FTSE edges up as Barclays chief quits July 3, 2012 The FTSE 100 edged up in early trading to continue two sessions of strong gains fuelled by hopes that the Eurozone could avert collapse. Significantly Barclays edged up slightly after chief executive Bob Diamond quit with immediate effect over the Libor rate-rigging scandal. Britain’s third-largest bank also accepted the resignation of chairman Marcus Agius on [...]
UK construction slumps July 3, 2012 British construction activity fell at its fastest pace in two-and-a-half years in June as underlying business conditions worsened and an extra public holiday hit output, a survey showed. The gloomy data will make grim reading for the government and Bank of England who are facing increasing calls to act and boost growth in an economy [...]
BlackRock to buy Swiss Re private equity business July 3, 2012 US investment management firm BlackRock is buying Swiss Re’s European private equity and infrastructure fund of funds franchise, it said. BlackRock said the terms of the all-cash deal, which also includes a strategic alternative investments deal with the world’s second-biggest reinsurer, were not being disclosed and it expected the deal to be completed by the [...]
Persimmon says new strategy paying off July 3, 2012 British housebuilder Persimmon said it had made an excellent start to its new strategic plan by completing more new homes, attracting more viewers and selling them for a higher fee, giving it confidence for the full year. Britain’s largest householder by market value followed other property developers by saying that market conditions had been relatively [...]
Diamond quits over rate fixing scandal July 3, 2012 Barclays chief executive Bob Diamond quit with immediate effect on Tuesday over an interest rate-rigging scandal, becoming the highest-profile victim so far in a probe that spans a dozen major banks across the world. Britain’s third-largest bank said that outgoing chairman Marcus Agius – who himself announced his departure a day earlier – would lead [...]
BANKS GO UNDER THE MICROSCOPE July 2, 2012 DAVID Cameron yesterday announced two wide-ranging inquiries into the banking system, pledging to probe the “culture and standards of the industry and bring those responsible for fixing the Libor interest rate to justice”. “The British people want to see bankers who acted improperly punished,” Cameron told the House of Commons. The news came soon after [...]
Fears for US economy as orders drop July 2, 2012 US manufacturing output fell for the first time in three years, industry data showed yesterday, raising fears that Europe’s recession is hitting American’s economic recovery. The Institute for Supply Management’s purchasing managers’ index (PMI) collapsed to 49.7 in June from 53.5 in May, its lowest score since 2009. The drop in the new orders index [...]
Fitch: Banking union may fail without big changes July 2, 2012 EUROZONE plans for a union-wide banking union need major improvements if they are to work effectively, or even succeed in being implemented at all, credit ratings agency Fitch warned yesterday. Political leaders want to create a single banking supervisor, probably under the European Central Bank (ECB), with the aim of breaking the damaging link between [...]
We should prosecute criminals, not set up endless inquiries July 2, 2012 WE should be grateful for small mercies: yesterday’s announcements from the government concerning the banking crisis were half good. It is excellent news that the authorities have become more serious in their determination to prosecute wrong-doing criminally. Fines are not enough; we need to see tough jail sentences for those who break the rules and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 2, 2012 FINANCIAL TIMES Heatwave threatens US harvest An intense heatwave is threatening havoc with this year’s US grain harvest, burning up hopes of blockbuster yields and sending prices soaring. Even a modest reduction in crops could send ripples through global food commodities markets, as the US is the world’s top exporter of corn, soyabeans and wheat, [...]
