News Column


August 19, 2014

Rabo trader guilty in US Libor case A former senior rate trader at Rabobank pleaded guilty to conspiring to manipulate benchmark interest rates yesterday, becoming the first UK citizen to accept responsibility in the sprawling US investigation. Paul Robson, the former rate submitter and trader, told a US judge in New York that he was guilty of conspiring to manipulate interest rates by submitting false yen Libor rates, or the cost of funding to Rabobank, on behalf of traders to benefit their positions.

Online ad group valued above $1bn Allegations of fake eyeballs and robotic banditry have not damped investor appetite for digital advertising, with online ad company AppNexus becoming one of only a handful of New York start-ups to crack a valuation of more than $1bn after a new round of investment. The latest $60m cash injection comes from a Boston-based public equity and asset management group, the name of which AppNexus declined to disclose. It valued the company at $1.2bn - putting it on par with online luxury retailer Gilt Groupe.

Egg firm rejects Crimea asset seizure London-listed Avangardco, one of the world's largest egg producers, is to mount a legal challenge to the "forced nationalisation" of its assets in Crimea - following the award of $50bn in damages to Yukos shareholders in the wake of the peninsula's annexation by Russia.

Small power firms attack Big Six Independent power generators have claimed that bills will rise because the dominance of the big energy companies stops them from building power stations. Intergen, which operates three large gas power stations in the UK, said that power station developers were unable to finance new projects because they could not find buyers for the electricity they generate.

Cost watchdog accused of failure Major Projects Authority, created to keep the lid on departmental cost overruns on big projects, has been criticised for letting budgets on schemes it oversees rise by nearly 40 per cent in the past year.

Aldermore gearing up for flotation Challenger bank Aldermore is gearing up for a stock exchange listing which is likely to make it one of the first major companies to debut on London's markets after a summertime lull. A stock market listing is expected within weeks, valuing the retail bank at up to 900m.

Taser surges after Ferguson shooting Taser pushed the Nasdaq to a 14-year high on Monday, amid expectations that US police forces will adopt the company's wearable video recorders following the shooting in Ferguson, Missouri. The company is best known for making the stun guns which carry its name.

Continental poaches Google exec Continental, one of the world's largest automotive parts makers, has picked a Google self-driving-car executive to lead a new Silicon Valley-based operation aimed at intelligent transportation efforts. The company said it had hired Seval Oz, an expert in vehicle networking.

US Treasury prepares inversion plans Treasury officials are assembling a list of administrative options for secretary Jacob Lew to consider ways to deter or prevent US firms from reorganising overseas primarily to avoid paying federal taxes, an official said yesterday.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: City A.M. (UK)

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