Global firms accuse G20 of blocking world trade July 2, 2014 THE G20 nations are the worst for building new barriers to trade, hitting the world’s chance of economic recovery, the International Chambers of Commerce said yesterday. In a damning report, the ICC said 75 per cent of new barriers to trade erected since 2008 came from the Group of 20 countries, despite their pledges to [...]
Deflation fear for euro prices July 2, 2014 THE EUROZONE edged closer to deflation in May as producer prices fell 0.1 per cent on the year, official figures showed yesterday – the fourth consecutive monthly drop. The European Central Bank (ECB) is under pressure to print money to push prices up – the ECB’s target is to keep inflation close to two per cent. [...]
MPs demand probe into market manipulation July 2, 2014 Share traders routinely fiddle prices at the end of each day’s trading to boost bonuses and profits, influential MPs claimed yesterday, demanding a full probe from the City watchdog. The probe could set the scene for a scandal far larger than Libor manipulation, as stocks are held widely by the general public and in pension [...]
BNP Paribas share prise rises as bank pledges to retain shareholder payout July 1, 2014 BNP Paribas is keeping its payout to shareholders, despite its $8.97bn (£5.2bn) fine for breaking US sanctions against Iran, Cuba and Sudan. The giant French bank pledged to maintain its €1.50 per share dividend for 2014, pleasing investors – its share price shot up 3.6 per cent yesterday. However, its €51.33 share price is still well [...]
Silicon Roundabout guru Tim Luke back to Barclays’ investment bank July 1, 2014 Top technology analyst Tim Luke is heading back to Barclays this month, the bank announced last night, after three years as an adviser to Prime Minister David Cameron. Luke has been re-hired by the bank as managing director and vice-president of technology, media and telecomms (TMT) in New York. He worked at Lehman Brothers and [...]
Goldman Sachs fined for failing dark pool customers July 1, 2014 Goldman Sachs was yesterday fined $800,000 (£466,200) after investors using its dark pool trading platform received a deal on their transactions. Hundreds of thousands of trades over an eight-day period in 2011 were processed at a price which was not the best on offer, meaning customers lost out, the Financial Industry Regulatory Authority (FINRA) said. The [...]
Export English law, City told July 1, 2014 London will keep its place as the world’s top financial centre only if it worked with new hubs, the head of campaign group TheCityUK said yesterday. If the UK exported laws to centres such as Dubai and Shanghai, it could further its lead, Chris Cummings said. “Key for any aspiring financial centre is its approach to [...]
Banco Espirito Santo share price climbs back on short sell ban July 1, 2014 Troubled Portuguese bank Espirito Santo enjoyed a surprise turnaround in its share price yesterday, after the UK’s Financial Conduct Authority banned short selling of the stock in London. The British regulator’s action followed a similar move by the Portuguese regulator, the Securities Markets Commission (CMVM). Investors had fled the stock when Luxembourg announced a probe into three holding [...]
Bank of England sets its sights on landlords’ buy-to-let mortgages July 1, 2014 Buy-to-let mortgages could be the next financial product to face tough new limits, the Bank of England revealed yesterday, as the restrictions announced last week only cover owner-occupier loans. A housing boom and bust could hit landlords just as it would any other home owner, risking a serious blow to banks and the financial system. [...]
Watchdog: New banks have not helped SMEs yet July 1, 2014 THE FLOOD of new banks into the market has not yet reduced the big banks’ dominance in the small- and medium-sized enterprise (SME) market, Chris Woolard from the Financial Conduct Authority (FCA) said yesterday. The regulators could create a nursery for new banks to help them deal with rules on risk and capital, the director of risk and [...]