June 2012 Archive

Miliband calls for public inquiry into UK banking sector

Labour leader Ed Miliband has called for an inquiry into banks

Labour leader, Ed Miliband has called for a public inquiry into the conduct of UK banks, following the uncovering of two new banking scandals this week.

RBS to follow Barclays as next bank fined over Libor scandal

Barclays shares fell by 15.5 per cent yesterday

RBS is likely to become the next bank fined by the Financial Services Authority over the manipulation of the Libor inter-bank swap rate.

Barclays Bob Diamond refuses to quit over Libor scandal

Bob Diamond has refused to resign as Barclays chief executive over the Libor scandal

The chief executive of Barclays has refused to resign and defended his position over the Libor scandal despite calls from politicians that his position is "untenable".

Politicians call on Bob Diamond to resign over Libor fix

Politicians are calling for the resignation of Barclays chief Bob Diamond

Politicians and economic commentators are calling on Barclays chief Bob Diamond to resign over the Libor manipulation scandal that led to a record fine imposed by the FSA.

Barclays fined $450m for systematic manipulation of LIBOR rate

Barclays CEO Bob Diamond is to waive his bonus after Barclays was fined for manipulating LIBOR rates

Barclays has been fined a total of $450 million by both US and UK regulators for serious manipulation of LIBOR and Euribor inter-bank swap rates.

Coca-Cola plans £3b India investment to take on Pepsico

Coca-Cola has announced a major investment plan for India

Despite its historical difficulties in establishing itself in the vital growing market of India, Coca-Cola has announced a £3b investment as it takes on rival Pepsico.

Fred Goodwin denies misleading RBS investors

Former Royal Bank of Scotland (RBS) chief Fred Goodwin and other ex-executives have denied claims of any wrongdoing in the lead-up to the bank’s collapse.

European stock markets fall sharply ahead of vital EU summit

Both the Italian and Spanish stock markets have fallen by more than four per cent today as tensions mount over whether this week's EU summit will produce a solution to the euro debt crisis.

Economy needs £50bn more QE, says Bank’s MPC member Miles

'Third round of stimulus needed' for UK economy

The UK economy needs at least another £50 billion of fiscal stimulus to aid its recovery, a Bank of England policymaker has warned.

Former PM Blair says UK faces "interesting choice" over euro

Tony Blair believes the UK could face an interesting choice over the euro in the future

The former Labour Prime Minister, Tony Blair says the UK could face an "interesting choice" over whether to join the euro of the current crisis is resolved.

Euro under ‘acute stress’ as leaders hold crunch talks

IMF's Lagarde pushing for action on Eurozone

Spain will need an extra €62bn to protect against financial upsets, an independent audit shows, while the IMF chief has warned that the Euro is under "acute stress".

Jimmy Carr faces backlash over K2 tax avoidance scheme

Jimmy Carr has been criticised for using a legal tax avoidance scheme

Comedian Jimmy Carr has had to pull out of the entirely legal K2 tax avoidance scheme after being criticised by many sources for actions undertaken by thousands.

Federal Reserve extends Operation Twist to boost US economy

Unemployment too high, says Fed chief Bernanke

The Federal Reserve is to extend its stimulus programme by $267 billion after cutting the forecast for US economic growth from 2.9 per cent to 2.4 per cent.

Cable encourages "shareholder spring" to blossom

Vince Cable to set out shareholder plans today

Business Secretary Vince Cable is set to announce new rules today giving shareholders the right to a three-year binding vote on company pay.

Merkel under pressure to ease Eurozone woes

Angela Merkel is facing intense pressure from world leaders to allow European bailout funds to intervene directly in the markets to help Spain and Italy.

Euro optimism shortlived as Spain's borrowing costs rise again

Optimism from the Greek election on Sunday that saw pro-euro parties elected has proved shortlived as yields on both Spanish and Italian ten-year government bonds rise.

G20: Eurozone ‘single biggest risk to world economy’

Eurozone challenges are global, says Barroso

The Eurozone crisis is dominating the G20 talks in Mexico, with world leaders pressing Europe to come up with a resolution.

Markets rally as pro-bailout party wins Greek poll

Markets across the world leapt with relief this morning after a further round of elections in Greece saw the pro-bailout conservatives take victory.

Future of euro hinges on Greek election results

Greece is voting in pivotal elections today

Governments across the globe are waiting for the results of the re-run of the Greek election that will dictate the next development in the euro debt crisis.

Spain's ten-year borrowing costs briefly breach 7%

Eurozone troubles still at the forefront

Spain’s borrowing costs briefly breached seven per cent andreached record levels following yesterday’s downgrade by Moody’s to one notch above 'junk'.

Cable to water-down executive pay investor voting reforms

Vince Cable is set to announce revised rules on shareholder voting on pay

Business Secretary Vince Cable is set to announce reforms to shareholders voting rights on executive pay following extensive business lobbying.

WPP shareholders vote against Sir Martin Sorrell's pay deal

WPP shareholders have overwhelmingly voted against the board's remuneration deal which could mean chief executive Sir Martin Sorrell faces a pay cut.

Former Boris adviser Anthony Browne is new BBA chief

Banking body names its new chief executive

The British Bankers’ Association (BBA) has named its new chief executive as Anthony Browne, a former adviser to London mayor Boris Johnson.

Sainsbury’s sales boosted by Queen’s Diamond Jubilee

The UK’s third largest supermarket group, Sainsbury’s, has reported a 1.4 per cent rise in sales, helped by shoppers buying treats for the Jubilee celebrations.

Executive pay up 10% in 2011 but Cable set to water down reforms

Vince Cable may dilute plans to allow shareholders binding votes on executive pay

A new survey by Manifest, the proxy voting agency reveals the average pay of a FTSE 100 chief executive rose by ten per cent in 2011 reigniting the row over executive pay.

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