Wall Street giants face huge fines August 7, 2008 Citigroup pays out $100m to settle US charges that it marketed debt fraudulently Top City firms could face huge fines after Citigroup yesterday agreed to pay the New York authorities $100m to settle charges it marketed US auction debt fraudulently. The banking giant also agreed to buy back $7.5bn (£3.75bn) of illiquid securities by November [...]
Why running a spreadbetting giant is just the ticket for this maths buff August 7, 2008 The boss of IG tells Katie Hope how volatile financial markets are boosting his industry Question: what do mathematicians and spread-betters have in common? Answer: quite a lot, it turns out, as exemplified by the man at the very top of the UK’s largest spread betting and contracts for difference firm IG Index. Tim Howkins, [...]
Imperial Energy opens books to China, but Indian rival is still in the running August 6, 2008 Imperial Energy has opened its books to the Chinese state-owned oil company Sinopec, but talks are still continuing with its Indian rival. Imperial confirmed on Monday that it had received an approach, with sources close to the deal confirming the bidder as China Petroleum and Chemical Company, also known as Sinopec. It is believed to [...]
Soc Gen shares rise despite profit drop August 6, 2008 French bank Société Générale yesterday reported a 63 per cent fall in second-quarter profits, but its shares rallied, as figures were better than analysts had expected. The Paris-based bank, which is still coming to terms with the rogue trading scandal that caused a €4.9bn loss, saw net profits fall to €664m (£525m) from €1.74bn last [...]
Federal Reserve holds interest rates amid “softening” employment market August 6, 2008 The Federal Reserve, in a widely expected move, held US interest rates at two per cent last night, with Dallas Federal Reserve Bank President Richard Fisher the only dissenter among the 11 person panel. The statement from the central bank referred to the “softening” labour market and the “considerable stress” upon the financial market as [...]
Oil to keep sliding after slumping to 3-month low August 6, 2008 Oil fell to $118 a barrel yesterday, a three-month low, as traders reacted to rising supplies and declining demand in America and Europe. The price of US crude fell as low as $118 a barrel, before recovering to trade at $119.13. While in London Brent crude fell by $2.20 to $118.48 a barrel. Oil supplies [...]
Services shrink again August 6, 2008 Britain is likely to slide into a recession next quarter, or could already be in one, according to City economists following the publication of more miserable data documenting further declines in both the services and manufacturing sectors yesterday. In July, the services sector shrank for the third month in a row, according to the CIPS/Markit’s [...]
Quintain cuts Wembley jobs August 6, 2008 Developer Quintain unveiled plans to slash costs yesterday, saying it was cutting jobs at its Wembley project and will pay no dividend for up to two years. The property company, which is redeveloping the 85 acres surrounding the north London Wembley stadium into a large retail, leisure and residential scheme, said it was axing over [...]
Warm reception for London’s priciest restaurants despite fears of recession August 6, 2008 A clutch of top-end London restaurants have enjoyed successful openings this summer, despite fears of a protracted economic downturn. In July, against a backdrop of doleful news in the property and financial sectors, Ambassade de L’Ile, with Chef Jean-Christophe Ansanay-Alex, opened its door to diners in francophone South Kensington, while the eponymous Helene Darroze at [...]
Drax profit falls on high carbon charge August 6, 2008 Drax, which runs Britain’s biggest coal-fired power station, saw its first half pre-tax profits fall 28 per cent yesterday to £206m as rising fuel and carbon emissions charges bit into its higher power prices. The large coal fired power station near Selby, Yorkshire, which produces around 7 per cent of Britain’s electricity, said sales rose [...]