Adoboli trial enters final stage as judge warns against biases November 12, 2012 THE judge in the trial of alleged UBS rogue trader Kweku Adoboli told the jury yesterday not to let their views about the banking industry influence their judgment, as the long running trial enters its final stage. Adoboli, 32, has been blamed for a loss of $2.3bn (£1.4bn) at the Swiss bank in September 2011. [...]
FSA and Ofgem probe natural gas markets November 12, 2012 THE FINANCIAL Services Authority and energy watchdog Ofgem are investigating claims that the wholesale natural gas market has been manipulated. Energy secretary Ed Davey said he is “extremely concerned about these allegations” and has been working closely with the regulators since the gas contract trades were flagged to his department last week. A whistleblower from [...]
US to become biggest global producer of oil November 12, 2012 THE US will lead a sweeping transformation in oil and gas production and will overtake Saudi Arabia and Russia as the world’s top oil producer before 2020, the International Energy Agency (IEA) said yesterday. Its World Energy Outlook said that the US, which currently imports around 20 per cent of its total energy needs, would [...]
Lawyers’ pay slows as services firms join banks in City slump November 12, 2012 LAWYERS and accountants have seen pay slip behind that of the rest of the workforce through the financial crisis, according to data out yesterday from Randstad Financial and Professional. Pay in law rose by 8.1 per cent while accountancy earnings increased 7.5 per cent – well below the 11.4 per cent UK average and illustrating [...]
Vickers says Bank reforms were too tough November 12, 2012 SIR JOHN Vickers yesterday acknowledged his widely welcomed banking reforms were too heavy handed, hurting banks unnecessarily in some areas, including on capital levels. And he praised the government’s tweaks to his proposals, despite initial fears from the Labour opposition that the coalition has watered down the reforms excessively. Sir John led the Independent Commission [...]
Spain’s Banco Popular sees its shares rise after capital increase November 12, 2012 BANCO Popular shares rose yesterday after Spain’s sixth biggest bank secured a €2.5bn (£2bn) capital increase, averting the need to seek state aid. At a special meeting in Madrid on Saturday, large shareholders backed the plan, seen as a key test of Spanish banks’ ability to tap markets. Shares rose around five per cent yesterday [...]
Cameron heaps praise on City’s contribution to the UK economy November 12, 2012 DAVID Cameron cheered the central role the City plays in the UK economy, in a wide-ranging speech to the Lord Mayor’s banquet last night. The Prime Minister highlighted the huge contribution the City makes through taxes, trade and employment – though he lamented “utterly terrible mistakes” made and promised to crack down on law-breaking, boost [...]
Greeks may get extra time to hit deficit goals November 12, 2012 EUROZONE leaders will grant Greece’s government the extra couple of years it requested to reach its deficit targets, a key document proposed last night. Yet ongoing disagreements over the next tranche of Greek bailout cash caused crunch meetings to spill into the rest of this week. Greece’s parliament voted through an austerity budget for 2013 [...]
Merkel showers Portugal with praise for austerity November 12, 2012 ANGELA Merkel yesterday sang her praises for Portugal’s resilience in tackling the debt crisis that required a €78bn (£62bn) bailout. Speaking during a six-hour visit to Lisbon, the German Chancellor hailed the country’s commitment to austerity and pledged solidarity. Despite the praise, Merkel was greeted by hundreds of protestors who blamed cuts for worsening economic [...]
Italy accuses S&P and Fitch November 12, 2012 ITALIAN prosecutors are seeking trial for seven current and former employees at rating agencies Standard & Poor’s and Fitch over downgrades of Italy, paving the way for the first European court case over sovereign rating cuts. Prosecutors in the southern town of Trani, launching a case which bigger Italian courts have refused to back, probed [...]
