Italian police seize Barclays documents in rates probe July 31, 2012 Police have seized documents at the Milan offices Barclays as part of an Italian probe into possible manipulation of Euribor lending rates, judicial sources and consumer groups said today. The search took place last Friday and was ordered by prosecutors in the southern city of Trani, the sources said. Barclays has been fined over $450 [...]
Banks could face criminal charges over Libor fixing July 30, 2012 CRIMINAL charges can be brought against those responsible for manipulating interbank lending rates, the UK’s fraud squad confirmed yesterday, paving the way for prosecutions of individual bankers over the Libor-rigging scandal. The Serious Fraud Office (SFO) said that as part of an ongoing investigation into the scandal, it had now concluded that “existing criminal offences [...]
Bank of England figures point to subdued UK money supply July 30, 2012 THE UK’s money supply continued to shrink in June, the Bank of England revealed yesterday, although the Bank’s favoured measure – which excludes intermediate other financial corporations – painted a more solid picture. The preferred measure, known as M4ex, was up 3.5 per cent on the year in June after a three per cent rise [...]
Weak increase in sales points to a miserable summer for retailers July 30, 2012 THE SQUEEZE on British consumers continued to hit the retail sector in July, according to a widely-regarded business survey released yesterday. Sales growth in the opening two weeks of the month was significantly weaker than shopkeepers had expected, the Confederation of British Industry (CBI) revealed. While 44 per cent of surveyed retailers told the CBI [...]
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 [...]