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Europe delays €12bn aid packet to Greece?
?European governments chose to withhold the decision on whether an additional aid payment of €12bn should go to the Greek government, saying the nation needs to put a strict austerity package in place first. ?Luxembourg’s Prime Minister, Jean-Claude Juncker, who chairs the 17-strong group of European finance ministers, said: “We agreed that there should be a private creditor participation, which should be voluntary because we want to avoid any credit default or credit event.”? Juncker added: “It has to be clear that Greece has to bring about a situation where all the expected commitments are taken care of. In the beginning of July w... -
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Nasdaq OMX bids for stake in LCH. Clearnet? ?
New York-based exchange operator Nasdaq OMX confirmed on Friday it is bidding for a minority stake in leading Anglo-French swaps clearing house LCH.Clearnet.? ? The bid forms part of Nasdaq’s strategy to expand beyond the US, the company said.? ?Nasdaq CEO Robert Greinfeld spoke to journalists at the Federation of European Securities Exchanges conference in Athens, saying: “We are bidding for a minority stake in LCH.Clearnet. We hope the bid will be a success since we certainly see an opportunity for a horizontal clearing house in Europe.”... -
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Barclays targets £6.4bn extra revenue by 2013
Barclays Bank unveiled plans to increase annual revenue by as much as £6.4bn in the next two years in an attempt to increase shareholder returns, CEO Bob Diamond said late on Wednesday. In a statement Barclays outlined plans to make an additional income of between £4.3bn and £6.4bn by 2013, which would mean a 20 percent increase from its £31.4bn income in 2010. Barclays said it plans to stick to its target for a return on equity of 13 percent despite the UK governments’ capital restrictions on the banking sector. Its CEO of retail and business banking, Antony Jenkins, said: “The plan we are presenting is about execution and organic gr... -
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Nokia and Apple settle patent dispute
Finnish phone maker Nokia has won its long-running patents case against Apple and will receive a one-off €800m payout from the iPhone maker in addition to royalties. The patent case was brought by Nokia against Apple in October 2009 and related to its patented technologies used in smartphones. The settlement signed on Tuesday through a licensing agreement will see Apple commit to regular royalties for every device sold. Nokia said in a statement: “The financial structure of the agreement consists of a one-time payment payable by Apple and on-going royalties to be paid by Apple to Nokia for the term of the agreement.” “Apple and Nokia ... -
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IMF drops Fischer due to age restriction
Stanley Fischer, the 67-year-old governor of the Israeli central bank, was notified late on Monday by the Board of Directors of the IMF that his bid to head the IMF has been disqualified because of his age. Fischer was told on Monday night that the IMF would not regard him for the managing director position because the rules require incoming applicants to be younger than 65, a statement released by the Israeli central bank said. Following the disqualification Fischer said on Tuesday that he “regrets that age limits” disqualified his bid for the IMF’s top job, and noted that those type of age restrictions “are not relevant today.” Th... -
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Stanley Fisher in race for IMF job
Former IMF deputy chief and Bank of Israel governor, Stanley Fischer, has emerged as a candidate to challenge Mexico’s Central Bank governor Agustin Carstens and French finance minister Christine Lagarde. Fischer announced a formal bid to head the IMF at the weekend, saying his training as an economist would be an advantage to the candidacy. He has held several leading positions, including at the World Bank and Citigroup, and has headed the Bank of Israel for the past six years. In the meantime, Lagarde received support from Egypt, the UAE and Indonesia, which became the latest countries to back her bid after several African states tippe... -
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Supreme Court upholds $290m verdict against Microsoft
The US Supreme Court ruled against Microsoft in its high profile appeal of a $290m patent case verdict against Canadian company i4i. The verdict brings to an end a long-lasting legal battle which saw i4i sue Microsoft in 2007, saying the technology which allows text manipulation in the Microsoft Word application belonged to i4i. According to i4i it was this feature that improved document contents in Microsoft Word 2003 and Word 2007. Microsoft has been ordered to pay the full amount and to cease selling versions of Word with infringing technology. The fine imposed by the appeals court is the largest fine to date for a patent infringement case... -
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Data breach confirmed by Citigroup
Citigroup said today that computer hackers may have gained access to data on hundreds of thousands of card customers in North America. An estimated one percent of customer accounts had been compromised but no actual numbers were given by the company. City Cards, which is one of the biggest credit card providers with over 21 million accounts, has according to its 2010 annual report generated over $77bn in receivables last year. In a statement the company said: “During routine monitoring, we recently discovered unauthorised access to Citi’s account online.” The customers’ data affected by the breach included account numbers, names, cont... -
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No India assurance for Lagarde IMF bid
The finance minister of India, Pranab Mukherjee, said he offers “no assurance” that India will support French finance minister Christine Lagarde in her bid to become the head of the IMF. Lagarde met Mukherjee and India’s Prime Minister Manmohan Singh in Delhi as part of her tour to gain support for her bid within emerging economies. “India wants the election of the managing director of IMF to be on the basis of merit and competence and to be held in a transparent manner and not on any particular nationality, Mukherjee said. Lagarde noted: “We had an excellent meeting and we were able to review quite a few issues concerning the curre... -
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Barclays to pay $2bn in to Lehman trustee
A New York court late on Monday rejected a renewed attempt by Barclays PLC to attain $4bn in assets linked with the sale of brokerage business Lehman Brothers Holdings. The judge reportedly called for the full amount to go to the trustee overseeing the Lehman Brothers’ liquidation. As part of the ruling Barclays is required to return $2.05bn in margin collateral to the trustee but the judge agreed with Barclays that the trustee should not receive a nine percent interest rate but five percent, the rate at the time of the bankruptcy filing for the disputed funds. The interest payable thus far accumulated to $280m. The trustee, James Giddens, ...
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