Brussels turns up pressure on Libor
Banks and broker-dealers ensnared in the Libor-rigging scandal are facing fresh pressure to settle with Europe’s top competition authority as it expands the scope of its probes. In a speech on Friday in Paris, the EU’s competition commissioner will stress his determination to pursue the cases and ensure competition enforcement complements actions of global authorities against misconduct and corruption.
Joaquín Almunia’s speech is intended as a warning to financial institutions.
Former Virgin exec to head centre
Will Whitehorn, a former senior Virgin Group executive, is to chair a government innovation centre being created to devise integrated transport systems for export in a global market predicted to be worth £900bn by 2025.
Reyl & Co opens London office
Reyl & Co, the Swiss private bank, has opened an office in London with a view to setting up a corporate advisory business, highlighting how a clutch of smaller banks are pushing into traditional investment banking activities.
Mercedes and dealers fined
Mercedes-Benz and three commercial vehicle dealers have been fined £2.6m by a competition watchdog for rigging the sale of vans and trucks around Britain.The Office of Fair Trading imposed the fines.
Dyson puts its faith in £50m plant
Dyson is expanding its manufacturing in the Far East by taking production of its ground-breaking electrical motors in-house. The private company is to open its own production lines in Singapore.
The Daily Telegraph
Bankia to reveal largest loss
Nationalised Spanish lender Bankia is expected to reveal a €19bn loss next week, the largest in the country’s corporate history. The bank has been struggling to sell assets since its bailout in 2012.
Merkel accused of unholy alliance
Angela Merkel has been accused of engaging in an “unholy alliance” with Britain after backing David Cameron’s demands for a cut to the European Union budget.
THE WALL STREET JOURNAL
Heinz profit slips
H.J. Heinz’s earnings slipped 5.3 per cent as the ketchup maker recorded a larger loss from discontinued operations, though organic sales continued to improve in emerging markets.
Nielsen aims to gauge online TV
Nielsen Holdings is taking a step towards extending its TV-ratings business to measure online viewing, aiming to gauge how much viewership has drifted away from traditional TV to online outlets.