Investors rally round Barclays’ boss July 30, 2013 INVESTORS and analysts hit out at regulators yesterday, accusing the Bank of England of making arbitrary and unreasonable demands on banks. Barclays had pleased investors in February with a plan to cut its least efficient units and get back on a sustainable footing with return on equity (RoE) above its cost of capital in [...]
What the other papers say this morning – 31 July 2013 July 30, 2013 FINANCIAL TIMES Biotech gives Wall St shot in the arm Biotechnology firms are raising money at the fastest rate since the dotcom boom, underscoring the renewed appetite for one of Wall Street’s riskiest bets. So far this year 22 companies have raised $1.7bn from initial public offerings, according to Dealogic. Law firms hire rogue private eyes [...]
Bottom Line: Antony Jenkins’ plans are being undermined for no good reason July 30, 2013 Antony Jenkins must wonder if it is really worth all the effort – despite everything he has done to rehabilitate Barclays’ image after last year’s disasters, the authorities have still found ways to keep investors worried. The chief took over after the former chairman, chief executive and chief operating officer all quit in the [...]
Bank to fight watchdog’s Qatari claims July 30, 2013 BARCLAYS yesterday vowed to fight the Financial Conduct Authority’s findings after the City watchdog investigated claims of wrongdoing in the bank’s 2008 fundraising round. The bank’s announcement comes as the Treasury is considering giving another £2m to the Serious Fraud Office to further investigate the case. The lender raised £5.3bn from the Middle Eastern [...]
BP oil spill costs soar further in second quarter July 30, 2013 OIL GIANT BP yesterday said it had set aside a further $1.4bn (£900m) for claims relating to the Gulf of Mexico disaster, bringing the firm close to draining the $20bn fund it has set aside for compensation costs. BP is appealing the claim payouts, arguing that terms of the compensation framework are being misinterpreted, resulting [...]
Majority of UK businesses want referendum on EU membership July 30, 2013 THE VAST majority of British businesses want an in/out vote on the UK’s membership of the EU, according to research released today. The British Chambers of Commerce (BCC) surveyed 4,000 firms and found 77 per cent are in favour of holding a vote on a new deal with Brussels. Most businesses said they ultimately want to remain within [...]
Bedroom tax legal challenge fails July 30, 2013 Campaigners yesterday failed in their attempt to have the government’s so-called bedroom tax ruled illegal, in a major victory for the coalition’s welfare reforms. The policy, which financially penalises social housing tenants with spare rooms, is designed to encourage people on benefits to downsize. But campaigners unsuccessfully argued that it breached the human rights of [...]
Calls for tighter whiplash rules July 30, 2013 The government should consider introducing a time limit on road accident claims in a bid to reduce the number of spurious whiplash claimants, according to a report out today from the transport select committee. Committee chair Louise Ellman also says claimants should “provide proof that they have either been seen by a doctor or attended [...]
MPs to grill Twitter execs on abuse July 30, 2013 The House of Commons culture committee is keen to summon executives from social network Twitter to talk about the number of threats towards female users of the site. Committee chairman John Whittingdale said “we would wish to explore with internet companies” what steps are being taken to identify those responsible for harassment. Two men have [...]
Santander’s profits soar despite weakness in Brazilian operation July 30, 2013 EARNINGS from Santander’s flagship Latin American businesses fell in the first half of the year as lending income from Brazil faltered, taking the shine off a turnaround in group profits. Santander’s Brazil operation posted a 17.5 per cent fall in net interest income – a measure of interest earned on loans minus what is paid [...]
