Citywire for Financial Professionals

View the article online at

Thursday Papers: Bank of England embroiled in forex scandal

And Shell, Barclays and Lloyds have spoken for the first time of the potential problems should Scotland leave the UK.

Thursday Papers: Bank of England embroiled in forex scandal

Top stories

  • Financial Times: The Bank of England became embroiled in the escalating foreign exchange scandal after it suspended a member of staff and launched a new investigation into allegations that its officials condoned or were aware of market manipulation.
  • The Dalily Telegraph: Shell, Barclays and Lloyds have spoken for the first time of the potential problems should Scotland leave the UK.
  • Daily Mail: Barclays and Lloyds under fire over huge bonuses amid mis-selling scandals and plunging profits.
  • The Guardian: British companies hired staff at the fastest rate in 16 years in February, as growth in orders and broader economic recovery fuelled confidence.

Business and economics

  • Financial Times: Rolls-Royce disclosed in its annual report that it is under investigation by the US Department of Justice.
  • Financial Times: ExxonMobil targets $5.5 billion spending cuts.
  • Financial Times: Facebook has bowed to anti-gun violence campaigners by introducing new rules to regulate the sales of firearms and other restricted goods on the social network.
  • Financial Times: Merits of Bank of England’s QE still spark debate five years on.
  • Financial Times: Activity levels in the UK service sector in February were unchanged month on month, but continued to show a healthy rate of increase according to the Markit/CIPS purchasing managers survey.
  • Financial Times: London’s Crossrail scheme is galvanising property development along the route of the new £14.8 billion east-west line, with nearly half of developers citing it as a motive for construction in 2013 - up from 15% in 2009.
  • Financial Times: Millions of pounds of arms export licences to Russia may be scrapped after the government announced a review following the recent violence in Ukraine.
  • Financial Times: China's Cofco charged into South American markets with a deal to buy a controlling stake in Nidera, a 94-year-old trading house.
  • Financial Times: VW faces emerging market sales slowdown; Hans Dieter Pötsch, VW chief financial officer, said currency effects and rising interest rates would hurt disposable incomes in emerging markets.
  • Financial Times: Legal & General, the UK’s biggest pension fund manager, is accelerating its international expansion with a planned assault on the US as well as a potential push into Asia and Europe.
  • Financial Times: Allied Irish Banks unveils strong improvement in its underlying operating performance for 2013; it made an operating profit before tax and impairments of €445 million compared with a loss of €324 million the previous year.
  • Daily Mail: Peter Sands pledges to improve Standard Chartered's behaviour after the first ever fall in profits but is defiant on EU bonus cap.
  • Daily Mail: Eurostar to threaten budget airlines' dominance on London to Amsterdam service as it promises competitive prices.
  • Daily Mail: The Co-op plans to close 200 large supermarkets after admitting defeat in a battle with Tesco and Sainsbury’s; Britain’s fifth largest grocer will instead focus on the faster growing convenience sector, with plans to open 150 smaller format stores a year.
  • The Daily Telegraph: Argentina must pay British company BG Group $185 million for losses arising from the country's 2001-2002 economic crisis.
  • The Guardian: Barclay Brother's controversial corporate raid on the hotel group behind Claridges has been dealt a severe blow after the last independent shareholder, Irish property developer Paddy McKillen, won the financial backing of US private equity group Colony Capital.
  • The Guardian: Target’s chief information officer Beth Jacob resigned Wednesday as the retailer struggles in the wake of a massive pre-Christmas data breach.
  • The Independent: Government monthly advertising spending highest in almost four years.
  • The Independent: Admiral, the UK's second largest car insurer, has announced annual profits climbed 7% for the year to December 2013.

Share tips, comment and bids

  • Financial Times (Lex): BP in Russia: hiving off US operations is good, but Russia is more important.
  • Financial Times (Lex): Standard Chartered: annus horribilis; after a very bad year, the UK bank is fighting back.
  • Financial Times: Israeli billionaire Teddy Sagi will pocket £326 million from selling down a 15.4% stake in gaming software company Playtech, after increasing the amount he was offloading due to investor demand.
  • Financial Times (Lex): China bond default: Don’t panic; non-payment by Chaori Solar would be a sign of progress.
  • Financial Times (Lex): Melrose: turnround is share play; UK turnround specialist has been hitting a few bumps recently.
  • Financial Times (Lex): Dish / Disney: stream of consciousness; field of internet-based TV distributors is getting crowded.
  • Financial Times: Paris-based Vivendi confirmed on Wednesday night that it had received two binding offers from Bouygues and Altice for its telecoms operator SFR.
  • Financial Times: Birmingham city council has been forced to put the NEC national exhibition centre and three other events venues up for sale to help meet a £1.1 billion legal bill.
  • The Guardian (Comment): How five years of rock-bottom interest rates have changed Britain.
  • The Guardian (Comment): Inflation is too low in Europe; it's not clear what the European Central Bank can do about the problem, though.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.


The Accumulator: FTSE see-saws on trade war fears

by Michelle McGagh on Jun 22, 2018 at 14:57

Sorry, this link is not
quite ready yet