Barclays pays £190m to settle US sanctions case August 16, 2010 BARCLAYS Bank has agreed to pay $298m (£190m) to settle criminal charges that it violated US sanctions in dealings with Cuba, Iran, Libya, Sudan and Myanmar, according to US court documents filed yesterday. The bank was charged with violating the International Emergency Economic Powers Act and the Trading with the Enemy Act in its dealings [...]
CITY MOVES | WHO’S SWITCHING JOBS August 16, 2010 Daiwa Capital Markets Hetal Mehta, a former senior economic adviser to the Ernst & Young ITEM club, has joined the Japanese brokerage’s investment banking arm as its new UK economist. Mehta joins from Oxford Economics and has also previously worked at HM Treasury and in the office of the deputy Prime Minister as a policy [...]
FTSE remains flat as takeover moves are offset by weak Japanese survey August 16, 2010 BRITAIN’S top shares closed flat yesterday as concerns over economic recovery after weak data from Japan offset firmer miners, led up by Vedanta Resources which made its play for a controlling stake in Cairn India. The FTSE 100 ended up 0.66 points at 5,276.10, having closed up 0.2 per cent on Friday. “Investors continue to [...]
Bankers warn of brain drain as rules loom August 15, 2010 BANKERS have renewed warnings of a talent exodus from the UK as the financial watchdog begins consulting the City on a tough set of bonus and pay rules drafted in Europe. The Financial Services Authority (FSA) is engaging with institutions and shareholders over plans to cap the upfront cash portion of large rewards at 20 [...]
Betfair to launch its own trading system August 15, 2010 ONLINE gambling group Betfair is gearing up to launch a trading platform in London later this year, becoming the latest in a line of companies to compete with the London Stock Exchange. Following approval from the FSA at the end of July, developers are working to complete the platform based on Betfair’s existing gambling programmes, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 12, 2010 FINANCIAL TIMES BARCLAYS REFUSES TO USE TARGETS The head of Barclays’ small business division has firmly refused to sign up to UK lending targets in a move that could fuel government criticism of the industry’s willingness to ease credit constraints in the economy. Speaking to the FT after Barclays broadened the remit of its business [...]
Credit Suisse sheds 75 jobs in the capital August 12, 2010 CREDIT Suisse is axing 75 jobs in its British investment banking and support operations, becoming the second bank in as many days to slim down its headcount. The Swiss-based bank said yesterday the cuts are intended to help shift resources to growth areas, but would not be drawn on which departments will feel the pain [...]
TfL signs up 44,000 to use Barclays Cycle Hire August 12, 2010 LONDON’S cycle hire scheme has been used for more than 100,000 journeys since its launch on 30 July, Transport for London (TfL) said yesterday. Around 44,000 people have signed up to the hire programme, and are between them making up to 14,000 journeys per day. Around 70 extra docking stations are under construction, bringing the [...]
PERSONAL FINANCE NEWS August 12, 2010 BEWARE PHONE CALL SCAM HM Revenue & Customs has issued a warning to taxpayers after reports that thieves were making phone calls pretending to be the taxman. According to reports, fraudsters say that you are due a tax rebate and ask for your bank details over the phone. They then try to gain access to [...]
GUARDIAN DRAGS ITS HEELS OVER RENEWING HAY SPONSORSHIP DEAL August 11, 2010 WHAT with an enthusiastic push into online investment, a string of ill-advised private equity deals and a move to swanky new offices at Kings Cross, it appears more traditional stalwarts of the Guardian’s extra-curricular programme could be coming under threat. A little bird tells The Capitalist that the newspaper’s long-standing sponsorship of the Hay literary [...]