Barnier calls for Libor rigging to be criminalised July 9, 2012 Europe’s top regulatory official intends to propose new rules that would criminalise the manipulation of benchmarks such as Libor, a spokesman for the EU commissioner in charge of financial reform said on Monday. Michel Barnier wants to amend proposed market-abuse legislation that is designed to clamp down on insider trading and other wrongdoing to include [...]
FTSE pegged back by miners July 9, 2012 The FTSE 100 edged down in early trading today as disappointing jobs data out of the US on Friday continued to cast a shadow over global markets. The 80,000 increase in payrolls in June was slightly below market expectations for an increase of about 90,000 and was not enough to reduce the unemployment rate, which [...]
VW sales grow 13pc in June July 9, 2012 Volkswagen’s premium brand Audi continued to narrow the gap versus rival BMW in June, increasing sales by 13.1 per cent to 133,050 vehicles. For the first half, sales rose 12.3 per cent to 733,250 vehicles, powered by a 37.8 per cent gain in its China volumes. These amounted to 193,871 vehicles during the same period. [...]
JJB sales fall July 9, 2012 British sportswear retailer JJB Sports said sales fell significantly short of expectations for the crucial second quarter. The company also said Robert J. Corliss would replace Mike McTighe as chairman, effective 1 September. The European Football Championships in June did not boost sales of its football merchandise as it had expected, JJB Sports said. Like-for-like [...]
Michael Page profit slips July 9, 2012 Recruitment firm Michael Page International said it expected a challenging third quarter as economic uncertainty disrupted British and European markets, after posting a slip in second-quarter profit. The British firm, which places people in accounting, financial and legal jobs across 35 countries, said on Monday second-quarter gross profit was £138m, 6.6 per cent below what [...]
BMW to invest £250m in Mini in UK July 9, 2012 German carmaker BMW is to invest £250m by the end of 2015 expanding capacity at British manufacturing plants where it makes its Mini car. The world’s largest luxury carmaker said on Monday the funds would support its international growth strategy for the Mini, which will be expanded to include up to 10 different versions in [...]
SFO launches Libor investigation July 6, 2012 The Serious Fraud Office (SFO) has said that it has put in motion an investigation into the rigging of the Libor rate. An SFO spokesperson confirmed that a case team had been formed to probe the manipulation of the inter-bank lending rate. A statement said: “The SFO Director David Green QC has today decided formally [...]
US employment figures disappoint July 6, 2012 US June non-farm payrolls rose by 80,000 while the jobless rate unchanged at 8.2 per cent, official figures showed. US employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and further imperilling President Barack Obama’s chances of re-election in November. The Labour Department [...]
Clubs spending less on football transfers July 6, 2012 The number of international football transfers and their cost has plummeted over the past six months, according to data from governing body Fifa’s Transfer Matching System (TMS). There have been nine per cent fewer transfer deals completed, and their financial value has fallen by just over a third, it said. Over 11,500 international transfers were [...]
Peugeot delivery drip triggered by Eurozone woes July 6, 2012 Peugeot Citroen, the struggling French car maker preparing a new round of cuts likely to include a plant closure, said first-half deliveries tumbled 13 per cent as Europe’s austerity drive hit demand. Shares in Europe’s second-largest automaker fell on Friday after it reported global sales declined to 1.62m light vehicles in the first six months [...]
