UBS prepares to pay Libor fine of more than $450m December 3, 2012 SWISS banking giant UBS is set to be the next bank to settle with regulators over Libor manipulation claims, it emerged yesterday, with RBS likely to follow suit in the coming months. The bank could take the hit as soon as next week under negotiations taking place with the authorities in the UK and the [...]
Crosby sorry for his role in HBOS failure December 3, 2012 FORMER HBOS chief executive Sir James Crosby yesterday apologised for his role in building up an unsustainable bank, which had to be rescued in 2008 after he left the helm in 2006. The session at the parliamentary commission on banking standards was Sir James’ first appearance before MPs and peers since the collapse of the [...]
US watchdog charges audit China affiliates December 3, 2012 THE US markets watchdog yesterday hit the Chinese arms of five accounting firms with charges, after the affiliates failed to hand over audit documents the US body wants. PwC, KPMG, Ernst & Young and Deloitte – the so-called big four – as well as BDO, have been charged with securities violations by the Securities and Exchange Commission (SEC), [...]
What the other papers say this Morning December 3, 2012 FINANCIAL TIMES EDF cost rises damp nuclear hopes EDF, the French utility, said the cost of its new nuclear power station in northern France had increased by a third, raising fears that its planned UK plant may also be vulnerable to a similar budget blowout. But EDF Energy, the company’s UK subsidiary, insisted that the [...]
Directors slam politicians for tax loopholes December 3, 2012 POLITICIANS should target tax avoidance by getting rid of legal loopholes, not browbeating firms into paying more, the Institute of Directors (IoD) said this morning. “It is very frustrating for many companies who pay large tax bills that some multinationals are able to avoid doing so,” said IoD boss Simon Walker. “The solution must be simplifying the [...]
Government to put gas at centre of UK’s energy production plans December 3, 2012 GAS will be put at the centre of the UK’s energy plans, with a series of announcements expected from the government this week. George Osborne will use tomorrow’s Autumn Statement to launch a consultation on introducing substantial new tax reliefs for investment in gas-fuelled energy production. Incentives are expected to be offered for up to 26 [...]
Private Finance Initiative to be replaced in Autumn Statement December 3, 2012 THE CONTROVERSIAL Private Finance Initiative (PFI) will be replaced with a new programme designed to be cheaper and faster, chancellor George Osborne will say in tomorrow’s Autumn Statement. PFI, which sees the public sector partner with private companies to fund and operate long-term infrastructure projects, will be replaced with Private Finance 2 (PF2). The new scheme will include [...]
Bank lending up on back of state aid plan December 3, 2012 BANK lending increased in August and September after the funding for lending scheme (FLS) got underway, according to Bank of England figures published yesterday. So far £4.36bn has been drawn down from the facility, with six of the 35 banks that have signed up taking money in the first two months. Overall lending to the [...]
City hiring falls in November December 3, 2012 VACANCIES in the City hit their lowest November level since the start of the credit crunch, according to figures published yesterday by recruiters Astbury Marsden. Analysts said the government must slow down its banking reforms if it wants to stop the slump. Just 1,790 City jobs were created last month – well below the 3,700 [...]
IMF endorses capital limits December 3, 2012 THE INTERNATIONAL Monetary Fund yesterday said capital controls should be used in some circumstances to promote financial stability, overturning a long-held policy that government intervention is damaging for investors. Emerging markets have complained that rich world investors have flooded their economies, driving up asset prices and leading to some overheating. But the IMF warned the [...]