Category Archive: News
EU banks set for regulatory shake up
One single bank supervisor will report directly to the European Central Bank in order to police the largest and most influential banks in the EU, in the wake of the Libor scandal that rocked UK financial services. There are also plans to outlaw any deliberate manipulation of interest rates, and a review into how Libor […]
UK prepared to close its doors to Greece
Addressing his MPs at the House of Commons liaison committee yesterday, Cameron said he’d “do whatever it takes to protect the United Kingdom from a Greek influx,” should the nation leave the eurozone. His comments have surprised a number of Tories backbenchers, as by law, nationals of the 27 countries in the EU usually have […]
GlaxoSmithKline found guilty in US drug fraud case
The fine comes after the British heavyweight admitted several criminal charges relating to US marketing laws, by promoting two of its drugs for unapproved use and for failing to report significant safety data about one of its diabetes medications to the Food and Drug Administration (FDA). The company has also been found guilty of bribing […]
Barclays rigging scandal shakes banks
Shares at Barclays closed down 15.53 percent and other big players in the sector also took a hit, as analysts fear the effects of the interest rates scandal could be very serious for the UK financial markets. RBS closed down 11.45 percent, Lloyds fell 3.9 percent and HSBC closed 2.58 percent lower than on Wednesday. […]
Barclays admits rigging interest rates
Barclays has been told to pay up after it was discovered they had been influencing the Libor and the Euribor as far back as 2005, which may have led to customers being charged too much for credit card and mortgage loans. The bank’s chief executive Bob Diamond has faced calls to resign over the transgressions […]
Triple blow to eurozone hopes
Three new developments have put huge pressure on EU governments to come to a unanimous decision at the two-day debt summit on Thursday and Friday. Cyprus became the fifth eurozone country to ask for a bailout to help its banks yesterday, after announcing it has only four days to find €1.8bn to protect its second-largest […]
US economy all wound up
The plan was announced after the Fed decided it would not use further quantitative easing to counteract slow market growth, but instead make it easier for households and businesses to cut their long-term costs of borrowing. Operation Twist involves the selling of short-term bonds for long-term ones, and is bought in to try and depress […]
Division in the ranks at the G20
Italian prime minister Mario Monti suggested using the European Financial Stability Facility’s (EFSF) €440bn rescue subsidy to buy open market peripheral bonds in an attempt to counteract the rising cost of government bond yields in Spain. “The idea is to stabilise borrowing costs, especially for countries who are complying with their reform agendas, and this […]
G20 aims to fix eurozone
The group will continue discussions to focus on breaking the link between banks and sovereigns, and tackle other problems like employment growth in the region. The lack of progress being made is said to have frustrated some: “We are waiting for Europe to tell us what it’s going to do,” said World Bank chief Robert […]
Banks given cheap credit
“Uncertain,” “Paralysing,” and “Pessimistic.” Those were the words Sir Mervyn King used to describe the effects the eurozone crisis has had on the UK economy at his annual Mansion House speech on Thursday evening. The Bank of England Governor was joined by UK Chancellor George Osborne as he addressed an assembly of the city’s most […]
