Lloyd’s swings back to profit September 26, 2012 Insurer Lloyd’s of London today posted profits of £1.53bn for the six months to 30 June, after a quiet six months that saw no major natural disasters. The results mark a return to profit from the second most expensive year on record for the insurance industry last year, when Lloyd’s lost £697m after paying out [...]
Banks give up Libor control September 25, 2012 KEY interbank lending rate Libor will no longer be run by the British Bankers’ Association (BBA), the industry body announced yesterday, with regulators set to take control in the wake of the rate-fixing scandal. Libor – which banks use as a benchmark interest rate and indicates whether lending conditions are good or bad – has [...]
Tony Hayward’s Genel keeps close eye on Rothschild’s Bumi September 25, 2012 FINANCIER Nat Rothschild’s very public rows with Indonesia’s Bakrie family have been discussed with the other founders of his second publicly-listed stock market vehicle, Genel Energy, City A.M. has learned. According to sources close to the Genel Energy board, former BP chief executive Tony Hayward, who is spearheading the management team with Julian Metherell, was [...]
S&P slashes its forecasts for Eurozone September 25, 2012 THE EUROZONE’S economy will fail to grow until 2014, according to revised estimates published by credit rating agency Standard & Poor’s yesterday. The S&P report said that the crisis-hit single currency area will suffer a 0.8 per cent economic contraction this year, followed by stagnation in 2013. Only in 2014 will the debt-burdened Eurozone begin [...]
Wheatley signals an asset manager fee clampdown September 25, 2012 MARTIN Wheatley, managing director of the Financial Services Authority, yesterday fired a warning shot across the bows of the asset management industry by indicating active management charges will face increased scrutiny when new regulators take power next year. Wheatley, set to lead FSA replacement the Financial Conduct Authority when it launches in the first quarter [...]
Fiscal crisis continues to threaten our struggling economy September 25, 2012 IT is hard to disagree with Standard & Poor’s that the Eurozone is likely to see zero growth until 2014. The situation is worsening again, especially in Spain, where the budget crisis is intensifying amid separationist tensions, and in Greece, which could soon be demoted to being an emerging market again by the FTSE. None [...]
What the other papers say this morning September 25, 2012 FINANCIAL TIMES Total warns against Arctic oil drilling Total SA says energy companies should not drill for crude in Arctic waters, marking the first time an oil major has publicly spoken out against offshore oil exploration in the region. Christophe de Margerie, the oil giant’s chief executive, said the risk of an oil spill in [...]
Executive pay reforms set to get go-ahead September 25, 2012 LEGISLATION to hand shareholders binding votes on executive pay is set to get the go-ahead as the government today closes its consultation on proposed regulations for remuneration reports. This was the last chance for outside interests to have their say before the rules are debated in the House of Commons on 16 October as part [...]
UBS trader knew of secret account September 25, 2012 Disgraced UBS trader Kweku Adoboli told a close colleague about a secret account he used to hide unauthorised deals, nine months before he was arrested, Southwark Crown Court heard yesterday. Giving evidence, John Hughes said he felt “stupid” for not reporting Adoboli at the time, a decision that cost Hughes his job. Adoboli is pleading [...]
Lehman pays another $10.5bn September 25, 2012 Lehman Brothers said yesterday it will pay about $10.5bn (£6.5bn) to its creditors from early next month, the second tranche of the bank’s $65bn payout stemming from its 2008 collapse. Lehman will distribute the money to affiliates and subsidiaries, as well as to third-party creditors, according to a filing in Manhattan bankruptcy court. The total [...]
