Banks fined for euro and yen rate fixing December 4, 2013 TRADERS from eight global banks colluded from 2005 to 2010 to attempt to alter euro and yen derivatives rates, the European Commission said yesterday, fining them a total of €1.7bn (£1.4bn). Deutsche Bank led the field with fines totalling €725.4m, followed by Societe Generale on €455.9m and RBS at €391m. JP Morgan was hit with [...]
Inside Track: It’s about time the City’s watchdog got its act together December 4, 2013 WERE British banks engaged in a corrupt pact to bankrupt struggling business customers? The evidence from dossiers compiled by the businessmen Lawrence Tomlinson and Neil Mitchell is superficially shocking, although as yet inconclusive. Anecdotal evidence that Royal Bank of Scotland’s global restructuring group has nudged clients into administration when alternative outcomes were achievable have circulated [...]
Regulator slaps record €1.7bn of fines on Euribor banks December 4, 2013 The European Commission (EC) has confirmed that it's fined eight global banks a total of €1.7bn (£1.4bn) for the rigging of interest rate benchmarks. The penalty is the biggest yet to be imposed on banks. The Commission said that traders at the banks: "discussed their bank's submissions for the calculation of the Euro Interbank Offered [...]
Europe hands out hefty fines to global banks December 3, 2013 THE EUROPEAN Commission is set to impose heavy fines on a number of global banks including Citigroup, Deutsche Bank and RBS later this morning, over allegations that they rigged key interest rate benchmarks. The fines could break European antitrust enforcement records and run to several hundred million euros each, based on the level of involvement [...]
Building’s brisk growth driven by new houses December 3, 2013 BRITISH builders are recovering rapidly as the economy begins to turnaround, recording the fastest expansion in business for over six years in November. The latest purchasing managers’ index (PMI) from Markit and the Chartered Institute of Purchasing and Supply hit its highest level since August 2007. On its own, residential construction surged at the quickest [...]
Barclays’ institutional investors say no-no to cocos mixed into fixed income indices December 3, 2013 BARCLAYS is considering creating a new index for contingent convertible (coco) bonds in a push to attract more investors into the new asset class and ensure demand for the securities becomes well established. However, investors are thought to be less happy with a previous plan to add cocos to existing bond indices. The bank is [...]
City Moves for 03 December 2013 | Who’s switching jobs December 2, 2013 Holley Holland The consultancy has appointed Alex Cameron as a principal consultant. He has over 25 years’ experience in financial services, qualified as a solicitor at Allen & Overy, and has worked with the Bank of England, Barclays Capital and Barclays Business Banking. Altius Associates The private equity advisory firm has appointed Rhonda Ryan as [...]
Best of the Brokers for 03 December 2013 December 2, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com THOMAS COOK UBS has cut the travel firm from buy to neutral but raised its target from 180p to 200p. The broker said Thomas Cook had a strong year following cost reductions, which will be ramped up in coming years to give investors a [...]
London Report: Miners and Tesco drag on the FTSE December 2, 2013 WEAK miners dented top UK shares yesterday, tracking copper prices lower as traders bet on more falls for the broader market, while Tesco dropped on analyst downgrades ahead of a trading update this week. Miners shed two per cent, hit by a lower copper price as concerns over swelling supplies overshadowed improved manufacturing data from [...]
A data-driven Fed could well taper in December December 2, 2013 But whenever the QE wind-down begins, a dramatic pull-back for equities will not necessarily follow In a data-heavy week for the US, investors will scrutinise consumer sentiment, revised GDP figures, and the crucial non-farm payroll report on Friday for signs that the Federal Reserve could judge the US economy ready for the start of tapering [...]