Net borrower banks targeted in Libor probe March 20, 2011 INVESTIGATIONS into the possible “manipulation” of data relating to the London Interbank Offered Rate (Libor) are likely to focus on banks that were net borrowers during the financial crisis rather than lenders, an industry source told City A.M. yesterday. UBS has said that it was subpoenaed by US and Japanese regulators regarding Libor investigations. Barclays, [...]
Arcus aims to bid for Forth March 20, 2011 ARCUS Infrastructure Partners aims to announce a formal £744m takeover offer for FTSE 250-listed Forth Ports tomorrow, alongside the target’s full-year results, a source familiar with the company confirmed yesterday. Arcus, which already owns a 22.8 per cent stake in Forth, is likely to keep its offer in line with the £16.30 per share indicative [...]
The number of millionaires in the UK has risen by 17 per cent since 2008, new data reveals March 20, 2011 There are now 619,000 millionaires in the UK, up from 528,000 in 2008, new figures from Barclays Wealth revealed today. And 86,000 people in the UK have wealth in excess of £5m, its wealth map shows. The majority (46 per cent) of UK-based millionaires live in London and the South East. The number of millionaires [...]
Consultancy from the business commandos March 20, 2011 DAMIAN McKinney rings me from his boat off the coast of Guadalupe. This ex-Royal Marine commando turned entrepreneur tells me that he has always wanted to have a video conference from a boat, wearing a shirt and tie, pretending he’s in the office. “This is close enough,” he laughs. After a 20-year military career in [...]
Libya ceasefire soothes markets March 18, 2011 A ceasefire by Colonel Gaddafi’s forces in Libya has helped energy companies and spurred the markets on to a positive close, with the FTSE 100 closing 0.4 per cent up at 5,718.13. Political news dominated the day as G7 governments pulled together to support Japan’s efforts to stabilise its currency the yen. Central banks intervened [...]
Japan exodus goes on March 17, 2011 THE corporate exodus from Japan’s capital Tokyo continued yesterday, with real estate agent Savills among major firms closing their offices there. In a sign of growing nervousness at the threat of a nuclear meltdown at the Fukushima Daiichi power station, the UK joined others in offering charter flights out of Tokyo’s Narita airport for British [...]
RBS reveals five highest paid bankers earn total of £20m March 17, 2011 RBS’ highest-paid bankers were named yesterday as it revealed it paid five top-ranking employees a total of more than £20m last year. RBS originally published its biggest pay awards anonymously as part of the Project Merlin deal with the government but staff members could be identified from analysis of its stock market filings. RBS said [...]
US doles out Libor subpoenas March 17, 2011 AMERICAN authorities have issued subpoenas to several international banks as part of an investigation into “manipulation” of the London interbank offered rate (Libor) during the financial crisis. The investigation came to light as part of a disclosure made by UBS in its annual report saying it had been subpoenaed by the US Securities and Exchange [...]
Expectations of inflation at 2.5 year high March 17, 2011 INFLATION expectations have risen to their highest level since August 2008, increasing the likelihood that price pressures are seeping through into second round effects. Britons expect inflation of four per cent over the coming year, according to the latest Bank of England survey released yesterday. Expectations rose from the 3.9 per cent level, recorded in [...]
Turner in bid to up bank ratios to 20pc March 16, 2011 MAJOR banks should maintain capital ratios of 15-20 per cent of their risk-weighted assets (RWAs), according to FSA chairman Adair Turner. Speaking at Cass Business School last night, Turner said: “If global regulators were benevolent dictators… they would be wise to choose capital ratios far above even Basel III levels, something more like 15-20 per [...]