Beware fintech’s pivot to China April 12, 2016 Ever since former Barclays chief executive Antony Jenkins declared an ”Uber moment” for banks, the powers that be from the Square Mile to Canary Wharf have rushed to defend themselves against a herd of ambitious fintech unicorns. But if recent collaborations between financial titans and spritely startups are anything to go by, it appears the [...]
Brent crude and WTI: Oil prices jump back ahead of crucial meeting of producers April 11, 2016 Oil prices shook off early losses today to gain around two per cent, ahead of Sunday's crunch meeting between the world's major producers. Prices had earlier dipped on doubts that a production freeze from some of the countries taking part in the talks in Doha will be enough to balance markets. Brent crude, the global benchmark, fell [...]
Goldman Sachs agrees to pay $5bn to settle mortgage claims April 11, 2016 Goldman Sachs has agreed to pay $5.06bn (£3.6bn) to settle claims that it mis-sold mortgage backed securities in the run-up to the financial crisis. The settlement with the US Justice Department relates to residential mortgage backed securities (RMBS) sponsored or underwritten by the US investment bank between 2005 and 2007. Goldman Sachs has agreed to [...]
Libor trial: Barclays trader thought compliance team knew of rate setting emails, court hears April 11, 2016 One of the former Barclays traders standing trial over conspiracy to manipulate the US dollar Libor rate says he thought the bank's compliance department had access to emails between traders and rate setters, a court heard today. Defence lawyers for Stylianos Contogoulas told the court: "These messages were not transmitted with a nod and a wink." The Serious Fraud Office (SFO) has alleged that [...]
Libor scandal: Witnesses to be called this week in trial of five ex-Barclays employees accused of conspiring to rig Libor April 10, 2016 The first witnesses are due to testify this week in the trial of five ex-Barclays bankers who are accused of working together to rig Libor. Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, along with one of Barclays' former Libor submitters Jonathan Mathew, have been charged with conspiracy to defraud on [...]
Barclays seems confused after news that the bank’s execs are trying to boost morale April 10, 2016 Barclays is denying claims that the bank's senior staff want employees to boost morale with a friendship survey. The statement comes after a report this weekend that bankers at the firm will be asked to take part in a survey in the coming weeks which asks staff who their best friend at the firm is. According [...]
Tesco full-year results: Three things you need to know April 10, 2016 Tesco may just have a shock in store for shareholders and the rest of the City – and for once, it's a good one. Call it a belated Easter gift. The struggling supermarket is about to report a surprise turnaround in sales after Dave Lewis's crack of the whip over the past several months. Belt tightening [...]
Libor scandal: Former Barclays banker did not benefit from changing the Libor rate and was only doing as he was told, court told April 8, 2016 One of the five former Barclays bank employees standing trial for manipulating Libor interest rates only did what he was told to by his boss and received no financial reward, a court heard today. Junior banker at Barclays' Jonathan Mathew, who joined at the age of 19 after achieving three A-levels, did not stand to gain from the profit made by [...]
Tullow Oil share price slides as it confirms damage to Ghana field April 8, 2016 Tullow Oil will suffer reduced oil output due to a damaged ship at its Jubilee field in Ghana, however the company assured it won't have a "material impact" on revenue. The FTSE 250-listed oil explorer expects production to restart in two weeks, but under revised conditions. And it'll still take time to ramp up, Tullow added. The company will re-issue [...]
Antofagasta names replacement to outgoing chief executive April 8, 2016 London-listed copper miner Antofagasta has appointed an insider to replace outgoing chief executive Diego Hernández who is retiring with immediate effect. Iván Arriagada, who has been head of the FTSE 100-listed company's minerals division since last February, was widely tipped to be Hernández 's successor. Read more: Antofagasta's revenue falls on copper price rout He'd previously worked for a string of commodity titans, including BHP [...]