Ex-trader claims anyone at RBS could have fixed LIBOR entry August 23, 2012 A FORMER trader at RBS has claimed the bank’s internal controls were so lax that staff that had nothing to do with LIBOR-setting could easily alter the bank’s interest rates submission. Tan Chi Min, who is suing the bank for wrongful dismissal, made the claim in court documents filed in Singapore, which emerged yesterday. He [...]
Bank‘s Weale: further action unnecessary August 23, 2012 DESPITE the benefits the Bank accords to QE so far, policymaker Martin Weale did not recommend more easing. “At this stage, my personal opinion is that it is not necessary to increase the size of the asset purchase programme,” he told French newspaper Les Echos.
Pension groups want to open up on charges August 23, 2012 CLEAR details on fees and charges on pensions, as well as regular, standard updates on costs are vital if public trust is to be rebuilt in the industry, the Association of British Insurers (ABI) said yesterday, calling for a sector-wide agreement on transparency. Millions of new savers are set to build up pension pots for [...]
Phoenix appoints ex-FSA chief Howard Davies as chairman August 23, 2012 INSURANCE firm Phoenix yesterday named Howard Davies, the former head of the Financial Services Authority, as its new chairman. The company also increased its cash generation target for the year by £100m. Chief executive Clive Bannister told City A.M. that his new chairman would bring a “breadth of expertise” to the firm, which also announced [...]
Bonuses lost as more banks claw back pay August 23, 2012 INCREASING numbers of banks clawed back pay from executives who breached codes of conduct, failed to perform or made losses on transactions last year, according to new research from Mercer. And this year’s scandals could see pay reduced further. A total of 14 per cent of banks across North America, Europe, the Middle East and [...]
Diageo success spurred by new market growth August 23, 2012 DIAGEO, the drinks giant, yesterday reported an 11 per cent hike in full-year profits after its exposure to fast-growing markets in Africa, Asia and Latin America helped offset weaker sales in Europe. The maker of Johnnie Walker and Smirnoff Vodka said it made an operating profit of £3.2bn in the year to 30 June, while [...]
Aegis profits shoot up ahead of Dentsu sale but ad spending forecasts are cut August 23, 2012 ADVERTISING firm Aegis said new contracts including a lucrative deal with General Motors led to a 20 per cent rise in first-half profit, in what is likely to be the company’s last earnings report before it is sold to Japanese giant Dentsu. Chief executive Jerry Buhlmann said the results continued Aegis’s “considerable positive momentum” although [...]
Qantas scraps plane order as it posts an annual loss August 23, 2012 AUSTRALIAN airline Qantas has scrapped an order for 35 new Dreamliner planes as it fights to control costs following a A$244m (£160.9m) annual loss. Qantas yesterday posted its first loss since it was privatised 17 years ago, blaming an 18 per cent jump in fuel costs and strike action linked to its ongoing spending cuts. [...]
Emerging markets prove thirsty for spirits with a taste of luxury August 23, 2012 WITH results as strong as its premium scotch, Diageo more than met expectations yesterday, topping up its share price and buying a round of applause for its exposure to emerging markets growth. Profit before tax rose 32 per cent year on year. One of the interesting aspects is exactly what the emerging markets are buying. [...]
Chile thaws as Anglo agrees to sell Sur stake August 23, 2012 ANGLO American has defused its months-long fight with Chile’s state copper miner by agreeing to sell more than a quarter of its prized AA Sur assets. Chilean miner Codelco has dropped the threat of legal action after agreeing to take a 29.5 per cent holding in the site, which includes the lucrative Los Bronces mine. [...]
