Former BlackRock manager handed a 12-month sentence for insider dealing December 21, 2016 An ex-BlackRock fund manager has today been sentenced to 12 months after pleading guilty to two counts of insider dealing in November. Mark Lyttleton, aged 45 and a former equity portfolio manager for BlackRock Investment Management (UK), was claimed to have used information he obtained from his job to purchase shares shortly before public announcements were made. [...]
RBS and Barclays among cartels of banks fined by Swiss watchdog for rate rigging December 21, 2016 The Swiss Competition Commission (Comco) has today fined a group of international banks 99m Swiss francs (£78m) over their involvement in four separate cartels, including some aimed at manipulating Libor. The largest element of the fine went to a group of four banks which Comco claims acted in a cartel to fix Euribor for various lengths of time [...]
Italian parliament approves €20bn bailout plan for banks, as Monte dei Paschi’s shares tank on liquidity warnings December 21, 2016 Italy's parliament has today signed off a government proposal for a potential €20bn (£16.8bn) bailout for the country's banks, according to various reports. Italy's banking sector has found itself in hot water in recent years, burdened by billions of euros in non-performing loans. First in line for a cash boost is likely to be the country's oldest [...]
Government must be careful to consider all sectors of business in the Brexit deal, warns CBI December 21, 2016 Government must take care not to sacrifice some sectors for the sake of scoring a good Brexit deal for others, a report out today has warned. The Confederation of British Industry (CBI) study cautioned leaving any sector high and dry during the process of leaving the EU could have knock-on effects for other industries, given [...]
Ex-Deutsche Bank trader accused of manipulating markets by Russian central bank December 20, 2016 A former employee of Deutsche Bank's Russian division was accused today of manipulating markets to pocket himself and three of his relatives a profit of 255m rubles (£3.4m) over a two and a half year period. Russia's central bank claims Yuri Khilov, while acting on behalf of Deutsche's London branch, carried out 300bn rubles worth of trades [...]
Nigel Wilson would support more involvement of employees on boards December 20, 2016 Nigel Wilson, chief executive of Legal & General Group, today gave the thumbs up to workers getting more involved at company board level. When asked by the Business Committee whether there was anything to be frightened of about workers on boards, Wilson, who is also the chairman of Legal & General Investment Management (LGIM), answered "no". [...]
Flying high: 48-hour walkout by airport staff called off December 20, 2016 Strikes by airport staff which had been planned for 23 and 24 December have been called off. More than 1,500 workers at Swissport, including baggage handlers, cargo crew and check-in staff across 18 airports, had been due to start a 48-hour walkout on Friday in a row over pay. This has now been cancelled following successful [...]
Theresa May says Brexit talks will be done by March 2019, but there may be some transitional arrangements December 20, 2016 The Prime Minister has today been firm that she fully intends to polish off Brexit talks by March 2019, although there might be an implementation period that extends beyond the two year timetable. Speaking in front of the Liaison Committee, a parliamentary group formed of the chairs of the other committees, Theresa May made it clear it was her intention [...]
Italy wants €20bn for bank bailouts as Monte dei Paschi struggles December 20, 2016 The Italian government is seeking parliamentary approval to borrow €20bn (£16.8bn) in order to prop up the country's struggling banks. The first institution in line for a bailout is likely to be the beleaguered Monte dei Paschi, which must get rid of a book of bad loans and raise €5bn in capital by the end [...]
Government must not undermine £25.7bn legal sector in Brexit process, warns City lobby group December 20, 2016 Government must take care not to unwittingly damage the UK's legal sector, which was worth roughly £25.7bn to the economy in 2015, in the Brexit process, a report out today has warned. The study, produced by lobby group TheCityUK, called on government to make sure the legal sector would not only retain access to overseas talent [...]
