Barclays fined £300m for rigging US energy market July 17, 2013 THE US Regulator today upheld a $453m (£300m) fine on Barclays and four of its traders for manipulating the energy markets. The US Federal Energy Regulatory Commission said that the bank deliberately lost money in the power markets between 2006 and 2008 for financial benefit and that the traders knew this was illegal. Barclays must [...]
The wait to see how Carney voted on QE July 17, 2013 The Bank of England will today release its minutes from the Monetary Policy Committee held earlier this month. The meeting was new governor Mark Carney’s first, and the minutes will show whether or not he voted to extend quantitative easing. It will also be interesting to see if managed to persuade any other members to [...]
Before the open – 17/07 July 17, 2013 Chinese shares fell last night for the first time in three days as real estate developers like China Vanke and Poly Real Estate Group plummeted over concerns the government will extend property curbs. News that foreign direct investment in China rose by 20 per cent in June – exceeding analyst expectations of a 0.7 per [...]
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 [...]