which he branded "economic vandalism".
'Welcome development'
Following the announcement, the SNP's treasury spokesman Stewart Hosie said: "This is a welcome development which will hopefully drive out the "spivs and speculators" who have brought so much uncertainty to HBOS customers and employees in the past 24 hours.
"Other financial institutions are now safe but for HBOS, I fear the FSA has closed the stable door after the horse has bolted. Lessons must be learned when the FSA publishes its review of the rules on short-selling in the New Year.
"The fight is now on to retain every possible HBOS job and head office function in Scotland."
Mr Salmond earlier said Lloyds TSB chairman Sir Victor Blank had agreed to hold talks with the Scottish Government.
During question time at Holyrood, MSPs expressed concern about job cuts.During question time at Holyrood, MSPs expressed concern about job cuts.
Lloyds TSB has dismissed claims that up to 40,000 posts could be lost but has refused to rule out compulsory redundancies as the two banks merge their operations in a move which is forecast to save more than £1bn.Lloyds TSB has dismissed claims that up to 40,000 posts could be lost but has refused to rule out compulsory redundancies as the two banks merge their operations in a move which is forecast to save more than £1bn.
Lloyds TSB said it would continue to use the HBOS headquarters in Edinburgh after the £12bn takeover and would carry on printing Bank of Scotland notes.Lloyds TSB said it would continue to use the HBOS headquarters in Edinburgh after the £12bn takeover and would carry on printing Bank of Scotland notes.
Rich kids in bright shirts in London, New York and Tokyo are making money at our expense Tavish ScottScottish Liberal Democrat leader 40,000 job cuts deniedRich kids in bright shirts in London, New York and Tokyo are making money at our expense Tavish ScottScottish Liberal Democrat leader 40,000 job cuts denied
HBOS has about 17,000 staff in Scotland, while Lloyds TSB has more than 7,000 employees.HBOS has about 17,000 staff in Scotland, while Lloyds TSB has more than 7,000 employees.
During a specially extended session of first minister's question time, Mr Salmond said nobody should be allowed to make millions at the cost of thousands of jobs, while he pledged to "strain every sinew" to keep jobs in Scotland.During a specially extended session of first minister's question time, Mr Salmond said nobody should be allowed to make millions at the cost of thousands of jobs, while he pledged to "strain every sinew" to keep jobs in Scotland.
He again said that financial regulators should have acted to forestall the speculative attack on HBOS, adding: "I think it's been laid low by the actions of speculators in the money markets and I think action must be taken against that.He again said that financial regulators should have acted to forestall the speculative attack on HBOS, adding: "I think it's been laid low by the actions of speculators in the money markets and I think action must be taken against that.
"Not just to look back as to what's happened to HBOS, but also that other financial institutions will be targeted unless restraints are made on short selling.""Not just to look back as to what's happened to HBOS, but also that other financial institutions will be targeted unless restraints are made on short selling."
Scotland's financial sector advisory board will also hold an emergency meeting next Tuesday.Scotland's financial sector advisory board will also hold an emergency meeting next Tuesday.
Scottish Labour leader Iain Gray said the country was in the grip of a global financial crisis, and Scotland was not immune.Scottish Labour leader Iain Gray said the country was in the grip of a global financial crisis, and Scotland was not immune.
Buccaneer capitalismBuccaneer capitalism
He added: "I have every sympathy for the first minister's anger at speculation and short selling.He added: "I have every sympathy for the first minister's anger at speculation and short selling.
"Anyone celebrating a profit today from what has happened should frankly go to the fire.""Anyone celebrating a profit today from what has happened should frankly go to the fire."
Annabel Goldie, the Scottish Tory leader, said short selling - the practice of selling shares in the expectation of a falling share price then buying them back for a lower figure - was unacceptable.Annabel Goldie, the Scottish Tory leader, said short selling - the practice of selling shares in the expectation of a falling share price then buying them back for a lower figure - was unacceptable.
"It is totally unacceptable to spread malicious rumours in markets and to benefit from short selling and no-one takes pleasure from people making money out of the misery of others," she said."It is totally unacceptable to spread malicious rumours in markets and to benefit from short selling and no-one takes pleasure from people making money out of the misery of others," she said.
Scottish Liberal Democrats' leader Tavish Scott expressed concern about what could happen to other banks in the wake of HBOS.Scottish Liberal Democrats' leader Tavish Scott expressed concern about what could happen to other banks in the wake of HBOS.
"Rich kids in bright shirts in London, New York and Tokyo are making money at our expense," he told MSPs."Rich kids in bright shirts in London, New York and Tokyo are making money at our expense," he told MSPs.
"Scotland loses its bank, people lose their branches, the country is worse off.""Scotland loses its bank, people lose their branches, the country is worse off."
Commenting on the blame attributed by MSPs to speculators, Patrick Harvie, of the Scottish Greens, asked: "Isn't the root cause of the problem, the culture of deregulated buccaneer capitalism, which all of these political parties have supported, celebrated and even courted?"Commenting on the blame attributed by MSPs to speculators, Patrick Harvie, of the Scottish Greens, asked: "Isn't the root cause of the problem, the culture of deregulated buccaneer capitalism, which all of these political parties have supported, celebrated and even courted?"