FCA bans ex-trader Lee Stewart over Libor-rigging scandal July 30, 2015 The Financial Conduct Authority (FCA) has banned another former Rabobank trader over their role in the Libor rate-rigging scandal. The regulator banned Lee Stewart from the financial services industry for lacking honesty and integrity. Earlier this year Stewart pleaded guilty in the US for his role in a conspiracy to manipulate Rabobank’s US dollar Libor submissions. "Mr Stewart [...]
S&P: Interest rate rise by the Bank of England won’t send property prices plummeting July 30, 2015 Credit ratings agency Standard & Poor's (S&P) said today that an interest rate rise this year could slow house price growth, however a number of structural factors will support demand and prevent an outright decline. "The issue is whether the rise in interest rates that we expect to start in late 2015 could eventually bring [...]
Greece crisis: After six months in power Alexis Tsipras’ Syriza government has left the country with a veritable Mount Olympus to climb July 30, 2015 Alexis Tsipras’ six-month old left-wing Syriza government has put the country through a breath-taking roller-coaster of ideological hysteria, politico-economic gambles, and farcical constitutional experiments. Now it faces a rockier path ahead than the one it inherited. Perversely, at the time they lost power, the previous government was beginning to boast financial indicators pointing [...]
The Eurozone’s recovery looks set to last this time as Spanish GDP growth picks up July 30, 2015 The Eurozone economy is picking up steam, with bullish figures released this morning suggesting the currency bloc could be about to turn a corner. Spain’s economy grew by one per cent in three months to June, its fastest pace for seven years. The economy is 3.1 per cent larger than it was a year ago, the [...]
Bank of England mortgage lending figures show a rush to remortgage as interest rate hike comes closer July 30, 2015 The mortgage market is hotting up, according to new figures, as rock bottom rates and the prospect of an interest rate rise fuel extra home buying and remortgaging. Net lending secured on dwellings jumped to £2.6bn in June, from £2.4bn in May, the highest figure since July 2008, the Bank of England said today. The [...]
MH370: Code on Reunion debris suggests it came from Boeing 777, while suitcase washed up on nearby coastline July 30, 2015 Update: A code has been found on wreckage washed up on an Indian Ocean island last night, adding weight to the view that it belongs to a Boeing 777 – potentially the missing flight MH370. A two-metre-long (6ft) piece of wreckage washed up on the French Indian Ocean island, which sits 370 miles east [...]
Facebook share price dips as spending soars July 30, 2015 Facebook reports positive earnings one again, but investors aren't impressed by it's expenditures. The figures During the second quarter, Facebook's year-on-year revenue went up 39 per cent to $4.04bn (£2.59bn), while earnings-per-share increased from 42 cents to 50 cents. Read more: Facebook makes new friends as it doubles its London HQ The results were [...]
Chime Communications’ share price soars after £350m WPP takeover revealed July 30, 2015 Chime Communications' share price has shot up by more than 25 per cent in early trading after revealing that WPP and US private equity firm Providence Equity Partners are in talks to buy the company for £350m. Read more: Chime Communications scores higher profit with World Cup and Sochi Olympics Sir Martin Sorrell's advertising giant WPP [...]
BT shrugs off break-up talks to increase profit before tax by 16 per cent July 30, 2015 The likes of Sky may be after its head, but that hasn't prevented BT from posting a 16 per cent rise in pre-tax profit, despite a modest fall in revenue. BT's share price fell three per cent in mid morning trading following the announcement. The figures The telecoms giant reported a two per cent fall [...]
Conservative election victory creates M&A bonanza July 30, 2015 The run-up to the election may seem like ancient history now, but there's no doubting businesses were worried about what would happen if the wrong sort of coalition, or even – gasp – Labour, came to power. Read more: Summer sizzler? Over £11bn of UK-focused takeover deals on the horizon So it's hardly surprising that in the [...]