MPs hit back at critics of Bob Diamond report August 19, 2012 THE WAR of words between MPs and former Barclays bosses escalated yesterday as furious parliamentarians defended their report into the bank’s Libor manipulation and their criticism of Bob Diamond. Former Barclays director Sir Nigel Rudd expressed shock at the accusations that Diamond had been dishonest with the Treasury Select Committee (TSC), saying the damning report [...]
Economists say the mooted ECB yield cap could save Eurozone August 19, 2012 ECONOMISTS yesterday hailed reports that the European Central Bank (ECB) may buy government bonds to stop yields rising to dangerously high levels, saying such action could at last defuse the debt crisis plaguing the economy. The ECB could make the decision to cap yields’ spreads over German bunds at its next meeting in early September, [...]
Virgin Money aims for 5m bank customers by end of the year August 19, 2012 VIRGIN MONEY said yesterday it is on course to reach 5m customers by the end of the year as it reaps the benefit of rival banks’ scandals and payment problems. Virgin, which had around 4m customers after it spent £747m buying Northern Rock from the government in November, said that since the January merger it [...]
Lonmin’s chief will return after executive re-jig August 19, 2012 LONDON-listed miner Lonmin yesterday said its chief executive Ian Farmer will return to take the helm of the business despite a re-jig of executive responsibilities following his hospitalisation. Farmer, the well-respected chief executive of the firm, took leave of the day to day running of the business last Thursday after being hospitalised following a routine [...]
Labour issues must be resolved swiftly for the sake of all sides August 19, 2012 THE tragic events at the Marikana mine have yet to have a significant impact on world platinum production, so while the violence brings global attention, focus should remain where it belongs, on the investigation of the shootings and the resolution of the labour dispute. There was a five per cent rally in the white metal’s [...]
Samsung and Apple prepare for trial D-day August 19, 2012 APPLE and Samsung are this week due to find out the result of the US patent infringement trial that could have significant implications for the two tech giants and the wider mobile phone industry, after the two firms failed to carve out a deal at the weekend. The California jury will now decide the result [...]
Netflix CEO vows to take on Sky in bids for premium film rights August 19, 2012 NETFLIX will attempt to wrestle Sky’s grip on premium movie rights away from it, a move that could provide a serious challenge to the broadcaster’s film dominance. Reed Hastings, the chief executive of the US film streaming service, has outlined his intentions to bid for exclusive rights to films from the six leading Hollywood studios, [...]
ChainTek becomes latest firm to join AIM after it raises £7.5m August 19, 2012 CHINESE logistics group ChainTek joins the Alternative Investment Market (AIM) this morning after a £7.5m fundraising, in a sign of resilience in London’s junior stock exchange. Joint brokers Liberum Capital and ZAI Corporate Finance placed almost 5m new shares, giving the firm a market capitalisation of around £87.5m. ChainTek aims to use the proceeds to [...]
As Europe’s troubles continue, it’s Asian stocks that lag behind August 19, 2012 ASIA is enjoying a soft landing. So why is the Asian fund manager’s Mai Tai more sour than sweet this summer? The inflation dragon singed China stocks in 2010 when the market fell 15 per cent and again in 2011 when stocks tanked 20 per cent. That beast has been tamed as CPI, above six [...]
Diageo readies $3bn purchase of Jose Cuervo August 19, 2012 DIAGEO’S long-awaited $3bn (£1.9bn) takeover of Mexican tequila firm Jose Cuervo could be announced this week when the drinks giant reports its annual earnings on Thursday. The deal, which has been in the works for over a year, would add the world’s most popular tequila to Diageo’s brands, which include Johnnie Walker, Guinness and Smirnoff. [...]