BHP’s strong production figures a relief for struggling firm July 17, 2013 Resources company BHP Billiton has reported a strong year of production as Western Australia Iron Ore and Escondida exceeded production guidance and annual records were achieved across seven operations and five commodities. Western Australia Iron Ore set its 13th consevucitve annual production record for the year ended 30 June 2013, with production up seven per [...]
Gilts hit by new rigging scandal July 16, 2013 A NEW rigging scandal reared its head in the City yesterday, after it was revealed that an alleged attempt by traders to fix pricing in government bond markets has been under investigation since 2011. The Bank of England’s director of markets Paul Fisher told a panel of MPs that the central bank had passed details [...]
Goldman Sachs back on top as profits double July 16, 2013 EARNINGS more than doubled at Goldman Sachs in the last year, the investment bank revealed yesterday, as the growing economy sent more business its way. It made $1.86bn (£1.23bn) in the second quarter, up from $927m in the same period of 2012. Net revenues jumped 30 per cent to $8.61bn, far outstripping the 14 per [...]
Banks must make plans to fail without bailout cash July 16, 2013 THE WORLD’S biggest banks face could face serious structural changes as regulators were last night given powers to rearrange their legal and business setups if it would make winding down a troubled institution easier. Sweeping resolution powers allow the regulators to review banks’ resolution plans every year to make sure they can quickly be either [...]
What the other papers say this morning – 17 July 2013 July 16, 2013 FINANCIAL TIMES Dell ultimatum as buyout vote looms Michael Dell faces a last-minute ultimatum from some of his company’s biggest shareholders to raise his $24.4bn buyout offer or risk losing his attempt to regain control of PC maker Dell, say people close to the affair. Several large outside shareholders have told Michael Dell and private [...]
Barclays hit by $453m energy trading fines July 16, 2013 THE US authorities last night confirmed Barclays and four of its traders will have to pay fines totalling $453m (£299m) for allegedly manipulating the Californian energy markets. The bank, which has been fighting the claims, has been given 30 days to pay up by the Federal Energy Regulatory Commission (FERC). The regulator said the bank and [...]
MPs slam fraud squad over pay and expenses July 16, 2013 BRITAIN’S fraud-fighting agency was run in a manner that showed disregard for taxpayers’ money, damaging staff morale and undermining its standing, according to a report released today by MPs. The public accounts committee criticises Richard Alderman, the former director of the Serious Fraud Office (SFO), for his 2008 decision to hire Phillippa Williamson as chief [...]
Bottom Line: Goldman is back on top in London as well July 16, 2013 NOT everything was rosy for Goldman yesterday. Even as the bank revealed in its quarterly update that profits had more than doubled, its shares were falling in early trading as investors ran scared that the forecast-beating performance would be a one-off. What they’re most concerned about are capital rules, a question left hanging by Goldman [...]
Number of people saving for a retirement hits lowest level yet July 16, 2013 FEWER people are saving for retirement than at any time since records began, raising the spectre of a generation forced to work into their 70s. According to the Office for National Statistics (ONS), only 46 per cent of UK employees had a pension scheme in 2012, compared with more than 55 per cent a decade [...]
Barclays hires finance chief from JP Morgan July 16, 2013 BARCLAYS’ group finance director Chris Lucas will step down early next year, the bank announced yesterday, the final member of Bob Diamond’s top team to quit following last year’s Libor fixing scandal. He will be replaced by Tushar Morzaria, who is currently chief finance officer in corporate and investment banking at JP Morgan. Morzaria will [...]