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Monday Papers: Barclays chairman poised to resign

Marcus Agius will step down in the hope that it will take the sting out of mounting criticism over the bank’s role in the price-fixing of interbank lending rates.

 
Monday Papers: Barclays chairman poised to resign

Top stories

  • Financial Times: Marcus Agius will resign as chairman of Barclays on Monday, in the hope that his departure will take the sting out of mounting criticism from politicians and shareholders over the bank’s role in the price-fixing of interbank lending rates.
  • The Daily Telegraph (Comment): Edwin Coe, the London law firm that brought a High Court case against the Government on behalf of 55,000 Railtrack shareholders, is expecting to pursue Barclays over the Libor mispricing scandal.
  • The Guardian (Comment): The Libor scandal shows again that investment and retail banks must be separated. Ringfencing isn't enough.
  • The Daily Telegraph: The Bank of England is preparing to unleash a £200 billion stimulus package for the economy by printing more money this week and relaxing financial regulations.
  • Financial Times: The European Securities and Markets Authority, the pan-European markets regulator, has launched a probe into the way the big three credit rating agencies evaluate banks to determine if the process is sufficiently rigorous and transparent.
  • The Daily Telegraph: Interest rate rigging was institutionalised at Barclay’s, an insider has claimed, with market manipulation openly discussed between managers, staff and customers.
  • The Independent: The interest-rate fixing scandal could leave British banks exposed to multi-billion-pound civil actions, experts have warned.
  • Financial Times: US regulators have opened a new front in their antitrust investigations into Google, launching an inquiry into technology licensing practices at recently acquired mobile handset company Motorola Mobility.

Business and economics

  • The Daily Telegraph: Viscountess Astor, the founder of the upmarket furniture shop Oka, has introduced a bonus scheme to ensure shop workers share some of the company's profits.
  • The Guardian: The government will ban the bosses of failed banks from working in the financial industry, Lord Turner, chairman of the Financial Services Authority, has said.
  • The Daily Telegraph: The Huffington Post, the news and blogging website founded by Arianna Huffington and owned by AOL, is in talks to launch in China.
  • Daily Mail: Travelodge is set to widen the gap with budget rival Premier Inn by opening four new hotels in London this month, making it the biggest operator in the capital for the Olympics.
  • The Independent: Sir Richard Branson has collected more than £200 million in dividends from Virgin Rail.
  • The Daily Telegraph: Abercrombie & Kent, the luxury travel company, has seen sales jump 25% as Britons escape the economic downturn at home for destinations such as South America and Africa.
  • The Independent: The education giant Pearson will today launch a $15 million fund that will invest in low-cost private schools in Africa and Asia, offering lessons for as little as $3 a month per pupil.
  • The Daily Telegraph: Worries about world food prices are increasing, stoked by a 10pc rise in US corn and wheat prices in just a week.
  • Financial Times: Legal & General is to start providing loans to housing associations.
  • The Guardian: David Cameron's desire to recycle the Olympic Park media centre into a technology hub for startup companies risks damaging the vibrant growth of London's Tech City area around Shoreditch, according to a report.
  • Financial Times: Newedge, the world’s biggest independent futures broker, is facing a raft of departures from its metals team as traders are being poached by Jefferies, the US investment bank, according to people familiar with the situation.
  • Financial Times: The chief executive of Shire dismissed suggestions that recent setbacks marked the end of growth for the UK-quoted speciality pharmaceutical business.
  • The Daily Telegraph: China's manufacturing activity expanded at its weakest pace for seven months in June, despite government attempts to arrest the slowdown, raising fresh fears about the country's ability to power the global economy.
  • Financial Times: The value of homes is expected to decline in coming months, the property website Rightmove says, even as the supply up for sale increases.
  • The Independent: Spain offered some hope for the beleaguered eurozone as its Finance Minister, Luis de Guindos, said his country's economy should stabilise during the latter half of the year despite another fall in output in the second quarter.
  • Financial Times: Pedigree, which has not sold the iconic fashion doll since the collapse of Woolworths, seeks licensee to develop and revive business.
  • Financial Times: The Reed Job Index, a monthly measure of job market trends, rises to 134 in June, 7.4% higher than in the same month last year
  • Financial Times: Angola plans to auction more exploration rights next year as it aims to double production by the end of the decade.
  • Financial Times: A row has broken out over carbon dioxide regulation between Germany’s profitable premium carmakers and their cash-strapped French and Italian competitors.
  • Financial Times: John Slosar, chief executive of Cathay Pacific Airways, has dismissed suggestions that the Hong Kong-based airline needs to launch a low-cost subsidiary to match its rivals.
  • Financial Times: Olafur Ragnar Grimsson has won a fifth term in office as Iceland’s president.
  • The Daily Telegraph: Bad debts in the eurozone are a “ticking time bomb” for the continent’s economy, with the worst effects expected to be felt next year, an Ernst & Young report warns.
  • Financial Times: Bankers, traders and investors complained to US and UK central banks and regulators that false information was being supplied for the setting of a critical London lending rate as early as 2007.
  • The Daily Telegraph: Higher costs have pushed pre-tax profits of Dorchester Group, owner of some of the world’s most opulent hotels, down to £20.8 million from £24 million in 2010.
  • The Independent: The three most profitable banks in the world are now Chinese, illustrating how far financial power has shifted from Europe and America since the credit crunch.
  • Daily Mail: AstraZeneca plans to collaborate with Cellworks Group, a US firm specialising in predictive science, in an attempt to pinpoint the most effective treatments for drug-resistant strains of tuberculosis.

Share tips, comment and bids

  • The Daily Telegraph: Heritage Oil has agreed to buy a stake in a group of Nigerian oil assets in a $850 million deal which the company said would transform its production capabilities.
  • The Daily Telegraph: Glencore could be forced to pay almost £300 million in break fees if it decides to walk away from its planned merger with Xstrata.
  • Daily Mail: Pamplona Capital, an investment fund backed by tycoon Mikhail Fridman, is in the running to buy Dr Martens after it was put up for sale by R Griggs Group.
  • Financial Times: Universal Music has moved to reassure staff that Vivendi still supports it and its £1.2 billion bid for EMI’s record labels after last week’s sudden exit of the French parent company’s chief executive officer.
  • Financial Times: AstraZeneca has the cash and appetite for more new acquisitions, the acting head of the Anglo-Swedish pharmaceutical group said, after finalising his innovative $7 billion joint purchase of Amylin with Bristol-Myers Squibb over the weekend.
  • Financial Times: Qatar is in the process of finalising a deal with Starwood Capital to buy from the US group a portfolio of four luxury hotels in France for an undisclosed price.
  • Financial Times (Lex): Vivendi: the chief’s departure signals a shift in strategic direction for which investors should be happy but they should not expect instant solutions.
  • Financial Times (Lex): BMS / Amylin: the price paid for the specialist maker of diabetes drugs is far from cheap but with obesity continuing to rise, the potential is significant.
  • Financial Times (Lex): Apple: with the Mac going strong after three decades, it is odd that shares in the company that brought us the device are so cheap.

3 comments so far. Why not have your say?

Rob Walker

Jul 02, 2012 at 06:56

Blatant news manipulation ! Bring out the news about Barclays (wholly

owned by shareholders) during the trading week. Calls for Bob

Diamond’s resignation, etc. Then bring out the same news about a

Government-owned bank on a Sunday. Now this was an event that happened

some months ago, so timing the announcement was obviously

discretionary. After you, Barclays, take the flack please. Plenty of

mutterings about the fact that ‘it might not just be Barclays’ on

Friday then, having managed the public’s expectations, we can

introduce RBS (and maybe Lloyds, watch this space) to the same

conspiracy. As if the original crimes were not bad enough, what a

pathetic and blatant disregard of public transparency this is, trying

to manipulate the public mood and selecting the most convenient

scapegoats.What is more, we had politicians attacking Barclays, already

knowing what RBS will be announcing next day (because it owns RBS, and

because no-one could keep the sacking of 4 traders quiet for 6 months).

They should have admitted knowing other banks were definitely involved,

instead the message was that other banks ‘could have’ been involved,

making sure the smelly stuff stayed only on Barclays’ doorstep as long

as possible.

Personally I think this orchestration of the news is almost as criminal

as the news itself. When will 'they' - all in it together - ever learn?

report this

Rob Walker

Jul 02, 2012 at 06:59

Blatant news manipulation ! Bring out the news about Barclays (wholly

owned by shareholders) during the trading week. Calls for Bob

Diamond’s resignation, etc. Then bring out the same news about a

Government-owned bank on a Sunday. Now this was an event that happened

some months ago, so timing the announcement was obviously

discretionary. After you, Barclays, take the flack please. Plenty of

mutterings about the fact that ‘it might not just be Barclays’ on

Friday then, having managed the public’s expectations, we can

introduce RBS (and maybe Lloyds, watch this space) to the same

conspiracy. As if the original crimes were not bad enough, what a

pathetic and blatant disregard of public transparency this is, trying

to manipulate the public mood and selecting the most convenient

scapegoats.What is more, we had politicians attacking Barclays, already

knowing what RBS will be announcing next day (because it owns RBS, and

because no-one could keep the sacking of 4 traders quiet for 6 months).

They should have admitted knowing other banks were definitely involved,

instead the message was that other banks ‘could have’ been involved,

making sure the smelly stuff stayed only on Barclays’ doorstep as long

as possible.

Personally I think this orchestration of the news is almost as criminal

as the news itself. When will 'they' - all in it together - ever learn?

report this

Dimitrios Philippelis

Jul 02, 2012 at 09:37

What a pity! his holy name Marcus Agius did not help and did not prevent him to be avoiding the wrong doing . Probably his work was not an opus dei content and cover.

LIBOR SCANDAL: BARCLAY'S BOSSES "THOUGHT THEY WERE FOLLOWING ORDERS...

www.dailymail.co.uk/.../Libor-scandal-... - Μετάφραση αυτής της σελίδας

13 hours ago – ... to be moves by investors against the bank's chairman, Marcus Agius. Both are to be questioned by the Treasury Select Committee this week.

If Libor Scandal, has as a result the resignation of the Marcus Agius or to better say Saint Marcus Agius then the implementation of the QE from the UK government what result should be have and how has to be called?

The resignation of the whole government.. would not be enough.

report this

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