RBS suspends traders during foreign exchange investigation October 31, 2013 ROYAL Bank of Scotland (RBS) has suspended two traders in conjunction with an investigation into the potential manipulation of foreign exchange rates. A global probe by US, UK and Swiss regulators is looking into whether banks colluded to set rates. London-based executives at three other major banks have been put on leave, according to reports. [...]
Best of the Brokers for 01 November 2013 October 31, 2013 NOKIA UBS keeps its neutral rating on the telecoms group and hikes its target price from €4.60 to €5.40. The broker is upbeat about Nokia’s margin progress but thinks it will take time to grow revenues from licencing. FERREXPO Cantor Fitzgerald reiterates a buy stance for Swiss iron-ore producer but has cut its target from [...]
Look at the profits not Jenkins’ rhetoric October 30, 2013 ANTONY Jenkins says Barclays’ latest results show the benefits of its diversity as a group. But that’s what you’d expect a chief executive to say who was brought in to buff up the bank’s post-Libor reputation. The investment bank remains Barclays’ single biggest source of profits: 57 per cent of the group’s profit before tax [...]
Barclays faces foreign exchange fixing probe October 30, 2013 BARCLAYS yesterday joined the list of banks dragged into an international investigation into alleged efforts to manipulate foreign exchange benchmarks. The probe was revealed as the bank posted a fall in profits, driven by poor trading revenue and the costs of its streamlining plans. Underlying profits fell 26 per cent on the year to £1.39bn [...]
City Moves for 31 October 2013 | Who’s switching jobs October 30, 2013 European Wealth The wealth management business has announced the hire of Martin O’Grady as an associate director in its investment management division. He was most recently at Barclays, where he was a member of its UK and Ireland high net worth team. PwC The professional services firm has made two appointments to its energy and low [...]
Best of the Brokers for 31 October 2013 October 30, 2013 RIGHTMOVE Canaccord Genuity has raised its price target on the online real estate portal to £30 and maintained its buy recommendation. The analysts said that they expect UK estate agents to reinvest a large proportion of their additional revenue in marketing spend, via sites such as Rightmove. TULLOW OIL Investec has upgraded oil and gas [...]
London Report: FTSE ekes out gains ahead of Fed’s decision October 30, 2013 BRITAIN’S top shares edged to a new five-month high yesterday, boosted by good earnings from the likes of Next but suffering in later trade from profit taking ahead of the US Federal Reserve policy decision. Britain’s second-biggest clothing retailer rose 4.7 per cent after it raised its 2013 profit guidance and third-quarter sales came in [...]
Barclays profit up as bank says it’s cooperating over Euribor October 30, 2013 Barclays has reported pretax profit of £2.851bn in the nine months to 30 September, up from £962m for the same period last year. The figure, says the bank, reflects a reduced own credit charge of £125m, from £4.019bn last year. (Release) But the lender did see adjusted profit before tax fall 20 per cent to [...]
What the other papers say this morning – 30 October 2013 October 29, 2013 FINANCIAL TIMES Whitehall slow to pay suppliers Ministers are breaching their own rules on paying government suppliers, according to figures seen by the Financial Times. EU rules say departments must pay firms that have supplied them within 30 days. The Ministry of Defence has had to pay £21,000 in the last year because of late [...]
Shop Direct is back in black as it moves online October 29, 2013 SHOP Direct said plans to haul itself into the digital age and shift away from its roots as a traditional catalogue business were paying off as the group posted its first pre-tax profit in 10 years. The online and catalogue retailer, which owns brands such as Very.co.uk, Littlewoods.com and isme.com, said yesterday it had swung [...]