RBS confirms it has sacked staff over Libor affair August 3, 2012 State-controlled lender Royal Bank of Scotland confirmed today it had dismissed a number of employees for misconduct as a result of its investigations into the Libor interest rate rigging scandal and along with other banks is still under investigation by regulators. “The Libor situation is on our agenda and is a stark reminder of the [...]
Spain debt auction success despite ECB doubts August 2, 2012 Spain passed a key test on Thursday by easily selling €3.1bn (£1bn) of debt at yields well below recent peaks despite investor doubts that the European Central Bank will act to help struggling Eurozone economies at its meeting later in the day. Although the Treasury was forced to pay the second highest yield on its [...]
Delayed Saudi jet deal weighs on BAE profit August 2, 2012 BAE Systems said delays in completing a substantial deal with Saudi Arabia and lower spending by European and American military customers dented profit, in a sector facing further government defence cuts. Europe’s largest defence contractor, which will build Britain’s next generation of nuclear-armed submarines, on Thursday said earnings before interest, taxes and amortisation (Ebita) fell [...]
Inflation expectations unchanged in July – YouGov August 2, 2012 Britons’ inflation expectations for the year ahead were unchanged in July at 2.4 per cent, a monthly survey by polling company YouGov showed today. The poll – conducted on behalf of Citi – showed that inflation expectations for the next 5-10 years rose marginally to 3.3 per cent in July from 3.2 per cent in [...]
BSkyB cleared on pay-TV movie dominance August 2, 2012 Broadcaster BSkyB’s strong position in movies does not adversely affect Britain’s pay-TV retail market, a competition watchdog said this morning, pointing to increased choice with the arrival of new entrants Lovefilm and Netflix. “Sky Movies, which currently offers the first pay movies of all the big Hollywood studios, is not a sufficient driver of subscribers’ [...]
Ladbrokes to focus on digital strategy in H2 August 2, 2012 Britain’s second-biggest bookmaker Ladbrokes said on Thursday it would focus on its ailing digital business in the second half after profit from that division fell in the first six months of the year. Overall group operating profit rose 11 per cent to £106.9m in the first half, the bookmaker said. Growth in its British high [...]
BNP Paribas second-quarter net falls, hits capital goal early August 2, 2012 BNP Paribas, one of the Eurozone’s biggest banks, beat forecasts on Thursday with a smaller-than-expected earnings drop in the second quarter and stole a march on arch-rival Societe Generale by hitting capital targets early. Both BNP and SocGen have sold assets, slashed headcount and cut dividends to bolster their balance sheets and soothe investors after [...]
Rain boosts foreign bookings at Thomas Cook August 2, 2012 A sodden summer boosted foreign holiday bookings at tour operator Thomas Cook in the three months ended June, although acquisition-related costs and inflation drove it to an operating loss during the period. The 171-year-old travel group said on Thursday it made an underlying operating loss of £26.5m in its fiscal third quarter compared with a [...]
ING considers sale of UK, Canadian online banks August 2, 2012 Dutch bank and insurer ING, which has been forced to sell assets in return for receiving state aid during the financial crisis, said it is considering the sale of its online banking businesses in the UK and Canada. It did not give a value for either of the two online banking units but said they [...]
US raises pressure for Eurozone crisis action August 2, 2012 The US raised the pressure on Eurozone leaders to take decisive action on solving the region’s debt crisis, notably by lowering troubled members’ borrowing costs, on the eve of a crucial European Central Bank (ECB) meeting. President Barack Obama said he welcomed recent declarations by European leaders and the ECB on the need to do [...]
