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PRESS DIGEST - British business - Dec 12
December 12, 2012 / 1:25 AM / 5 years ago

PRESS DIGEST - British business - Dec 12

The Times

BARCLAYS FINED BY SPAIN OVER ‘LOW-RISK; BOND TRANSACTIONS

Barclays was fined 600,000 euros in Spain on Tuesday for under-rating the risk of bonds that it sold to clients four years ago.

The Telegraph

EX-TRADERS ARRESTED OVER LIBOR

Three former City of London traders have been arrested over the alleged manipulation of Japanese borrowing rates as part of a Serious Fraud Office investigation into Libor rigging.

HSBC CHIEF HITS OUT AT PREVIOUS MANAGEMENT AFTER FINE

HSBC’s chief executive has taken a swipe at the bank’s previous management after reaching a settlement with US investigators that will see it pay a fine totalling $1.92 billion - one of the largest penalties ever handed down to a major financial institution.

NORTHERN ROCK TO REPAY 270 MILLION POUNDS AFTER LOAN ERROR

More than 150,000 customers at the state-owned Northern Rock will have their interest payments on loans handed back to them due to paperwork errors, the British treasury has admitted.

RECORD SALES AT ‘TAXMAN‘S FAVOURITE’ COSTA

Costa Coffee is the “taxman’s favourite coffee shop”, the chief executive of parent company Whitbread has declared, after the public furore about the lack of UK tax paid by rival Starbucks helped to drive sales for Costa.

The Guardian

UKIP PLANS TO DERAIL PM OVER GAY MARRIAGE

The Conservatives’ turmoil over David Cameron’s plans for gay marriage was compounded on Wednesday as Ukip pledged to exploit their divisions and go after the votes of Tories who abandon the party over the issue.

The Independent

NORTHERN ROCK LENDING BLUNDER LAND TAXPAYERS WITH BILL

Taxpayers are to fund a 270 million pounds ($434.81 million) “Christmas bonus” for about 152,000 customers of Northern Rock because of a blunder in which they were not given the right information about their outstanding loans.

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