Barclays hit by $453m energy trading fines July 16, 2013 THE US authorities last night confirmed Barclays and four of its traders will have to pay fines totalling $453m (£299m) for allegedly manipulating the Californian energy markets. The bank, which has been fighting the claims, has been given 30 days to pay up by the Federal Energy Regulatory Commission (FERC). The regulator said the bank and [...]
MPs slam fraud squad over pay and expenses July 16, 2013 BRITAIN’S fraud-fighting agency was run in a manner that showed disregard for taxpayers’ money, damaging staff morale and undermining its standing, according to a report released today by MPs. The public accounts committee criticises Richard Alderman, the former director of the Serious Fraud Office (SFO), for his 2008 decision to hire Phillippa Williamson as chief [...]
Bottom Line: Goldman is back on top in London as well July 16, 2013 NOT everything was rosy for Goldman yesterday. Even as the bank revealed in its quarterly update that profits had more than doubled, its shares were falling in early trading as investors ran scared that the forecast-beating performance would be a one-off. What they’re most concerned about are capital rules, a question left hanging by Goldman [...]
Number of people saving for a retirement hits lowest level yet July 16, 2013 FEWER people are saving for retirement than at any time since records began, raising the spectre of a generation forced to work into their 70s. According to the Office for National Statistics (ONS), only 46 per cent of UK employees had a pension scheme in 2012, compared with more than 55 per cent a decade [...]
Barclays hires finance chief from JP Morgan July 16, 2013 BARCLAYS’ group finance director Chris Lucas will step down early next year, the bank announced yesterday, the final member of Bob Diamond’s top team to quit following last year’s Libor fixing scandal. He will be replaced by Tushar Morzaria, who is currently chief finance officer in corporate and investment banking at JP Morgan. Morzaria will [...]
Insurance giant Swinton fined £7.4m in mis-selling scandal July 16, 2013 MANCHESTER-based insurance broker Swinton was yesterday fined £7.4m after being found guilty of ripping off hundreds of thousands of customers through the use of aggressive sales tactics. An investigation by the Financial Conduct Authority (FCA) found Swinton’s sales representatives would convince customers buying home or motor insurance to also buy add-on policies without making it clear [...]
India moves to stop rupee fall July 16, 2013 THE RUPEE strengthened yesterday after the Reserve Bank of India (RBI) took measures to halt a sharp drop in its currency. The RBI raised short-term borrowing costs, restricted funds available to banks and said it would sell 120bn rupees (£1.32bn) in bonds, effectively draining cash from the market. The rupee strengthened to 59.32 per dollar last [...]
Kate Bostock to quit Asos after seven months July 16, 2013 KATE Bostock, the former head of clothing at Marks and Spencer, has quit her new employer Asos after just seven months at the online retailer. In a surprise statement yesterday, Bostock, who was executive director for product and trading, said she had concluded that “Asos isn’t the right place for me”. Nick Robertson, the founder [...]
Yahoo second-quarter profit slips but beats expectations July 16, 2013 YAHOO’S second-quarter net revenue was down slightly at $1.071bn (£706.5m), it said last night, as the internet company posted adjusted profit that was ahead of Wall Street targets. Shares of Yahoo, which have gained about 70 per cent since chief executive Marissa Mayer took the helm a year ago, fell 1.68 per cent to close [...]
Pirate football site blocked July 16, 2013 THE PREMIER League vowed to clamp down hard on pirate streaming of its games this season as it yesterday gained a blocking order on First Row Sports, one of the biggest illegal live football-streaming sites in the UK. Yesterday’s judgment represented the first time a sporting body has sought an order blocking a site that [...]
