No more heads to roll at UBS for key rate fiddling December 19, 2012 UBS chief executive Sergio Ermotti yesterday led the charge to rehabilitate the bank’s image, insisting major changes have already been made to make sure Libor fiddling can never happen again. The fine comes after a series of blows shaking up the bank, from rogue trader Kweku Adoboli losing £1.4bn to the bank deciding to wind [...]
Banking shares rise on FTSE 100 as UBS fined $1.5bn December 19, 2012 The blue chip index moved towards nine-month highs this morning, as optimism of a US budget deal boosted the FTSE 100. Financial shares were in the spotlight, as Swiss bank UBS agreed a $1.5bn (£940m) fine for manipulating the Libor benchmark. The redress was in line with expectations, and UBS shares were trading around 0.3 [...]
UBS hit with £940m fine for Libor-rigging December 19, 2012 Swiss bank UBS has been hit with a CHF1.4bn (£943m) fine to resolve Libor rigging allegations. The penalty agreed with US, UK and Swiss regulators is more than three times the $450m (£277m) fine levied on Barclays in June, also for rigging the Libor benchmark rate used to price financial contracts around the globe. UBS [...]
What the other papers say this morning December 18, 2012 FINANCIAL TIMES Greek bet pays off for hedge fund One of the world’s most prominent hedge funds is sitting on a $500m (£308m) profit after making a bet that Greece would not be forced to leave the Eurozone, bucking the trend in a difficult year for the industry. Third Point, headed by the billionaire US [...]
No rebound from finance cuts, says S&P December 18, 2012 INVESTMENT banks will not bounce back from the deep cuts in staff and the closure of some operating units, credit ratings agency Standard and Poor’s warned yesterday, arguing tough new regulations are forcing a permanent strict cap on costs. Banks typically cut back staff in lean years and increase hiring when times improve. But this [...]
US fiscal cliff hopes lift FTSE 100 December 18, 2012 The markets were cheered this morning – the headline share index rose 0.25 per cent in early deals – on signs of progress in negotiations to avoid the imminent fiscal cliff in the US. Investors reacted positively to Obama’s counter-offer for Republicans yesterday, which included a major change in position on tax hikes for the [...]
Ritz accused of paying no corporation tax in 17 years December 17, 2012 The Ritz hotel has not paid corporation tax since 1995 thanks to its use of legal loopholes, according to last night’s episode of the BBC’s Panorama programme. The landmark building is owned by an offshore trust set up by the Monaco-based Barclay brothers, who yesterday said they do not have any direct involvement in the [...]
Aggreko fails to light up FTSE 100 December 17, 2012 Temporary power solutions provider Aggreko weighed heavily on the blue chip index in early trading, sinking more than 17 per cent. This morning it warned of a slowdown in 2013, following a strong current year of trading. Paul Jones, analyst at Panmure Gordon, said this morning that 2013 has “stronger headwinds than expected, and previous [...]
City Moves | Who’s switching jobs December 16, 2012 Ashcourt Rowan Emily Morris has been appointed group head of marketing at the wealth management company. She has held a number of senior marketing roles in similar firms, and was marketing director at Rathbone Brothers for six years. Morris has additionally worked for Barclays Wealth. Peverel Group The property services group has appointed Nigel Howell [...]
FTSE 100 creeps up on improved Chinese data December 14, 2012 The leading share index was broadly flat in early deals, edging up slightly after improved manufacturing data from China raised hopes for the global economy. Of the blue chips, Bunzl and Johnson Matthey added 1.13 per cent and one per cent respectively this morning, while miner Xstrata topped the leader board, increasing 1.15 per cent. [...]