Ex-UBS leader blames rapid expansion for Libor-rigging January 10, 2013 UBS’s Libor-rigging culture grew in part because the Swiss bank became too big and complex for managers to keep track of behaviour properly, former bosses told MPs and peers yesterday. Former group chief executive Marcel Rohner said he now realises they hired new staff who were motivated by money rather than by serving clients. “Some [...]
Gilt yields dive to record lows on RPI decision January 10, 2013 INFLATION-LINKED gilt yields plunged to record lows after markets were surprised by the UK statistician’s decision not to change how the retail price index (RPI) is calculated. RPI-linked gilts maturing in 2040 plummeted to yields of minus 0.05 per cent, before rising to close to zero, having stood at just above 0.22 per cent before the [...]
Support grows for Rothschild takeover plan January 10, 2013 STAR fund manager John Duffield has joined the growing ranks of Bumi shareholders backing Nat Rothschild’s bid to take control of the company. Duffield, who founded Jupiter Fund Management before setting up defunct investment house New Star Asset Management, is understood to have thrown his weight behind Rothschild’s plan to overhaul the mining company’s board, [...]
EU tries to force Google change January 10, 2013 SEARCH engine giant Google faces sanctions from Brussels unless it changes the way it presents its search results in Europe. The European Union’s competition chief Joaquin Almunia last night said that he believed Google was diverting web traffic – giving unfair promotion to its own web services. “The strong position they have in the general [...]
AmEx to slash 5,400 jobs as income sinks January 10, 2013 CREDIT card company American Express yesterday announced plans to slash around 5,400 jobs, and take about $594m (£367m) in after-tax charges in the fourth quarter, which will halve its net income for the period. The New York based business said it would employ four to six per cent fewer people by the end of 2013, [...]
Why Tesco’s cracking results took the Christmas crown January 10, 2013 HOW to find a clear winner in the Christmas battle of the supermarkets? Not from the headline figures, it seems, after straightforward data releases from Sainsbury and Tesco descended into a furore over the small print. Tesco reported like-for-like sales growth of 1.8 per cent over Christmas. Sainsbury reported like-for-like growth of 0.9 per cent. [...]
Amazon offers CD downloads January 10, 2013 AMAZON has upped its battle with Apple’s iTunes by offering free music downloads to customers that buy CDs on the website. The service, called AutoRip, will cover tracks on CDs bought directly from Amazon, including purchases dating back 15 years. Amazon has aimed to step up its digital entertainment offering in recent months as its [...]
Apple says no cheap iPhone January 10, 2013 A SENIOR Apple executive has shot down suggestions that the company is looking to build a cheaper version of the iPhone, saying Apple would be unwilling to sacrifice its high profit margins to gain greater market share. “Despite the popularity of cheap smartphones [in China], this will never be the future of Apple’s products,” marketing [...]
Draghi goes on attack against austerity critics January 10, 2013 BALANCING governments’ books and reforming the Eurozone’s weakest economies are more vital than ever, European Central Bank boss Mario Draghi said yesterday. And by insisting the economic medicine is working, analysts believe Draghi has ruled out any further monetary easing. Hitting back at critics of austerity the ECB president said that citizens in countries like [...]
Wanted: more advisers to deliver a Royal Mail sale January 10, 2013 THE investment banks are on board and now the next stage ahead of the ultimate privatisation of the Royal Mail is about to be sorted; the appointment of a financial public relations team that will sell a deal to the City via the financial media. Various firms, including City heavyweight RLM Finsbury, are vying to [...]
