FTSE flat as Tullow Oil sinks December 11, 2012 The blue chip index was broadly flat in early trading this morning, as explorer Tullow Oil, which this morning said it was to acquire a Norwegian exploration company and dispose of its North Sea operations, dropped almost five per cent. Miners ENRC and Kazakhmys dropped 2.64 per cent and 1.86 per cent respectively on the [...]
More banks set to be dragged into EU’s rate rigging scandal December 10, 2012 THE European Union is expected soon to accuse several banks of attempted collusion in the setting of lending rate benchmark Euribor, the Wall Street Journal reported, citing people briefed on the probe. Barclays has already acknowledged trying to rig the Euribor rate, and other banks are likely to be pressed by regulators in the United [...]
Bubbles and bankruptcy at the British Museum December 10, 2012 THE LATEST offering from the money team at the British Museum, Bubbles and Bankruptcy, is a exhibitional journey through financial crises in Britain since the first stock bubbles of 1700 to the fiscal woes of present. The exhibition aims to “explore the fertile history of satire and protest about financial crises, represented by historic prints, [...]
AIG to sell lease firm to Chinese group at a loss December 10, 2012 AMERICAN International Group will sell nearly all of aircraft leasing business ILFC to a Chinese consortium for up to $4.8bn (£2.9bn), in a deal that gives the fastest growing aviation market easier and cheaper access to planes. But the sale is at a far cheaper price than AIG sought and will lead to a substantial [...]
Fears that new rules may push banks out of US December 9, 2012 EUROPEAN banks fear incoming US capital requirements could drive their costs up to unsustainable levels and force them to leave the country, industry sources said yesterday. New proposals on capital and leverage limits for foreign banks are likely to be unveiled at the end of this week. Federal Reserve governor Daniel Tarullo last month warned [...]
UK employment figures likely to show a rise in claimants last month December 9, 2012 UK employment figures are this week predicted to remain steady, in line with the weak economic background. “We forecast the October unemployment rate unchanged at 7.8 per cent and the November claimant count to increase by 6,400,” said Blerina Uruci from Barclays. Investors will this week be looking to America, where the Federal Reserve is [...]
Why you shouldn’t put off saving for your retirement December 9, 2012 AT A time when people are failing to save enough for their retirement, George Osborne’s move – announced in last week’s Autumn Statement – to reduce the tax relief on pensions is unwelcome. The chancellor cut the annual tax relief for wealthy earners from £50,000 to £40,000, and reduced the lifetime allowance from £1.5m to [...]
Barclays unveils final plan to combine African banking units December 6, 2012 BARCLAYS yesterday announced African bank Absa is taking over its banking operations in the continent, while the British bank is increasing its majority shareholding in Absa. The consolidation is worth 18.33bn rand (£1.3bn) in shares and increases Barclays’ stake in the bank from 55.5 per cent to 62.3 per cent. The combined firm will be [...]
Former FSA boss Sants mulls bank move December 6, 2012 HECTOR Sants may head up Barclays’ regulation and compliance operations, it emerged yesterday, as another major firm vies to win the former Financial Services Authority chief executive’s services. Professional services firm Deloitte is also thought to want to hire Sants.
UK becomes second-largest EU car market December 6, 2012 BRITAIN is now the second-biggest car market in the EU, according to industry figures released yesterday. UK new car registrations rose 11.3 per cent year-on-year to 149,191 units in November, thanks to increased demand from private purchasers. Total car sales are now on track to top 2m in 2012, according to the Society of Motor [...]