Goldman Sachs to pay $120m to settle probe into attempted rate-rigging December 21, 2016 Goldman Sachs has been ordered to pay $120m (£96.9m) today to settle a probe into attempts to fix a key benchmark rate. The US Commodity Futures Trading Commission (CFTC) claims the banking giant, on a number of occasions between January 2007 and March 2012, attempted to manipulate the US Dollar International Swaps and Derivatives Association Fix (ISDAFIX) and [...]
London won’t lose its status as leading finance and legal centre after Brexit, professionals say December 21, 2016 Concerns over Brexit driving finance professionals out of London have been overblown, entrepreneur and investor Jim Mellon said today. "Clearly the finance sector is very important to the British economy but I don't think it's going to go away because the infrastructure in the City of London is just so great, it's unparalleled," Mellon told the BBC [...]
Labour MP leaves parliament for Sellafield, setting up by-election December 21, 2016 A Labour MP and critic Jeremy Corbyn’s leadership has gone for the nuclear option and announced he is to stand down from parliament, setting up a by-election. Jamie Reed is to quit as MP for Copeland in Cumbria at the end of January, moving on to become head of development and community relations at the [...]
Former BlackRock manager handed a 12-month sentence for insider dealing December 21, 2016 An ex-BlackRock fund manager has today been sentenced to 12 months after pleading guilty to two counts of insider dealing in November. Mark Lyttleton, aged 45 and a former equity portfolio manager for BlackRock Investment Management (UK), was claimed to have used information he obtained from his job to purchase shares shortly before public announcements were made. [...]
Dong Energy’s share price jumped after it edged up its profit guidance December 21, 2016 Dong Energy's share price jumped more than four per cent after it said it would increase its group operating profit guidance to 24 to 25bn Danish krone (£2.7 to £2.8bn) from its previous outlook of between 20 and 23bn for 2016. The Danish utility and wind farm developer's share price is now up 3.54 per cent to 257.50. The group's [...]
Tax clampdown leads to spike in VAT registrations December 21, 2016 The number of online retailers registering for UK VAT has increased tenfold after the taxman introduced new powers to crackdown on a £1bn loophole used by overseas traders. In rules announced in March and coming into force in September, HM Revenue & Customs (HMRC) can force overseas retailers using UK online marketplaces to either appoint a UK-based [...]
Aurum Mining’s share price dives as investors adjust to share listing and complete makeover into cyber security firm December 21, 2016 Aurum Mining's share price dived more than 21 per cent today after the firm announced it will completely change direction in January, shedding its mining focus to become a cyber and digital security firm. The Aim-listed miner plans to change its name to Shearwater Group and place 150m new shares on 10 January, if shareholders give the [...]
RBS and Barclays among cartels of banks fined by Swiss watchdog for rate rigging December 21, 2016 The Swiss Competition Commission (Comco) has today fined a group of international banks 99m Swiss francs (£78m) over their involvement in four separate cartels, including some aimed at manipulating Libor. The largest element of the fine went to a group of four banks which Comco claims acted in a cartel to fix Euribor for various lengths of time [...]
This French energy giant thinks oil could be at $10 a barrel by 2025 December 21, 2016 Oil prices could fall to as low as $10 per barrel within a decade as a 'tsunami' of threats could undo demand. That prediction comes from Engie SA’s innovation chief, Thierry Lepercq, who says that oil demand will be hit on multiple fronts. He lays out five 'tsunamis': solar power, battery storage, electric vehicles, “smart” [...]
Crown Estate pushes ahead with £100m West End project after Brexit vote pause December 21, 2016 The Crown Estate has recovered from post-Brexit vote jitters to push ahead with a £100m West End development. The property company, which is owned by the sovereign, put the redevelopment of the Grade II listed building on hold after the EU referendum. Read more: Venture capital firm signs up to Crown Estate scheme But Crown [...]