Sunday 4 December 2016

In brief: Sisk/Sicon's fine cut by almost £6m

Published 12/03/2011 | 05:00

CONSTRUCTION: IRISH construction firm Sisk and its parent Sicon unit have had a £6.2m (€7.2m) fine, imposed by the UK's Office of Fair Trading (OFT) in 2009, slashed to just £356,000 following an appeal to the Competition Appeal Tribunal (CAT) there.

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Sisk had been fined as part of an investigation into more than 100 firms, for a single instance of so-called cover pricing, which the OFT had labelled an infringement.

US retail sales up 1pc for February

Economy

SALES at US retailers increased in February as rising energy prices boosted receipts at petrol stations. Total retail sales rose 1pc, the largest gain since October and the eighth straight advance, according to figures from the US government. Excluding autos, sales rose 0.7pc after gaining 0.6pc in January. Receipts at petrol stations increased 1.4pc after rising 1.3pc in January.

Rosneft will fight oligarchs at TNK-BP

oil

RUSSIA'S biggest oil producer, Rosneft, has warned that it will deploy "exhaustive measures" to ensure that its deal with BP is not disrupted by the oligarchs that control half of TNK-BP. In a stark statement issued ahead of a TNK-BP board meeting in Paris today, Rosneft said: "Any actions aimed at undermining this deal that damage Rosneft will be analysed and followed by exhaustive measures aimed at defending the rights of our investors, with all the ensuing consequences." The four oligarchs who own the stake in TNK-BP wish to block a deal agreed between BP and Rosneft in January.

Banks will soon face additional rules

Banking

Global regulators this week agreed on additional rules for banks whose failure would disrupt the global economy, according to two people familiar with the discussions. The Basel Committee on Banking Supervision decided lenders will face a sliding scale of additional capital requirements based on their size and the ability for other banks to absorb their business, said one of the people, who declined to be identified because the talks are private. Regulators will regularly evaluate which banks should face capital surcharges, the other person said.

Irish Independent

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