SFO bags top judge on staff July 11, 2012 A SENIOR former judge has been hired among a handful of noteworthy new recruits at the Serious Fraud Office (SFO) as the fraught watchdog attempts to reverse its recent fortunes. His Honour Judge Geoffrey Rivlin QC has signed on for a two-year role advising David Green QC, the FSO’s new director, for an annual salary [...]
Traders remain unconvinced by Fed’s QE3 talk July 11, 2012 SENIOR officials at the US Federal Reserve considered voting for more quantitative easing (QE3) last month, its minutes revealed last night, yet investors across the pond remained unimpressed. Despite a number of the Federal Open Market Committee (FOMC) appearing to lean towards expansion of its balance sheet, stocks in New York fell while the dollar [...]
Europe’s banks hit regulatory capital targets July 11, 2012 ALMOST every bank which was dangerously undercapitalised in February has now met regulatory targets, the European Banking Authority (EBA) revealed yesterday. Five months ago the EBA warned that 31 banks required €76bn (£60bn) between them to meet the nine per cent core tier one capital target. The updates from June show an aggregate increase of [...]
HSBC braces for $1bn US penalty July 11, 2012 BANKING giant HSBC plans to “acknowledge and apologise” for failing to spot and deal with money laundering within the bank during a US Senate panel hearing next week, according to an internal memo sent by its chief executive. “It is right that we are held accountable and that we take responsibility for fixing what went [...]
Barclays’ Del Missier to face MPs alongside regulators July 11, 2012 FORMER Barclays operations chief Jerry del Missier will appear in front of the Treasury select committee on Monday afternoon, it was announced yesterday. He quit the firm last Monday after just 11 days in the job, having taken responsibility for his role in the Libor-fixing scandal that saw his long-term colleague Bob Diamond also resign [...]
ICAP reassures over impact of Libor scandal July 11, 2012 INTERDEALER broker ICAP will bring its cost-cutting programme forward in a bid to shore up its profits, the firm said yesterday. In an attempt to placate shareholders ICAP said it will aim to cut £50m of annual costs by March 2013, rather than March 2014 as previously announced. Around a hundred staff have already left [...]
Growth slowing at Burberry July 11, 2012 SHARES IN BURBERRY fell more than seven per cent yesterday after the luxury fashion group blamed a tougher economic environment and a shift in US wholesale distribution for a slowdown in first quarter sales. The 156-year-old British brand, best known for its signature check designs, said revenue rose 11 per cent to £408m in the [...]
ANALYST VIEWS | SHOULD THE SLOWDOWN IN BURBERRY’S SALES BE A CAUSE FOR CONCERN? July 11, 2012 BETHANY HOCKING INVESTEC Burberry is flagging a “more challenging external environment” and we expect the shares to suffer due to this comment and the small miss. We note, however, that full year guidance appears unchanged and the first quarter is Burberry’s smallest quarter. This year is also against the toughest comparatives (comparatives progressively weaken through [...]
Thorntons treated to rise in quarterly sales July 11, 2012 THORNTONS reported a rise in fourth quarter sales yesterday as it cashed in on demand for all-things British with its “Best of British” range of London bus and Union Jack-themed chocolates. The confectionary retailer, which is cutting 180 stores to save costs, said total sales for the three months to the end of June were [...]
Anna Ford to step down from Sainsbury’s board July 11, 2012 Former BBC newsreader Anna Ford is to step down as a non-executive director at Sainsbury’s after six years in the role, the supermarket said at its annual general meeting yesterday. Ford joined Sainsbury’s in 2006 and headed the retailer’s corporate social responsibility committee. She will step down in December.
