Tucker suffers interview woes July 9, 2012 PARLIAMENT witnessed the job interview from hell yesterday. We’ll call the most hellish aspect Tucker’s Dilemma, named after the deputy governor of the Bank of England who was considered a shoe-in for the top job on Threadneedle Street before being dragged into the Libor scandal. The dilemma was simple: to stay in the running for [...]
Labour cries victory as outcome clears Balls of backing rate scam July 9, 2012 ASTOUNDED MPs expressed shock last night at Paul Tucker’s evidence, struggling to accept the Bank of England deputy governor’s claims that Libor manipulation is not a problem for the Bank to deal with. Meanwhile Labour politicians claimed vindication, arguing Tucker has cleared ex-ministers of any wrongdoing. Tucker repeatedly stressed that no pressure was put on [...]
Focus back on Barclays as Agius faces committee’s questioning July 9, 2012 MARCUS Agius, the chairman of Barclays, will today face questioning from MPs over his knowledge of the extent of the Libor scandal, following the appearance of former chief executive Bob Diamond and yesterday’s questioning of the deputy governor of the Bank of England, Paul Tucker. Agius, who stepped down as chairman last week but remains [...]
Samsung wins Apple battle by not being cool July 9, 2012 SAMSUNG Electronics defeated Apple in the latest spat in the rivals’ patent wars yesterday as a British judge ruled Samsung’s Galaxy tablets did not infringe the U.S company’s designs for the iPad because they were “not as cool”. In the High Court judgment Judge Colin Birss said that Samsung’s Galaxy tablets belonged to the same [...]
Lenders pay to lend to Germany as Spain back above key barrier July 9, 2012 SPANISH bond yields broke through the psychologically significant seven per cent barrier yesterday, on renewed doubts surrounding the Euro crisis. Ten-year yields rose nine basis points to 7.07 per cent, while in Italy yields rose eight basis points to 6.11 per cent. Analysts put the incline down to fears that EU politicians would fail to [...]
US and Chinese firms could flee City if EU rules are not changed July 9, 2012 THE CITY could take a major hit if planned EU derivatives rules are forced through, an influential House of Lords committee warned today, as international investors could be driven out of the UK and EU. The markets in financial instruments directive (Mifid 2) “could lock third country firms out of the EU markets, which would [...]
OLIGARCHS TRADE BLOWS IN COURT BATTLE July 9, 2012 A RIVAL oligarch has accused billionaire Oleg Deripaska of “telling lies on a grand scale” to sidestep a 2001 contract over a stake in RUSAL, the world’s top aluminium producer, the High Court heard yesterday at the start of a multi-billion-dollar legal battle. Businessman Michael Cherney accuses Deripaska of “re-writing history” to erase their partnership, [...]
JJB Sports fails to score as Euro 2012 sales drag July 9, 2012 SPORTSWEAR RETAILER JJB blamed poor summer weather and disappointing sales of football shirts during the European Championship for a profit warning yesterday, which sent shares tumbling more than 24 per cent. The company warned “sales have fallen materially short of expectations”, after consumer demand for replica football kit during Euro 2012 “did not materialise to [...]
Consumers cool on buying replica kit July 9, 2012 YOU can buy plenty of all-weather gear from the JJB Sports website, but that didn’t help the retailer’s performance in May and June, which yesterday it partly put down to the dismal summer weather. With its shares falling off a cliff on the news, down almost 25 per cent over the day, markets clearly aren’t [...]
Boeing wins Air Lease order July 9, 2012 US planemaker Boeing landed the first blow at the Farnborough Airshow yesterday, winning an order worth up to $7.2bn from US lessor Air Lease, as a market share battle with its European rival Airbus plays out. The order is for 75 of its fuel-efficient 737 Max jets.
