Ofcom names seven 4G auction bidders December 20, 2012 Regulator Ofcom this morning announced that seven telecoms companies had qualified to bid in the forthcoming 4G mobile airwaves auction. Mobile network operators Everything Everywhere, Three, 02 owner Telefonica, Vodafone and fixed lines provider BT are among the bidders, Ofcom said. Bidders, who will be competing to acquire new capacity to roll out superfast 4G [...]
Bank of Japan boosts stimulus programme December 20, 2012 The Bank of Japan injected 10 trillion yen (£73bn) to its asset purchase programme in an attempt to revive growth, as it faces increasing pressure from the country’s next leader to beat deflation. Shinzo Abe, whose opposition Liberal Democratic Party won Sunday’s election by a landslide, has put the central bank’s independence on the line [...]
Greece’s Eurobank posts €223m loss in third quarter December 20, 2012 Greek lender Eurobank this morning posted a third-quarter loss of €223m (£181m), as the recession caused a rise in non-performing loans. Its nine-month losses came in at €1.1bn, a sharp increase from losses of €575m over the nine months of 2011. Higher funding costs led to a four per cent fall in net interest income [...]
Banking shares rise on FTSE 100 as UBS fined $1.5bn December 19, 2012 The blue chip index moved towards nine-month highs this morning, as optimism of a US budget deal boosted the FTSE 100. Financial shares were in the spotlight, as Swiss bank UBS agreed a $1.5bn (£940m) fine for manipulating the Libor benchmark. The redress was in line with expectations, and UBS shares were trading around 0.3 [...]
Nissan to build new car at Sunderland plant December 19, 2012 Japan’s Nissan will invest around £250m to build a new luxury car at a plant in England, creating around 1,000 jobs. The carmaker will build a new model of its Infiniti luxury brand in Sunderland from 2015. The Sunderland plant is Britain’s largest car plant and one of the most productive in Europe. Britain’s largely [...]
MPC predicts above-target inflation in 2013 December 19, 2012 Inflation will remain above the Bank of England’s target for the next year, the Monetary Policy Committee December meeting minutes revealed this morning. Consumer price inflation defied expectations to remain at 2.7 per cent in November, official figures showed yesterday, due to a greater-than-expected contribution from university tuition fees and higher food prices. “Inflation was [...]
Sportingbet sees trading uptick December 19, 2012 Bid target Sportingbet said this morning that trading had picked up in the last part of the year, as the negotiations over William Hill’s joint takeover look set to come to an end. In a statement before the gaming group’s AGM, Sportingbet said that it would meet its current expectations for the full year ending [...]
Lloyd’s of London sees Sandy claims of up to $2.5bn December 19, 2012 The Lloyd’s of London insurance market said this morning that Hurricane Sandy claims are between $2bn and $2.5bn (£1.25 and £1.55bn). Lloyd’s said that it would be able to pay out with “minimal impact” on its members’ capital, and it wouldn’t affect the central fund – a reserve fund used to meet claims if a [...]
UBS hit with £940m fine for Libor-rigging December 19, 2012 Swiss bank UBS has been hit with a CHF1.4bn (£943m) fine to resolve Libor rigging allegations. The penalty agreed with US, UK and Swiss regulators is more than three times the $450m (£277m) fine levied on Barclays in June, also for rigging the Libor benchmark rate used to price financial contracts around the globe. UBS [...]
US fiscal cliff hopes lift FTSE 100 December 18, 2012 The markets were cheered this morning – the headline share index rose 0.25 per cent in early deals – on signs of progress in negotiations to avoid the imminent fiscal cliff in the US. Investors reacted positively to Obama’s counter-offer for Republicans yesterday, which included a major change in position on tax hikes for the [...]
