GSK makes £580m investment in India November 26, 2012 British pharmaceutical firm GSK is to raise its investment in India by buying $940m (£586m) of shares in its local venture – thanks to the success of Horlicks. The decision is a vote of confidence in the enormous emerging market and signifies a move away from GSK’s traditional prescription drugs market. The company said it plans [...]
UBS fined £30m over Adoboli fraud November 26, 2012 SWISS bank UBS has been fined almost £30m by the Financial Services Authority (FSA) after admitting to serious failures relating to its handling of the Kweku Adoboli fraud case. The regulator fined the company £29.7m for serious weaknesses in its internal controls that should have stopped the rogue trader from running up unauthorised losses of [...]
PPI fines to hit £16bn November 25, 2012 TOTAL PPI compensation payouts are likely to hit £16bn, according to new estimates out today, providing a £10bn boost to consumer spending but crippling shareholders and hitting banks’ ability to lend to firms and individuals. The PPI payouts are reaching such a scale that they are being described as a bank windfall tax in all [...]
Changing face of the City as workforce diversifies November 25, 2012 THE CITY is far more diverse than the UK as a whole, with proportionally far more ethnic minorities and non-British workers than the general population, research released today reveals. A report from recruitment firm Astbury Marsden finds that just seven in 10 financial services workers in the Square Mile and Canary Wharf are white, compared [...]
Britain is a country of extremes: We either love or we hate November 25, 2012 A FEW years ago, Britain was ridiculously complacent, blind to everything that was going wrong in the economy, determined not to notice the irrational exuberance, the monetary pump-priming, the fiscal profligacy, the epidemic of stupid decisions and the deliberate malfeasance. We were a nation in the grip of an insane bubble yet anaesthetised by cheap [...]
Johnson warns against in-out EU referendum November 25, 2012 BORIS Johnson yesterday changed his mind about his previous support for an “in-out” referendum on Britain’s EU membership, saying the country’s arrangements with Brussels should not “boil down to such a simple question”. His comments to the BBC come as the debate about changing the UK’s relationship with Brussels is heating up.
Insurance group reassures flood talks ongoing November 25, 2012 THE Association of British Insurers (ABI) last night insisted that talks with the government to secure affordable flood insurance for thousands of homes were still ongoing as the rain continued to wreak havoc across the UK. City A.M. reported last week that the recent government reshuffle had delayed talks to replace the current subsidy deal, [...]
What the other papers say this morning November 25, 2012 FINANCIAL TIMES Microsoft in talks over Europe stores Microsoft is exploring the possibility of extending its showcase stores strategy to Europe as it bolsters the number of devices and appliances on its software platforms. Jenkins urged to axe Barclays unit Some of Barclays’ biggest investors have urged Antony Jenkins, the bank’s new chief executive, to [...]
Asmussen against write-down November 25, 2012 A write-down on Greek debt should not be part of the country’s next rescue package, European Central Bank board member Joerg Asmussen told Germany’s Bild newspaper ahead of today’s Eurozone group meeting. “We need a package of measures to close the financial gap that will include a substantial reduction of the interest rates and a [...]
Apple adds products to lawsuit November 25, 2012 Apple has asked a federal court to add six more products to its patent infringement lawsuit against Samsung Electronics, including the Samsung Galaxy Note II, in the latest move in an ongoing legal war between the two companies. The case is one of two patent infringement lawsuits pending in the US District Court in San [...]
