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 [...]
Rabobank fined £662m over Libor scandal as boss quits October 29, 2013 Dutch Rabobank said today that it has agreed to pay around €774m (£662.77m) in fines, including £105m to the Financial Conduct Authority (FCA), for Libor-related misconduct. The announcement comes with the news that Piet Moerland, the bank's chair, has resigned with immediate effect. The fines, imposed by various Dutch, UK and US authorities, follow the [...]
Banks too scared to be honest with regulators October 28, 2013 BANKS are wary of being honest with the authorities for fear of immediate reprisals, Barclays’ chairman said yesterday, warning that relationships between lenders and supervisors have broken down dangerously. Sir David Walker said “trust and respect” is needed in the relationships, and that bankers “need to be able to trust what [they] say to regulators [...]
City Moves for 28 October 2013 | Who’s switching jobs October 27, 2013 Barclays The bank has announced the hire of Geoff Parry as UK head of global corporates in its trade finance team. He joins from National Australia Bank, where he was head of trade finance for south east Asia. Prior to that, he held senior roles at Standard Chartered and NatWest. PwC The professional services firm [...]