RBS set for a miserable day as FSA readies Libor fine February 5, 2013 TAXPAYER backed Royal Bank of Scotland is expected to be hit with a fine of around £390m by the City watchdog and US regulators today over its role in the Libor rigging scandal, piling further political pressure on the bank. RBS, which is 82 per cent owned by the state, is to announce a settlement [...]
Crest Nicholson flotation gets a firm following February 5, 2013 FINANCIAL advisers for the housebuilder Crest Nicholson have managed to attract sufficient demand for the upcoming IPO a week ahead of schedule. The demand for the offer has been achieved despite the nervousness in the financial markets on Monday and despite the paucity of new issues in the London markets over the past couple of [...]
Barclays hikes misselling bill again to £3.5bn February 5, 2013 BARCLAYS has set aside another £1bn to compensate misselling victims as the bill for PPI and interest rate swaps scandals grows ever larger, the bank revealed yesterday. It has allocated another £600m to the PPI redress pot taking its total so far to £2.6bn. And it has almost doubled its interest rate swaps provision, setting [...]
Jenkins shreds Diamond legacy as he defends his own PPI past February 5, 2013 NEW Barclays chief Antony Jenkins yesterday told MPs and peers he has the “iron will” needed to force through cultural reforms at the bank, and that his dedication to good behaviour saw him challenge former boss Bob Diamond on the problem a year ago. He said that the bank’s bonus pool will be “adjusted substantially [...]
Banks that stand to gain from pair of blockbuster tech deals February 5, 2013 BANKS working on Dell and Virgin Media’s multi-billion dollar deals are set for welcome advisory fees after a dearth of M&A activity in recent years, although one name in particular was conspicuous by its absence yesterday. Morgan Stanley had been a long-time adviser to Dell, having worked on many of the PC manufacturers biggest deals, [...]
Goldsmiths’ Hall is minted for the annual Trial of the Pyx February 5, 2013 THE TRIAL of the Pyx is (yet another) ancient ceremony that takes place in the Square Mile. Yesterday 17 jurors and 19 Royal Mint staff congregated at the Hall of the Worshipful Company of Goldsmiths in order to check that the coins produced at the Royal Mint were the right weight, size and metallic composition. [...]
Investing is a lot easier with the right platform February 5, 2013 IT IS important for investors to pick solid investments that perform well over time. Equally important, however, is how you choose to buy, manage and monitor them. Many online platforms have sprung up that can help you with the process. They allow you to buy and hold different assets – like shares, bonds and funds [...]
ARM tops FTSE 100 February 5, 2013 The leading share index shrugged off its losses yesterday to jump 0.5 per cent in early deals, helped by strong corporate earnings updates. Chip maker ARM Holdings topped the FTSE 100 leader board in early deals, rising almost 4.5 per cent. This morning it posted a better-than-expected 16 per cent rise in fourth-quarter pre-tax profit. [...]
Barclays ups mis-selling provisions by £1bn February 5, 2013 Barclays said this morning it had increased its mis-selling provisions by £1bn to cover possible interest rate hedging products (IRHP) and payment protection insurance (PPI) claims. Following a pilot review, the bank has upped its provision for IRHP mis-selling claims by £400m. It has put a total of £850m aside so far for IRHP mis-selling, [...]
Osborne’s bank plan set to hurt City and economy February 4, 2013 THREATENING to split up all banks if the ringfence does not work will hurt the economy and hit the value of the bailed-out banks, analysts and lawyers claimed yesterday, attacking George Osborne’s plan for the sector. Individual banks could be broken up if the authorities fear they are trying to get around the partial separation [...]