Rabobank next in line for Libor fiddling fines February 26, 2013 DUTCH lender Rabobank could be the next institution to be fined for manipulating key market interest rates, it emerged yesterday, making it the fourth to be hit by a major bill following the scandal. The Financial Services Authority (FSA) is believed to be investigating wrongdoing at the bank, alongside the US Commodity Futures Trading Commission [...]
FTSE falls back on uncertainty in Italian polls February 26, 2013 LONDON REPORT WEAK banks and commodity stocks sent Britain’s top shares to a more than two-week closing low yesterday after an inconclusive election result in Italy revived Eurozone debt crisis concerns. Europe’s most indebted state faced a political vacuum after a huge protest vote left no party or likely coalition with enough seats to form [...]
How an Isa could earn you a million February 26, 2013 The route to tax-free prosperity is simple AS THE end of another tax year approaches, there is still time for investors to shelter up to £11,280 from taxation. But with most experts predicting cash Isas will undershoot inflation, it is surprising that, although close to half of the UK’s adult population holds an Isa, very [...]
Italian deadlock weighs on FTSE February 26, 2013 The leading share index sank this morning as Italy voted for a hung parliament, which spooked stock markets. Italy faced political deadlock after a protest vote left no party or no likely coalition with enough seats to form a majority. In early trading, the FTSE 100 was down almost 1.3 per cent, with financial shares [...]
Carney calls for focus on values and capitalism to rebuild banks February 25, 2013 BANKS need an infusion of capitalism as well as a focus on core values to rebuild their image in the eyes of society, Mark Carney said yesterday evening. The perception banks were too big to fail – or seen as too big to fail by regulators and governments – has dealt a “fatal blow to [...]
Lazards is set to join Royal Mail advisers February 25, 2013 THE GOVERNMENT is in the process of appointing the independent investment bank Lazards to help advise it on the possible flotation or trade sale of the Royal Mail. Yesterday a spokesman for the Department for Business, Innovation and Skills said that Lazard was about to be appointed alongside UBS to give advice. Although the Royal [...]
City Moves for 26 February 2013 | Who’s switching jobs February 25, 2013 Co-operative Group The mutual business has announced the appointment of Rebecca Skitt as human resources director. Skitt has over 20 years’ experience, most recently as head of human resources in Barclays’ global retail and business banking division. She has also held senior roles at Unilever. Jones Day Karim Mahmud has joined the law firm as [...]
BBA gives green light to Libor handover February 25, 2013 THE British Bankers’ Association (BBA) has approved the handing over of running Libor rates to a new operator, after it was stripped of overseeing the benchmark last year. The City watchdog stripped the banking lobby group from governing the benchmark last September. An independent body will be selected by open tender, run by Sarah [...]
FTSE shrugs off downgrade February 25, 2013 THE blue chip index rose this morning – led by headline mining and banking shares – on signs that the US and Japan would continue loose monetary policy for some time. The FTSE 100 was up 0.7 per cent in early deals, as the market brushed off Moody’s downgrade of the UK’s AAA credit rating, [...]
Barclays plans to issue more bail-in bonds February 24, 2013 BARCLAYS is preparing to issue more contingent convertible bonds – co-cos – in the coming months to shore up its balance sheet and satisfy regulators that it is following their orders around bail-in bonds, it emerged over the weekend. The bank raised £2bn in a groundbreaking co-co issuance before Christmas, seeing strong demand for the [...]