What the other papers say this morning November 22, 2012 FINANCIAL TIMES State Street in pension fee probe UK regulators are investigating allegations that State Street overcharged Ireland’s state pension fund and several big UK corporate pension funds, including those of the Royal Mail and J Sainsbury, billing them for fees not included in their contracts, according to people familiar with the matter. Ireland’s national [...]
EU battle lines drawn over budget plans November 22, 2012 EUROPEAN Union negotiators are close to securing UK and German backing for a deal on nearly a trillion euros of spending over the next seven years, but concessions will be needed to win support from France, Poland and some southern states. European Council President Herman Van Rompuy, who is chairing the summit of EU leaders, [...]
Post Office puts out first results for 370 years November 22, 2012 THE Post Office has today published its first trading statement in its 370-year history following its split from the Royal Mail earlier this year. The government owned business, which is the largest retailer in the country, became an independent business for the first time in April after its historic divorce from Royal Mail. The company [...]
UBS set to face regulator fine of up to £50m for Adoboli loss November 22, 2012 REGULATORS are closing in on a deal to fine Swiss bank UBS millions of pounds over its $2.3bn (£1.4bn) trading loss, following the conclusion of the criminal trial against its former rogue trader Kweku Adoboli earlier this week. UK regulator the Financial Services Authority and its Swiss counterpart, the Swiss Financial Markets Authority (FINMA), are [...]
Household energy bills to jump by £75 as coalition secures deal November 22, 2012 PEOPLE’s energy bills will go up by £75 a year in a bid to increase investment into wind farms and other green energy projects, under a deal agreed between the Conservatives and Liberal Democrats after months of wrangling. The agreement, which paves the way for next week’s long awaited energy bill, will be unveiled by [...]
Bosses at Bank of England row over ringfence November 22, 2012 SENIOR BANK of England policymakers were at loggerheads in a parliamentary hearing yesterday, arguing over how the incoming banking ringfence should work and where it should be placed. Governor Sir Mervyn King, his deputy Paul Tucker – the frontrunner to take the top job next year – and director Andy Haldane revealed they disagree over [...]
RIM shares rally on fresh hopes November 22, 2012 BLACKBERRY maker Research in Motion (RIM) received a rare boost yesterday as renewed optimism over its next range of smartphones sent shares in the company up more than 16 per cent. The Canadian firm has seen its share price repeatedly battered by gloom over its potential to recover former glories in the face of competition [...]
Pirc: We raised Autonomy flag November 22, 2012 SHAREHOLDER advisory group Pirc “raised a number of red flags” over Hewlett-Packard (HP)’s $11bn (£6.9bn) purchase of Autonomy, it said yesterday. Pirc said it warned that Autonomy auditors Deloitte had done too much non-audit work to be independent. On Tuesday, HP accused former Autonomy bosses of inflating the software company’s accounts, and took an $8.8bn [...]
RSA hires Lloyds non-exec Scicluna as chair November 22, 2012 CITY veteran Martin Scicluna will step down from the board of Lloyds Banking Group to take up the chairmanship of insurer RSA, the firms confirmed yesterday. Scicluna will take up his new role at RSA on 1 January, and leave his non-executive post at Lloyds in March, following more than four years on the board. [...]
Rothschild lands £169m boost November 22, 2012 BUMI co-founder Nat Rothschild said yesterday he had raised $270m (£169m) to fund his counter proposal to take over the London-listed miner. Rothschild’s NR Investments has committed funds alongside other investors – understood to include Robert Friedland and Indonesian Hashim Djojohadikusumo – for a proposal to sever ties with Bumi Resources. “The independent board members [...]
