FTSE tracks Wall Street losses July 11, 2012 The FTSE 100 fell in early trading tracking overnight losses on Wall Street as the US earnings season revealed corporate weaknesses. US stocks fell for a fourth day after a sales warning from engine maker Cummins came on top of earlier weak forecasts from chipmakers Applied Materials and Advanced Micro Devices. In London luxury retailer [...]
Diamond: unfair and unfounded to say I was not candid July 10, 2012 BOB Diamond yesterday accused the Treasury select committee of tarnishing his reputation as the Libor scandal surrounding the bank he once ran continues to unfold. In a letter to chairman Andrew Tyrie, the former Barclays boss expressed “dismay” at the suggestion that he was “less than candid with the committee last week,” calling the implication [...]
FSA had warned Barclays of aggressive behaviour July 10, 2012 REGULATORS warned Barclays bank about its “aggressive” interpretation of market rules just four months before it was hit with a £290m fine for abusing the Libor interest rate, it was revealed yesterday. Lord Turner, the head of the Financial Services Authority (FSA), wrote to Barclays chairman Marcus Agius on 10 April this year to spell [...]
Bob Diamond misses out on £20m bonuses July 10, 2012 FORMER Barclays boss Bob Diamond yesterday agreed to turn down payments worth around £20m following his resignation from the firm. But the bank’s ex-chief executive will still receive a year’s salary and a cash payment in lieu of pension contributions, worth around £2m in all. “Bob Diamond has voluntarily decided to forgo any deferred consideration [...]
US policymakers face Senate committee over Libor scandal July 10, 2012 US LAWMAKERS said yesterday they would call Fed chairman Ben Bernanke and the Treasury secretary Tim Geithner to face questions over the Libor scandal. Tim Johnson, chairman of the US Senate Banking Committee, said: “I am concerned by the growing allegations of potential widespread manipulation of Libor and similar interbank rates by some financial firms,” [...]
Angel Clarke bows out of BBAA July 10, 2012 IT was an emotional night for the angel who lost his wings after eight years of service at the helm of the British Business Angels Association. Anthony Clarke, who earlier this month ended his eight-year chairmanship of the business, was one of almost 200 people gathered at The UK Business Angels Association Gala Awards Dinner [...]
CITY MOVES | WHO’S SWITCHING JOBS July 10, 2012 Argonaut Capital Partners The fund management firm has appointed John Lester as partner and head of distribution. He joins from Neptune Investment Management, where he was head of strategic partnerships. Lester was previously associate director at HSBC Asset Management. HSBC Patrick Boucher has been appointed global head of product management, equity research at the banking [...]
Libor myopia risks missing the big picture of regulatory failure July 10, 2012 PRICES keep markets sane. The information they provide connects the decisions made by traders, investors and managers to reality. Markets become delusional, and can fail spectacularly, when those price signals are interfered with and distorted. What we have sadly learned with the recent scandal at Barclays, and other major banks, is that the distorted price [...]
FTSE steadies after Alcoa results July 10, 2012 The FTSE 100 was flat today with aluminium giant Alcoa reporting positive results to start the US earnings season which helped steady investors’ nerves. Alcoa saw its quarterly revenue and profit beat Wall Street’s expectations even though prices for its aluminium are at nearly two-year lows. Meanwhile Eurozone finance ministers have agreed to lend Spain [...]
Diamond gives up £20m bonus July 10, 2012 Former Barclays chief Bob Diamond has given up bonuses worth up to £20m as the rate rigging scandal engulfing the bank deepens. Diamond will get up to a year’s salary, pension allowance and benefits worth around £2m. According to the bank’s chairman Marcus Agius he gave up the payment voluntarily. Agius made the announcement on [...]