FTSE underpinned by hope for ECB stimulus July 30, 2012 STRENGTH in risk-sensitive energy, miners and banking stocks propelled Britain’s top share index back up to touch the 5,700 level yesterday, fuelled by hopes central banks could launch fresh measures this week to stem the global economic slowdown. Recent comments from European policymakers vowing to take all steps to tackle the Eurozone sovereign debt crisis, [...]
THE TIPSTER | Thomas Cook hoping to book profits July 30, 2012 EMBATTLED shareholders in Thomas Cook will be hoping that the poor weather and the prospect of the London Olympics will have driven more people to book holidays in sunnier climes. The Arab Spring might have moved on from Tunisia and Egypt, but the firm might still see some weak trading, as people stay away from [...]
UK sets out terms for urgent Libor review July 30, 2012 Britain’s government set out on Monday terms for a fundamental revamp of a key interest rate rigged by a number of banks, including Barclays, saying urgent reform is required. The review will be conducted by Martin Wheatley, a top official at the Financial Services Authority regulator. It will look at how Libor is constructed, the [...]
Banks wait for details of Libor inquiry terms July 30, 2012 BANKS will today find out just how rigorous the investigation into the Libor scandal will be, as the Treasury is this morning set to announce the terms of Martin Wheatley’s review into the key interbank interest rate. Traders at banks including Barclays were found to have falsely entered low or high interest rates to the [...]
RBS admits a large fine for rate fixing may be on the way soon July 30, 2012 RBS, the majority government-owned bank, is being investigated by the Financial Services Authority (FSA) over the Libor scandal, boss Steven Hester admitted yesterday. It comes a month after Barclays was fined £290m for manipulating the market by entering false rates. “RBS is one of the banks tied up in Libor. We’ll have our day in [...]
Banks have to recognise that even unfair criticism must be acknowledged July 29, 2012 THE OLYMPICS is a welcome respite for the banking industry after weeks in the media spotlight. Finance, and the City generally, has suffered a serious blow to its reputation. A period for some reflection should be welcomed. The British banking industry is being judged harshly by comparison with other industries and other countries. Certainly, the [...]
Barclays sorry for Libor as profits top £4bn July 27, 2012 Barclays said it was confident it will repair the damage caused by an interest rate rigging scandal that has rocked it and the banking industry after beating expectations with a £4bn profit. “We are sorry for the issues that have emerged over recent weeks and recognise that we have disappointed our customers and shareholders,” chairman [...]
PPI drags down Lloyds again in new £700m hit July 26, 2012 LLOYDS reported a first half loss yesterday as it set aside another £700m against PPI mis-selling claims, taking its total bill to date to £4.3bn. The majority taxpayer-owned bank said it made a management profit of £1.165bn in the six-month period, up six per cent on the year, but an overall loss of £439m thanks [...]
Carnwath leaves Barclays as Del Missier gets £8.8m July 25, 2012 EMBATTLED bank Barclays suffered another significant loss yesterday as a third board member resigned in the wake of mounting turmoil following the devastating Libor scandal. Non-executive director Alison Carnwath left the bank after almost two years on the board citing time pressures, as she holds numerous other directorships across the City. Although she has not [...]
EC plans mean Libor-fiddlers could face jail July 25, 2012 LIBOR manipulation will become a crime across the European Union under new plans unveiled yesterday by commissioners Viviane Reding and Michel Barnier. The announcement comes after Barclays was fined £290m by the Financial Services Authority for entering false interest rates to the British Bankers’ Association (BBA) who set the key interbank lending rate. That scandal [...]