News

Two of the world's largest banks suspended, or put on leave, traders in London and New York yesterday as part of an investigation into alleged manipulation of the trillion-dollar currency market.

Lloyd Blankfein, Chairman and CEO of Goldman Sachs Group

Goldman Sachs quarterly profits decline- but beat expectations

Goldman Sachs beat Wall Street forecasts for its fourth-quarter earnings, largely thanks to paying its bankers less

US watchdogs visit Citigroup's London headquarters amid forex probe

Two of the most powerful watchdogs in the US have sent investigators into the London headquarters of the giant bank Citigroup as the probe into alleged manipulation of global currency markets.

Three City traders deny charges of fraud by rigging Libor interest rates

Three City of London traders who are accused of manipulating markets by rigging Libor benchmark interest rates denied all the charges yesterday at Southwark Crown Court.

Market Report: Marks & Spencer on Citi's shopping list

We are richer, there are more jobs and we are saving less, so we must be shopping more. Analysts at Citi think "material upgrades to the UK economic growth" will benefit retailers. This coupled with "management initiatives" make high street stalwart Marks & Spencer a more attractive company than before.

Market Report: IMI flares up on shale gas boom

The shale gas boom in America's Midwest has been a boon to the Birmingham engineer IMI and news of its strong results yesterday helped it soar to the top of the benchmark index. IMI makes valves that control fluid flow in a host of products from drink dispensers and heating systems to nuclear plants, but the growth of the United States' shale gas sector has been a big area of expansion for the company.

Nikhil Kumar: So will the SEC start getting tough
with wrongdoers? Don’t bank on it

Is the Securities and Exchange Commission (SEC), the US government agency charged with policing the markets, finally getting tough?

Gem unearths third giant diamond

Gem Diamonds has recovered a 100-carat diamond from its Letseng mine in Lesotho – the third such discovery there since May.

Hands lives to fight another day in court after Terra Firma wins appeal on EMI deal

A US appeals court has thrown out a 2010 ruling against a claim by Guy Hands that he had been tricked by Citigroup into overpaying for EMI, setting the stage for a fresh showdown between the private-equity mogul and the bank over the sale of the London-based music business.

Market Report: Dividend fears cause National Grid tumble

The power was pulled from National Grid amid fears of a dividend cut as the wider London market also took a tumble yesterday. Vague rumours that the energy company could cut its dividend sent it to the bottom of the benchmark index.

New Yorkers have embraced the Citi Bikes

Two days in: How are Mike’s Bikes doing in New York City?

New York City, home of the horn-leaning taxi driver and death-wish bicycle courier, has survived a second day on its version of London’s Boris Bikes. At the time of writing, there were no reported calamities involving the new swarm of 6,000 rental machines.

Market Report: Morrisons goes on Citi's shopping list

Shares in Bradford's supermarket chain were in danger of being left on the shelf after weak results, but yesterday City scribblers said it was time to put Morrisons in the buy basket.

Barack Obama's choice for Treasury Secretary grilled on his finances

Jack Lew, President Barack Obama's pick to replace Tim Geithner as Treasury Secretary, was grilled on his tenure at Citigroup, with Republican lawmakers pressing him on his past investments in a Cayman Islands fund and on a nearly $1m bonus he received as Citi was receiving government support during the financial crisis.

Spotlight On... Jack Lew; US Treasury Secretary elect

He's the new Tim Geithner, is that correct?

Market Report: Weekend blues – or has the rally ended?

Have we seen a quick bit of profit-taking, or is the rally really over? Yesterday the FTSE 100 index lurched and lost 100.4 points – the biggest one-day fall since early November. The finish, at 6,246.84, was in contrast to Friday, when the Footsie ended the week on a near five-year high.

Hamish McRae: Lengthy stagnation for West in a two-tier world

Economic View: In this slow-growing world, how can we protect our savings from being whittled away by inflation?

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