Another 11 banks hit by LIBOR scandal
13th Jul 2012 09:21
The LIBOR rate fixing scandal is spreading like wildfire just a few hours after it was revealed that US Secretary of the Treasury Tim Geithner wrote to the Bank of England back in 2008 regarding concerns about the possible distortion of the London Interbank Offered Rate (LIBOR) - the rate at which b
Read moreFriday newspaper round-up: China, Iran, Italy
13th Jul 2012 07:16
China's economy suffered its worst quarter since the global financial crisis after gross domestic product growth shrank to 7.6 per cent, battered by severe weakness in Europe and America. Official figures this morning confirmed widely held fears of a sharp slowdown in the world's second largest econ
Read moreThursday newspaper round-up: Corn, Barclays, Lloyds
12th Jul 2012 07:07
The heatwave that has had much of the United States sweltering this summer is expected to cause severe damage to crop production in the US Midwest and push up food prices across the globe. The US Department of Agriculture cut its estimate for the corn crop yesterday by 12 per cent in response to a d
Read moreLondon close: Footsie flat ahead of FOMC minutes, Glencore up
11th Jul 2012 17:06
- Investors await FOMC minutes - BarCap cuts US growth estimates - Burberry disappoints; 'Glenstrata' in demand - Some say Glencore could benefit from rising grain prices The Footsie had pared early losses to trade broadly flat by the close as markets remained cautious ahead of the release of minu
Read moreLondon midday: Stocks surge after UK production data
10th Jul 2012 11:53
- UK industrial production beats estimates - Eurogroup gives Spain more time - Oil stocks rise after Norwegian lockout prevented London's FTSE 100 index rose strongly on Tuesday morning with resource stocks and banks providing a lift after some better-than-expected UK industrial production data. U
Read moreAsda expands personal finance business
10th Jul 2012 10:59
Asda, the supermarket chain owned by Walmart, has unveiled plans to re-brand and expand its personal finance arm, conveniently taking advantage of widespread disatisfaction with banks following the recent LIBOR scandal and system failure at Natwest. Asda Money will now sell a number of finan
Read moreDiamond gives up 20 million pound pay-off - Update
10th Jul 2012 10:31
- Former Chief Executive turns down £20m deal but keeps £2m annual pay - Barclays' Chairman makes clear Bank of England Governor key in pushing Diamond out - Letter from watchdog reveals 'strained' relationship between Barclays and regulators Barclays' former Chief Executive Bob Diamond has turned
Read moreDiamond turns down £20m payoff - Alert
10th Jul 2012 09:48
Barclays' former Chief Executive Bob Diamond has turned down a £20m severance package, according to the bank's Chairman. Diamond quit the bank over the LIBOR fixing scandal, which saw Barclays' traders seek to manipulate inter-bank lending rates. Chairman Marcus Agius told MPs on the Treasury Sele
Read moreFed concerned about LIBOR issues back in 2007
10th Jul 2012 09:26
The US Federal Reserve showed concerns about LIBOR issues as early as 2007 and even began a shoulder-to-shoulder analysis with Barclays in 2008 that ended in reform recommendations to UK authorities, according to a report today by Reuters. According to the news agency, a New York Fed spokesperson s
Read moreTuesday newspaper round-up: Spain, Tucker, Pensions
10th Jul 2012 07:03
IMF chief Christine Lagarde said signs of increased protectionism amid deteriorating global economic conditions were "alarming", and warned such measures affect everyone. "The latest report by the WTO [World Trade Organization] is quite alarming because there is a rise of protectionism," she said at
Read moreTucker to face MPs
9th Jul 2012 11:00
The Bank of England's deputy governor Paul Tucker will face MPs today over his role in the LIBOR fixing scandal, which led to the resignation of Barclays' Chief Executive Bob Diamond. After Diamond escaped the Treasury Select Committee last week having revealed virtually nothing new, expectations o
Read moreSunday newspaper round-up: Greece, Barclays, Italy
8th Jul 2012 17:40
The new Greek Prime Minister vowed last night to get the country out of the "dead end" created by austerity policies dictated by Europe. Antonis Samaras, outlining his coalition's programme to Parliament, confirmed that the country was not on track to meet the targets set by its international credit
Read moreSFO officially launches investigation into LIBOR
6th Jul 2012 15:27
The Serious Fraud Office (SFO) confirmed on Friday that it has officially launched a criminal investigation into the now infamous LIBOR scandal involving Barclays. Prior to this point the SFO had only said that it was considering whether there was a case to bring a prosecution. On June 27th the
Read moreFTSE 100 movers: Aviva leaps after Delta Lloyd sale plans
6th Jul 2012 13:39
Having promised on Thursday that it would raise money from disposals, insurance giant Aviva moved quickly to act on that pledge by saying it will sell more of its stake in Delta Lloyd than originally intended, prompting a sharp rise in its share price. Also providing a lift was Societe Generale whic
Read moreLondon midday: Stocks fall as investors shrug off central bank action
6th Jul 2012 11:37
- Markets look ahead to US jobs report - Investors shrug off central bank action - Aviva jumps on Delta Lloyds disposal The Footsie was trading within a narrow range on Friday morning as investors showed caution ahead of a pivotal employment report due out in the US in the coming hours. Stocks o
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