“I’m too frail to carry on” – pope resignation shocks the world February 11, 2013 POPE Benedict XVI announced yesterday he will step down as head of the Catholic Church at the end of this month, becoming the first pontiff to abdicate from the role since the 15th century. The 85-year-old Pope told his cardinals that he no longer had the mental or physical strength to fulfil his papal duties, [...]
RBS: we did not gain from Libor fixing February 11, 2013 RBS did not make any money from its traders’ attempts to fix key interbank interest rates, the investment bank’s incoming boss claimed yesterday, meaning the bank took a £390m fine for wrongdoing that was not even beneficial at the time. It came as outgoing head John Hourican, the only senior executive to leave over the [...]
Horse row no laughing matter – but NHS scandal even worse February 11, 2013 IF you agree to sell something, it is your responsibility to ensure that the product or service you deliver is exactly the one you and your customer agreed to. That applies to financial products just as much as to food. That is why I disagree with those who believe that the horse meat “contamination” row [...]
Money laundering check to slow down Cyprus cash February 11, 2013 CYPRIOT anks will face independent money-laundering investigations before getting hold of any Eurozone bailout funds, the Eurogroup of finance ministers said yesterday. “We agreed that an independent assessment conducted by a private sector firm is required,” aid Jeroen Dijsselbloem, at his first meeting heading up the Eurogroup, after taking over from Jean-Claude Juncker. Cypriot leaders [...]
What the other papers say this morning February 11, 2013 FINANCIAL TIMES EDF seeks state backing on site EDF Energy has asked the Treasury to guarantee some of the costs of the new nuclear reactors it will build in the UK, in a move likely to spark controversy for a government that has pledged not to provide public subsidies for the industry. The French company’s [...]
EU banks could face faster rise in cash buffer February 11, 2013 EU BANKS may have to implement new liquidity rules a year earlier than expected as European lawmakers try to push forward the proposals, it emerged yesterday. Regulators last month decided to delay the liquidity coverage ratio (LCR), phasing it in gradually from 2015 to 2019 on the basis that a cut off date of 2015 [...]
Nasdaq could not agree sale with Carlyle February 11, 2013 NASDAQ OMX Group recently talked with private equity firm Carlyle Group about taking the trans-Atlantic exchange operator private, but the talks broke down because of price disagreements, according to people familiar with the matter. Carlyle initiated the discussions around three weeks ago and was in early stages of due diligence when differences emerged, ending talks. [...]
RBS bosses say sorry for the Libor scandal February 11, 2013 RBS bosses yesterday apologised for the Libor fixing scandal, saying sorry for failing to spot the crisis and for being too slow to rectify the problem once it had been identified. Chief Stephen Hester told MPs and peers he is pushing through major changes at the bank, refocusing every business unit around customer service while [...]
Goldman Sachs names Lemkau M&A co-chief February 11, 2013 GOLDMAN Sachs has promoted Gregg Lemkau to jointly head its global mergers and acquisitions (M&A) team and Gilberto Pozzi to lead its M&A coverage in Europe, the Middle East and Africa (EMEA). Lemkau, head of M&A for EMEA and Asia Pacific, will work with Gene Sykes who has been sole head of the division since [...]
Watchdog will probe accounts for Autonomy February 11, 2013 THE ACCOUNTING watchdog has opened a probe into former FTSE 100 software firm Autonomy’s accounts for the years leading up to its controversial takeover by Hewlett-Packard. The Financial Reporting Council said yesterday it will look at Autonomy’s reporting between 1 January 2009 and 30 June 2011, shortly before the $11.1bn (£7bn) offer from HP was [...]
