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PRESS DIGEST- Financial Times - December 3
December 4, 2013 / 1:20 AM / 4 years ago

PRESS DIGEST- Financial Times - December 3

Dec 3 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

Europe to unleash heavy rate-fixing fines

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UK backs BP in federal contracts dispute with US government

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Bank of England eyes standard risk model to assess capital ratios

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HTC’s One Mini smartphone banned in UK after Nokia trial

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Iliad set to prolong brutal 4G two-year price war

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Asda ratchets up pressure with plan for 200 million pounds of price cuts

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Overview

Brussels is expected to levy fines on Wednesday on 10 global banks charged with fixing Euribor, Yen Libor or both. The EU competition commissioner will announce a decision on the allegedly formed cartels to rig two global interest rate benchmarks.

The British government backed BP in a U.S. ban, which bars the company from government contracts, calling it “excessive”. The decision in the 2010 Deepwater Horizon oil spill case, affects jobs and pensions of workers in the United Kingdom, the United States, and elsewhere, it said.

The Financial Policy Committee said the Bank of England could ask banks to disclose capital ratios using standardised risk weights, along with the ratio based on their internal models.

A high court ruling on Tuesday said HTC will have to stop the sale of its “One Mini” brand in the UK as the Taiwanese company was found guilty of infringing Finnish counterpart Nokia’s patents.

French phone company Iliad is set to prolong a two-year price war with its rivals by providing 4G services for 19.99 euros per month, similar to its 3G offers.

Asda has spent 25 million pounds in cutting prices before Christmas, and will spend a further 50 million in the first quarter of 2014 -- a move that is expected to put pressure on the Big Four supermarkets.

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