Debenhams sales rise June 28, 2012 Debenhams, Britain’s second largest department store group, showed its resilience in the economic downturn by beating forecasts for quarterly underlying sales and winning market share even though it faced a deluge of rain in April. The firm, ranked second in Britain after employee-owned John Lewis JLP.UL, said on Thursday sales at stores open over a [...]
Shell again extends Cove bid deadline June 28, 2012 Oil major Shell again extended a deadline for Cove Energy shareholders to accept its offer, giving itself more time to decide its next move as it vies with Thailand’s PTT Exploration and Production to acquire the explorer. Shell said on Thursday it was extending the deadline for Cove shareholders to accept its $1.8 billion (£1.1bn) [...]
Diamond to face MPs after Libor scandal June 27, 2012 BARCLAYS chief executive Bob Diamond is set to be hauled before parliament after the bank was fined £290m for its part in a global conspiracy to fix the rate at which banks lend to each other. Diamond will face questions from the Treasury Select Committee after regulators in Britain and the US slapped record punishments [...]
THE EVIDENCE THAT LED TO BARCLAYS’ DOOR June 27, 2012 7 April 2006: Email (Trader C requested low one-month and three-month US dollar LIBOR submissions) Trader C: “If it’s not too late low 1m and 3m would be nice, but please feel free to say “no”…Coffees will be coming your way either way, just to say thank you for your help in the past few [...]
Libor: the vital number for every banker June 27, 2012 Q What is Libor? A The London interbank offered rate (Libor) is set daily for 10 major currencies and for 15 borrowing periods, ranging from overnight loans to 12 months. It is set by the British Bankers’ Association, after speaking to 16 banks and studying their data on the cost and price of lending to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 27, 2012 FINANCIAL TIMES Hague presses for audit on EU law William Hague, the foreign secretary, wants to launch a comprehensive audit of the impact of European Union law on Britain this summer, an exercise that could fuel a Conservative drive to repatriate powers from Brussels. 4,000 firms under tax investigation More than 4,000 companies are under [...]
NBNK will close as Co-op wins Lloyds branches June 27, 2012 BANK buyout vehicle NBNK will be shut down after Lloyds finally agreed an outline deal to sell 632 branches to the Co-operative. Lord Levene’s group said there were no other assets to target just hours after it updated the market on a new offer for the Project Verde business. Lloyds yesterday said it had reached [...]
Kerviel faces five-year sentence June 27, 2012 Former Societe Generale trader Jerome Kerviel should serve five years in prison for his role in France’s biggest-ever rogue trading scandal, a state prosecutor told a Paris court yesterday. Kerviel is appealing a three-year jail sentence handed down in 2010, as well as an order to repay SocGen €4.9bn (£3.9bn) lost by the French bank [...]
SEC charges Harbinger’s Falcone June 27, 2012 US securities regulators yesterday charged billionaire hedge fund manager Philip Falcone and his firm Harbinger Capital Partners with a raft of illegal actions, including market manipulation and misappropriating client assets. The Securities and Exchange Commission also yesterday charged Peter Jenson, Harbinger’s former chief operating officer, with aiding and abetting the misappropriations scheme. Harbinger also settled [...]
Santander UK rating under review June 27, 2012 Credit rating agency Moody’s last night placed its rating for Santander UK under review for a possible downgrade. Moody’s said its review would focus on “the independence and resilience of the UK bank’s franchise and financial strength in the event that the creditworthiness of the parent is further affected and its ratings lowered.”