UBS facing new Hong Kong rate fiddling probe December 20, 2012 SWISS bank UBS is now facing an investigation from the authorities in Hong Kong, just a day after it settled major interest rate-fixing charges with regulators in the UK and the US. The bank was fined £940m this week, after regulators found evidence that key interbank interest rates were being fixed by the bank’s staff, [...]
Who’s who on Andrew Tyrie’s committee December 20, 2012 THE Parliamentary Commission on Banking Standards (PCBS) was established in the wake of the Libor scandal earlier this year and has already proved controversial with today’s report. The commission is looking into ways in which standards in the banking industry can be raised. It will probe the industry more broadly than an earlier commission led [...]
Weir centres on US shale gas in Mathena deal December 20, 2012 ENGINEER Weir Group yesterday strengthened its position in the US shale gas sector as it acquired Mathena for up to $385m (£236m). Oklahoma-based Mathena, which manufactures pressure control rental equipment including hydraulic chokes used in fracking, marks a key move for Weir to broaden its operations in the US shale gas drilling market. FTSE 100-listed [...]
A small investment in the future of cheap and plentiful energy December 20, 2012 WITH too much hot air from people who aren’t risking their own money in the UK debate over shale oil and gas, it is interesting to be reminded by Weir’s acquisition of Mathena yesterday of just how impressive the shale energy story has been in the United States, where Mathena is headquartered. Earlier this month, [...]
Revenues up at Grant Thornton December 20, 2012 ACCOUNTANCY group Grant Thornton yesterday posted a 10.4 per cent rise in global revenues, fuelled by international expansion and growth at home. The fifth-biggest accountancy firm said revenues in the year to the end of September totalled $4.2bn. It said its UK practice grew 13 per cent, while Asia Pacific revenues ballooned 33 per cent [...]
Will Hill snaps up Sportingbet December 20, 2012 WILLIAM HILL and GVC Holdings have agreed a £485m takeover of online bookie Sportingbet, after weeks of negotiations. The deal, announced yesterday, will see William Hill pay £454m in cash for Sportingbet’s lucrative Australian and Spanish operations. GVC will mop up the rest of Sportingbet’s less desirable operations, making a share contribution to the deal. [...]
Pace misses out on Motorola TV box unit after Google sells out December 20, 2012 BRITISH set-top box manufacturer Pace has missed out on a deal to buy Motorola Home, the TV box maker owned by Google. Google yesterday announced it had sold Motorola Home – which came as part of its $12.5bn (£7.7bn) purchase of Motorola this year – in a $2.35bn deal that will see the unit go [...]
Seven bidders face off for 4G mobile auction December 20, 2012 SEVEN firms are bidding in an auction of the UK’s 4G airwaves that will allow them to run significantly faster mobile internet services while boosting the government’s coffers. Ofcom yesterday announced the participants for January’s auction. The UK’s four mobile operators – EE, O2, Vodafone and Three – are expected to grab the lion’s share [...]
Ericsson takes huge writedown on venture to cap woeful year December 20, 2012 ERICSSON, the Swedish telecoms giant, yesterday took an 8bn Swedish krona (£754m) writedown over its ST-Ericsson joint venture, in a bid to limit exposure to it after partner STMicroelectronics decided to pull out. ST-Ericsson, which makes chips and other components for mobile phone manufacturers, has suffered since it came into being in 2009, partly down [...]
Government to legalise CD copying December 20, 2012 CD and DVD owners will be able to copy content onto computers and music players legally for the first time under new proposals. Business minister Vince Cable said “bringing the law into line with ordinary people’s reasonable expectations will boost respect for copyright”. The rules apply as long as copying is for personal use.
