Britain’s economy: a case of lies, damn lies and statistics July 18, 2012 THERE is something strange going on in the UK economy – or at least with the official statistics that we all have to rely on. The economy is shrinking – and yet employment and total hours worked are rising. Such a combination is possible, of course, but it implies a slump in productivity. The total [...]
Knight Capital could sue over Facebook loss July 18, 2012 THE TRAIL of losses and lawsuits stemming from Facebook’s botched float in May got longer yesterday, as one of the market-makers on the initial public offering said it was considering legal action to recoup its losses. Knight Capital, one of four market-makers on the £10bn float, revealed its plans after its quarterly earnings plunged 81 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 18, 2012 FINANCIAL TIMES Four banks targeted in Euribor probe Regulators are focusing on at least four of Europe’s biggest banks as they investigate the attempted manipulation of the region’s benchmark interest rate, suspecting the Barclays traders were the ringleaders of a circle that included Credit Agricole, HSBC, Deutsche Bank and Societe Generale. Evidence of links between [...]
MF Global UK asset return begins July 18, 2012 MF Global UK will return roughly £54m of client assets after its distribution plan was accepted by the High Court yesterday. The return of client assets will begin on 1 August, but it’s worth noting that there are still over £1bn of alleged outstanding claims, which this approval goes only a tiny way towards. Still, Richard [...]
eBay does roaring trade in Europe July 18, 2012 Online marketplace eBay last night reported a 23 per cent leap in quarterly revenues to $3.4bn (£2.2bn), topping forecasts and blowing away fears that tepid consumer sentiment in Europe would damage the firm’s sales. Profits climbed 16 per cent to $730m and eBay boasted of “strong growth” in Europe and Asia Pacific. Paypal, the firm’s [...]
Border workers set to strike July 18, 2012 Workers that man Britain’s borders have threatened to strike during the Olympics – on the same day London’s bus drivers accepted a bonus deal to avoid walkouts during the Games. The Public and Commercial Services union said yesterday its members have voted to strike over pay and job cuts at the Border Agency, and will [...]
Investors slam Resolution in damning report July 18, 2012 RESOLUTION chief executive Clive Cowdery has lost friends in the City and current shareholders may be reluctant to back him in new ventures, according to views canvassed by Deutsche Bank, one of the banks most respected in the insurance sector. The feedback is part of a presentation to senior members of the insurance group earlier [...]
King calls fellow central bank chiefs for summit over Libor July 18, 2012 BANK of England governor Sir Mervyn King has written to other central bankers from around the world to propose talks over how to reform, or even scrap, the now controversial Libor lending rate. King suggested that the issue should be top of the agenda at the Economic Consultative Committee meeting in the Swiss town of Basle [...]
IBM raises its profit forecast July 18, 2012 IBM has raised its profit forecast for the year for the second time in three months, despite falling revenues in the second quarter. The firm fell short of Wall Street’s predictions with quarterly revenues of $25.8bn, down three per cent on a year ago due to a $1bn currency hit. But the computing giant last [...]
BOMB KILLS TOP SYRIAN GOVERNMENT STAFF July 18, 2012 A BOMB blast in Damascus killed key staff in Syrian President Bashar Al-Assad’s regime yesterday, including his defence minister Dawoud Rajiha (pictured) and his brother-in-law Assef Shawkat, as a 16-month-old popular uprising took a fresh violent turn. The UN Security Council is today due to vote on the West’s latest efforts to halt the bloodshed.
