Euribor trials: European arrest warrants secured for the five former traders who declined to appear at court hearing in January March 20, 2016 The Serious Fraud Office (SFO) has secured European arrest warrants for five former traders who declined to attend a court date earlier this year. The fraud squad obtained the warrants from a London court late last week in relation to four Germans and one Frenchman accused of playing a role in manipulating the Euro Interbank [...]
Libor scandal: Former UBS and Citigroup trader Tom Hayes to discover whether any of his assets will be confiscated under the Proceeds of Crime Act March 20, 2016 Tom Hayes will soon find out whether any of his assets will be confiscated as proceeds of crime after a court hearing on the matter drew to a close last Friday. Assets that the former UBS and Citigroup trader, who was found guilty last August on eight counts of conspiracy to defraud for his role [...]
Brent and WTI crude: Oil prices hit 2016 high above $42 March 18, 2016 Oil rose above $42 per barrel today, helped by growing optimism that producers could agree a production freeze deal and a weak dollar. Brent crude, the global benchmark, rose 1.64 per cent to $42.22 per barrel, having touched a 2016 high of $42.31 earlier in the day. West Texas Intermediate crude, the US benchmark, added 1.8 [...]
European Central Bank’s chief economist Peter Praet says interest rates could go ever lower March 18, 2016 The European Central Bank's chief economist Peter Praet has said the bank can take interest rates even lower if the Eurozone economy fails to pick up. Speaking to the Italian newspaper La Repubblica, Praet said that rates are yet to reach their lower limit. "As other central banks have demonstrated, we have not reached the physical lower [...]
Retirement savings: Equity release allowing over-55s to unlock over 100 weeks’ worth of pay from their properties, offering alternative funding for their later years March 18, 2016 Over-55s using equity release products in the second half of last year unlocked over 100 weeks' worth of pay from their property, according to a report out today. The research by the Equity Release Council discovered that customers using drawdown mortgage products in the last six months of 2015 withdrew an average of £49,607, which is equivalent to [...]
Euribor trials: European arrest warrant to be requested for the five traders who declined to appear at court hearing in January March 17, 2016 Five traders who have been accused of playing a part in manipulating the Euro Interbank Offered Rate (Euribor) might soon be making their way to the UK to face charges. It is understood that the Serious Fraud Office (SFO) will tomorrow approach a London court seeking an European arrest warrant for five individuals who declined to [...]
Libor scandal: Former UBS and Citigroup trader Tom Hayes lost the best part of £1m on trading as he tried to raise funds to pay for his legal fees March 17, 2016 Tom Hayes lost the best part of £1m trading to try to raise money to pay his legal fees, a court was told today. Hayes, who was found guilty on eight counts of conspiracy to defraud last August for his role in manipulating Libor, has been attending a hearing at the Old Bailey since Monday to [...]
Oil prices: Global capital spending faces further squeeze after declining sharply in 2015 – S&P March 17, 2016 Global business spending on capital dropped sharply last year and could fall to 2006 levels by 2017, a major ratings agency said today. Spending on physical assets such as property and equipment – known as capital expenditure or simply capex – dropped 10 per cent last year, according to estimates from Standard and Poor’s. Most [...]
Dow Jones turns positive for the year as economists warn the global economic outlook has worsened March 17, 2016 The US Dow Jones industrial average index has entered positive territory for 2016, erasing loses racked up earlier in the year. The index is up around 0.1 per cent for 2016, after climbing almost one per cent today. The Dow's recovery has been echoed in other US and European markets, though is in contrast to [...]
Canadian pensions: Recently elected Prime Minister Justin Trudeau tells Bloomberg he will be lowering Old Age Security eligibility to 65, down from 67, at Budget on 22 March March 17, 2016 Canadian Prime Minister Justin Trudeau today announced that he would be lowering Old Age Security eligibility age to 65 at next week's Budget. Plans to raise the age for eligibility for Old Age Security – which is similar to the UK's State Pension – to 67 where put in place in 2012 by former Prime Minister Stephen [...]