How have the bank‘s top brass been hit? August 15, 2012 Nobody at the top of Standard Chartered has resigned over the Iranian sanction-breaching charges – a stark contrast with the outcome of Barclays’ LIBOR scandal. Peter Sands initially responded slowly to last week’s allegations. The chief executive was on holiday and taken by surprise. But since then he has impressed analysts and investors by flying [...]
Seven lenders subpoenaed in Libor probe August 15, 2012 SEVEN banks have been subpoenaed by US authorities as part of an investigation into possible manipulation of the Libor interest rate, it was revealed last night. JP Morgan Chase, Deutsche Bank and Barclays will have to face questions from a joint probe by New York and Connecticut investigators after receiving subpoenas in recent weeks. Britain’s [...]
Dawson’s chair blames pension as calls in KPMG August 15, 2012 DAWSON International’s chairman blasted the UK’s emergency pension fund and the pension regulator yesterday as the Scottish cashmere firm called in administrators. David Bolton told City A.M. that the pension protection fund (PPF) was “not fit for purpose” after it rejected Dawson’s offer for a rescue package. The company has been unable to maintain its [...]
Employment surges yet again confounding gloomy GDP data August 15, 2012 EMPLOYMENT shot up in the three months to June, highlighting the juxtaposition between labour market and GDP data, according to Office for National Statistics (ONS) figures released yesterday. Some 201,000 more people had jobs in the second quarter than in the first, while 46,000 fewer were unemployed, the data showed. London led the pack, accounting [...]
Minutes from Bank’s meeting suggest further QE is likely August 15, 2012 THE UK economy is suffering a drubbing across the board, said the Bank of England in its latest economic survey yesterday, raising the prospect of more monetary intervention, despite the Bank’s “wait and see” attitude revealed by minutes also released yesterday. Construction decline worsened, manufacturing export growth slowed, investment intentions were reined in, and labour [...]
Solid quarter sees Cisco hike dividend 75pc August 15, 2012 CISCO Systems last night offered little hope that dire economic conditions in Europe would come to an end any time soon but pleased investors with a 75 per cent dividend hike as the company posted quarterly results that beat estimates. The world’s largest network equipment maker had spooked investors three months ago, when chief executive [...]
News Corp opens official review into anti-corruption practices August 15, 2012 RUPERT Murdoch’s News Corporation has opened a review into anti-corruption practices at operations including its UK newspapers, the media mogul announced yesterday. In an internal email, Murdoch said the purpose of the review was to “test our current internal controls and identify ways in which we can enhance them” but that the probe “is not [...]
JJB hit as Dick’s writes off £20m August 15, 2012 SHARES IN JJB Sports dived by almost a quarter yesterday after a major US investor wrote off an investment it made in the struggling sporting goods retailer just five months ago. Dick’s Sporting Goods which came to JJB’s rescue in April with a £20m investment, disclosed a pre-tax impairment charge of $32.4m in its second-quarter [...]
May opposes relaxing Chinese visa rules August 15, 2012 THE home secretary is opposing plans by her cabinet colleagues to make it easier for Chinese tourists to get visas amid fears it will lead to a rise in organised crime, according to a leaked letter. In the letter, Theresa May said that relaxing checks on Chinese visitors would pose a threat to national security [...]
Duke of Edinburgh back in hospital August 15, 2012 THE DUKE of Edinburgh has been taken to hospital as a “precautionary measure” after a recurrence of a bladder infection, Buckingham Palace said yesterday. Prince Philip, who is 91, was driven by ambulance to Aberdeen Royal Infirmary while staying at Balmoral with the Queen, a spokesperson said.
