Latest Posts
-
News 0
GlaxoSmithKline found guilty in US drug fraud case
The fine comes after the British heavyweight admitted several criminal charges relating to US marketing laws, by promoting two of its drugs for unapproved use and for failing to report significant safety data about one of its diabetes medications to the Food and Drug Administration (FDA). The company has also been found guilty of bribing doctors to promote the drugs, by paying for lavish holidays, speaking tours and even tickets to Madonna concerts. The case involves three of GSK’s well-known drugs. Prosecutors found Paxil had been prescribed to children and adolescents, despite being only approved for adult use in the US. According the NYT... -
News 0
Barclays rigging scandal shakes banks
Shares at Barclays closed down 15.53 percent and other big players in the sector also took a hit, as analysts fear the effects of the interest rates scandal could be very serious for the UK financial markets. RBS closed down 11.45 percent, Lloyds fell 3.9 percent and HSBC closed 2.58 percent lower than on Wednesday. There was huge political uproar in Westminster as UK Prime Minister David Cameron said Barclays management had “serious questions to answer,” and insisted “people have to take responsibility for the actions and show how they’re going to be accountable.” Chancellor Osborne said the behaviour of the bank is “an epitaph t... -
News 0
Barclays admits rigging interest rates
Barclays has been told to pay up after it was discovered they had been influencing the Libor and the Euribor as far back as 2005, which may have led to customers being charged too much for credit card and mortgage loans. The bank’s chief executive Bob Diamond has faced calls to resign over the transgressions and will face a grilling from parliament. In response, he said he and his top executives will forgo any multi-million pound bonus “to reflect our collective responsibility as leaders.” Lord Oakeshott, the former Liberal Democrat Treasury spokesman said: “If Bob Diamond had a scintilla of shame, he would resign, and if Barclays had... -
News 0
Triple blow to eurozone hopes
Three new developments have put huge pressure on EU governments to come to a unanimous decision at the two-day debt summit on Thursday and Friday. Cyprus became the fifth eurozone country to ask for a bailout to help its banks yesterday, after announcing it has only four days to find €1.8bn to protect its second-largest bank, Cyprus Popular Bank, which is heavily exposed to the Greek financial system. The Cypriot government said it required assistance after “negative effects from Greece had spilled over in to its economy.” While they did not give a specific amount, AFP has reported local media are estimating they will ask for around €... -
News 0
US economy all wound up
The plan was announced after the Fed decided it would not use further quantitative easing to counteract slow market growth, but instead make it easier for households and businesses to cut their long-term costs of borrowing. Operation Twist involves the selling of short-term bonds for long-term ones, and is bought in to try and depress bond yields, in order to get a decent rate of return on investment. “This continuation of the maturity extension programme should put downward pressure on longer-term interest rates and help to make broader financial conditions more accommodative,” a Fed statement said. In a news conference, Federal Reserve ... -
News 0
Division in the ranks at the G20
Italian prime minister Mario Monti suggested using the European Financial Stability Facility’s (EFSF) €440bn rescue subsidy to buy open market peripheral bonds in an attempt to counteract the rising cost of government bond yields in Spain. “The idea is to stabilise borrowing costs, especially for countries who are complying with their reform agendas, and this should be sharply distinguished from the idea of a bailout,” he said. Angela Merkel has been opposed to the bailout rescue fund for quite some time, but she found herself under pressure yesterday to commit to a deal, as analysts maintain that borrowing cost levels will soon becom... -
News 0
G20 aims to fix eurozone
The group will continue discussions to focus on breaking the link between banks and sovereigns, and tackle other problems like employment growth in the region. The lack of progress being made is said to have frustrated some: “We are waiting for Europe to tell us what it’s going to do,” said World Bank chief Robert Zoellick. Jose Manuel Barroso, president of the European Commission, said the financial crisis originated in North America but wasn’t putting the blame on his partners: “Our financial sector was contaminated by unorthodox practices by some sectors in their financial markets. We must work together when we have a global prob... -
News 0
Banks given cheap credit
“Uncertain,” “Paralysing,” and “Pessimistic.” Those were the words Sir Mervyn King used to describe the effects the eurozone crisis has had on the UK economy at his annual Mansion House speech on Thursday evening. The Bank of England Governor was joined by UK Chancellor George Osborne as he addressed an assembly of the city’s most prominent players in the banking world. He warned the outlook for the country looked bleak thanks to ongoing austerity in Europe and stifled growth, and outlined his emergency measures to boost UK banks with an £80bn cash injection to provide cheap credit to banks. The plan, to be launched jointly wit... -
News 0
Spanish misery compounds eurozone
The country’s credit rating now teeters barely above junk status, amid growing fears it will sink still further after being shut out of international markets. The borrowing interest rates currently stand at the highest they’ve been since the euro’s inception, with the yield on Spain’s 10-year bonds shooting up to 6.86 percent. Last weekend, eurozone finance ministers announced they were prepared to lend up to €100bn to pull Spain out of the financial abyss, but Moody’s announced the plan will only increase the country’s massive debt burden. The investment services firm downgraded Spain’s Fondo de Reestructuración Ordenada Ban... -
News 0
Hedge assets to gain $1trn each year for next five
The predictions come as the trade evolves beyond its entrepreneurial, private roots to meet investor and regulator demands for greater transparency and more robust operations. A recent Citigroup survey predicted that hedge funds could lure $2trn in new money to investment vehicles long associated with mutual-fund companies and other institutional managers including “long-only” funds that buy and hold stocks. The poll of investors, consultants and money managers concluded further growth will come from institutional investors such as pension funds and endowments, and may also earmark an additional $1trn as they grow more assured and comfort...
Top Posts
-
The Importance for Individuals to Use Sustainable Chemicals
-
Small Businesses: Finding the Right Candidate for the Job
-
How to Write the Perfect Thank You Letter After Your Job Interview
-
3 Best Large-Cap Blend Mutual Funds For Enticing Returns
-
China suspected in massive breach of federal personnel data
