Italian police seize Barclays documents in rates probe July 31, 2012 Police have seized documents at the Milan offices Barclays as part of an Italian probe into possible manipulation of Euribor lending rates, judicial sources and consumer groups said today. The search took place last Friday and was ordered by prosecutors in the southern city of Trani, the sources said. Barclays has been fined over $450 [...]
GKN profit rise driven by auto unit growth July 31, 2012 British car and plane parts maker GKN has said its first half profit rose a third, driven by solid growth at its automotive business on the back of robust luxury car sales. GKN, which makes auto components as well as airframes for Airbus and Boeing, this morning said its pre-tax profit rose 33 per cent [...]
Xstrata copper volumes down, but sees growth July 31, 2012 Miner Xstrata reported an 18 per cent drop in copper volumes in the first six months of 2012, as it replaces ageing operations and undertakes expansion that will boost production in the second half. Xstrata is in the throes of a merger with commodities trader Glencore, which made a $26bn (£16.57bn) takeover bid for the [...]
EDF to open up UK nuclear projects for partners July 31, 2012 French state-controlled utility EDF is considering looking for more partners for its nuclear projects in Britain to help it share costs and limit its debt burden, its chief financial officer said on Thursday. EDF, along with junior partner Centrica, plans to build four new 1,600-megawatt European pressurised water reactors as Britain looks to reform its [...]
UBS Q2 profit shrivels as trading revenue drops July 31, 2012 UBS said on Tuesday net profit shrank to 425m Swiss francs (£276.4m) from 1bn francs on sharply lower trading revenue and a drop in commissions and fees from clients. The Swiss bank was cautious in its outlook, saying it would continue to explore avenues to improve efficiency, without detailing further measures. The bank, which employed [...]
BP results show strain of Russia, US spill July 31, 2012 BP delivered the worst of a poor set of quarterly results among top oil companies today, slashing $5bn (£3.18bn) off the value of US assets and undershooting expectations with its operating result. The British oil company is struggling under the weight of litigation over the 2010 US Gulf oil spill and a row with its [...]
Weak rise in retail sales in July disappoints stores July 30, 2012 British retail sales rose in July more slowly than stores had expected, dented by unusually rainy weather, a survey by the Confederation of British Industry (CBI) has showed. The CBI distributive trades survey’s July sales balance fell to +11 from an 18-month high of +42 in June. Analysts had forecast a fall to +15. Economists [...]
HSBC sets aside $2bn for US investigation and mis-selling July 30, 2012 HSBC’s chief executive has apologised for the embarrassing mistakes made on anti-money laundering controls as the bank set aside $2bn (£1.27bn) to cover the cost of US investigations and compensate UK customers for mis-selling. Europe’s biggest bank reported a 3 per cent dip in underlying profit and said it had made a provision of $700m [...]
UK sets out terms for urgent Libor review July 30, 2012 Britain’s government set out on Monday terms for a fundamental revamp of a key interest rate rigged by a number of banks, including Barclays, saying urgent reform is required. The review will be conducted by Martin Wheatley, a top official at the Financial Services Authority regulator. It will look at how Libor is constructed, the [...]
Apple, Samsung patent trial set to kick off in US July 30, 2012 Jury selection is due to begin on Monday in the US in a high stakes patent battle between Apple and Samsung Electronics, the culmination of over a year of pre-trial jousting with billions of dollars in the balance. Apple and Samsung, the world’s largest consumer electronics corporations, are waging legal war around the world, accusing [...]
