Former UBS trader claims actions were not fraudulent as defence begins October 26, 2012 Former UBS trader Kweku Adoboli addressed the court for the first time in his six-week trial today, relating to losses of $2.3bn (£1.4bn) sustained by the Swiss bank. Adoboli claimed his actions were not fraudulent, and said that he had worked hard for six years to generate profits for the bank. The former trader has [...]
US GDP grows by two per cent October 26, 2012 The US economy expanded by two per cent in the third quarter, the Commerce Department said today, due to a ramp-up in government spending. Federal government expenditures and gross investment increased by 9.6 per cent over the three months to September, while national defence spending jumped 13 per cent compared to the previous quarter. Consumer [...]
EDF hikes energy prices October 26, 2012 Energy firm EDF today announced that gas and electricty prices would rise by 10.8 per cent from 7 December. It follows in the footsteps of rivals Scottish Power, Centrica, npower and SSE, who have all raised prices in the last few weeks, although EDF’s is the biggest so far. The rise will add £2.35 a [...]
Virgin Atlantic eyes airline alliance October 26, 2012 Virgin Atlantic is close to joining an alliance with other airlines, marking a turning point after 30 years of fierce independence, according to founder Sir Richard Branson. The tycoon told reporters in India that “we may finally give up and become part of a bigger alliance”, with further details expected in the next three to [...]
Samsung makes record profit on smartphone sales October 26, 2012 Samsung saw record third quarter revenues of 52.18 trillion Korean won (£29.5 trillion), up 26 per cent year on year, it said today. The South Korean electronics company posted record profit of 8.12 trillion won over the quarter, a 91 per cent increase. Revenue was boosted by sales of Samsung’s smartphones, particularly by the new [...]
FTSE 100 down as Anglo American in spotlight October 26, 2012 The blue chip index was down in early trading, as investors were cautious on weak data from the Eurozone and biding time ahead of US GDP released this afternoon. Mining shares bore the brunt of losses, although Anglo American bucked the trend, adding 2.1 per cent, as chief executive Cynthia Carroll announced she was to [...]
CPP looks to tough 2013 as regulatory probe continues October 26, 2012 Insurer CPP Group said this morning that it expects UK trading to be difficult next year because of a regulatory probe affecting new business. Last year the Financial Services Authority announced it would look into the way that CPP sold protection against identity theft. The insurer said today that it had agreed a framework with [...]
Spain unemployment hits record high October 26, 2012 Spain’s unemployment rate hit a record high of 25 per cent in the third quarter, official data showed this morning. It is thought that a new labour reform that made it easier to dismiss workers and a steep recession left more out of a job. The figure rose from 24.6 per cent seen in the [...]
Anglo American’s Cynthia Carroll to step down October 26, 2012 Anglo American’s chief executive Angela Carroll is to step down after more than five years in the role, it was announced this morning. Carroll has been under pressure from some shareholders over share price performance, and the miner’s continued dependence on South Africa. Industrial action in South Africa spread to Anglo American Platinum, the world’s [...]
End of recession boosts QE critics October 25, 2012 THE BANK of England’s next round of money printing could be put on hold, analysts said yesterday, after new GDP figures showed the UK’s economy grew well above expectations in the third quarter. GDP grew by one per cent in the third quarter, its fastest quarterly growth rate for five years, data from the Office [...]