Morning in brief: EU proposals meet resistance, China pledges to tackle property prices

The Financial Services Authority unveils proposals to better inform banking customers the extent to which their savings are protected, while Hong Kong overtakes the UK and the US as the most developed financial capital.

International

Chinese officials have confirmed that part of the focus in 2012 will be on bringing down property prices after fears of a ‘hard landing’ bought on by a looming property bubble cast dispersions on the country’s ability to sustain growth levels in 2011, according to Bloomberg.

Plans for a new EU treaty aimed at promoting integration have run into trouble after non-eurozone countries questioned whether the proposed supervisory elements regarding national budgets will apply to all signatories, writes the FT.

Markets

The Federal Reserve, at its final policy meeting of the year yesterday, unveiled no new stimulus packages, leading to downturn in Asian stocks and the euro, says Reuters.

Hong Kong is now the most developed financial market in the world, according to a World Economic Forum report, marking the first time in the history of the report that either the UK or the US were not in first place, reports the BBC.

Companies

The Financial Services Authority (FSA) is proposing that UK banks, building societies and credit unions are required to display notifications informing customers that up to £85,000 of their savings are protected, according to the BBC.

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