Success and failure: The line is very fine August 12, 2012 THE road to success is not only long and winding, but it can also be rather rocky. There are always obstacles to trip you up along the way – and many are outside of your control. Consider the example of London businesses selling bicycles. When the Mayor of London launched his eponymous Boris bikes with [...]
FSA’s Wheatley says no deadline for commodities review August 10, 2012 Any reform of how benchmarks for oil, gold and other commodity prices are set would be handled at the global level, Britain’s Financial Services Authority (FSA) said today. FSA managing director Martin Wheatley has been tasked by the UK government to reform the interest rate Libor after Barclays was fined for rigging it. He published [...]
China trade data weighs on FTSE August 10, 2012 Britain’s top share index dipped this morning, weighed down by weakness in mining stocks and demand concerns following poor trade data from China. The FTSE 100 was down 0.1 per cent following weak trade figures and a nine-month low in crude oil imports which painted a picture of a slowing economy. Meanwhile, disappointing economic data [...]
FSA launches Libor rate overhaul August 10, 2012 Libor benchmark interest rates are no longer “fit for purpose” and must be changed or replaced, Britain’s regulator said today as he set out proposals to restore their credibility. The initial review by the Financial Services Authority (FSA) is the first concrete step to reforming Libor after a rigging scandal that has dragged in global [...]
72-year-old Walker set to chair Barclays August 9, 2012 BARCLAYS has chosen veteran Sir David Walker as its non-executive chairman, replacing Marcus Agius as it picks up the pieces from the Libor-rigging scandal. Sir David, 72, is a fixture in the British banking establishment, having led a 2009 government inquiry into banking regulation. He also spent part of his 50-year career at the Bank [...]
FSA proposes to reform or scrap Libor in review August 9, 2012 FSA managing director Martin Wheatley will today announce plans to reform or scrap the London interbank offered rate (Libor) in a bid to restore “credibility and trust” in the much maligned benchmark. Wheatley, who has been appointed to lead a review into the rate, will also announce plans to deliver policy proposals on other price [...]
Tourism to the UK tumbled in Jubilee month August 9, 2012 TOURISM to the UK dropped in June when compared to the same time last year, official figures revealed yesterday, while Brits made more trips abroad. Despite tourism to these shores being higher throughout 2012 so far, in June alone the number of visits fell to 2.6m. In June 2011 the figure had been 2.9m. Income [...]
Mining gains prop up FTSE August 9, 2012 Gains in heavyweight miners kept Britain’s main share index flat this morning, as solid results from Randgold Resources and expectations of fresh stimulus measures from China propped up the equity markets. The FTSE 100 was down 0.08 per cent, as Randgold rose 3.1 per cent after reporting a 10 per cent rise in second-quarter profit. [...]
CITY MOVES | WHO’S SWITCHING JOBS August 8, 2012 Utilyx The energy management specialist has appointed Jo Butlin as its managing director. She has an extensive career in the energy sector, including senior roles at Powergen, and she most recently worked as vice president, operations at SmartestEnergy. Bahrain Mumtalakat The investment arm of the Kingdom of Bahrain has appointed Tony Robinson as its new [...]
FTSE maintains its four-month high despite hit from ex-dividend stocks August 8, 2012 BRITAIN’S blue chip share index rose by just a few points yesterday, consolidating around a four-month peak as a slide in a batch of stocks trading without their dividend entitlements offset gains in banking and mining stocks. Fifteen blue chip stocks traded ex-dividend yesterday including heavyweights Royal Dutch Shell, BP, AstraZeneca, GlaxoSmithKline, and Barclays knocking [...]