|Barclays plc to review operations as it admits Libor scandal "decimated" public trust in banks|
|Wednesday, 25 July 2012 08:34|
News round up: Barclays plc, Apple Inc, BP plc, Financial Services Authority, Greece, UK economy.
Apple, the world’s largest company by market capitalisation and a juggernaut whose quarterly profits have a habit of blowing away analysts’ forecasts, showed that it was not immune to the economic pressures building in Europe.
The Kremlin has fired the opening salvo in a battle to wrest back control of the rights to exploit Russia’s vast oil reserves by declaring its interest in BP’s lucrative local joint venture. Igor Sechin, the president of Rosneft and a key ally of Vladimir Putin, announced that the state-backed oil group had begun negotiations with BP to buy the British company’s 50 per cent stake in TNK-BP.
Financial Services Authority
It is up to banks to rebuild the public’s trust following a succession of scandals, the head of the Financial Services Authority said today. Lord Adair Turner told a business audience in London this morning that the fixing of the Libor rate would not have been spotted without "intense" and "expensive" supervision and it was up to management and boards to "make effective controls against dishonest behaviour the highest priority".
Greece may run out of money and go bankrupt by Aug 20, a British government analysis of the ongoing Eurozone crisis has warned. The beleaguered country will have to refinance billions of euros worth of government bonds in less than a month and requires international assistance — which may not be forthcoming — to repay the money. International inspectors arrived back in Greece on Tuesday to assess the country’s austerity programme with European officials warning that it was "hugely off track".
The UK economy has shrunk for the third successive quarter, official figures are expected to show on Wednesday, prolonging Britain’s double-dip recession and threatening to derail chances of recovery this year. The Office for National Statistics is expected to say gross domestic product shrank by at least 0.2% between April and June as the Jubilee holiday, weak domestic demand and the Eurozone crisis dragged the economy down. It would mark the third successive quarter of contraction, leaving Britain in its longest double-dip recession since 1975. The economy shrank by 0.3% in the first quarter of the year, following a 0.4% contraction in the final quarter of 2011.
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