Digital finance lending set to hit £1bn
The UK’s peer-to-peer lending market has trebled in size in just three years, as online funding platforms exploit the gap left by banks retreating from lending, according to the first comprehensive report into the £550m digital finance sector. The market will be worth £1bn by 2016 if it continues to grow at its current speed, research by the Open Data Institute and supported by the Bank of England predicts.
Argentina tax deal for energy exporters
In a bid to lure urgently needed investors to its energy sector, Argentina said it would allow firms to export 20 per cent of oil and gas tax-free provided they invest $1bn over five years.
RWE Npower warns over green policies
RWE npower became the first of the big six power suppliers publicly to warn that the government’s green policies will cost consumers more, saying energy bills would rise by more than 19 per cent by the end of the decade.
Bets pay off for new boy in Mayfair
The Hippodrome Casino – the upstart gambling and entertainment spot that took on Mayfair’s established outlets – has reported a stellar first year.
Direct Line to start law division
Britain’s biggest car insurer is setting up a law firm in an attempt to cut its legal bills and the cost of disputed claims.
The Daily Telegraph
Taxman lost £950m in PAYE overhaul
HMRC abandoned hopes of collecting more than £950m in outstanding PAYE in the run-up to the biggest reform for 70 years in the pay as you earn system, the National Audit Office has disclosed.
Couples hide £2.1bn in secret savings
Millions of British couples keep their savings secret from each other, a new report from Lloyds TSB has found.
THE WALL STREET JOURNAL
Treasury Wine writes off A$160m
One of the world’s biggest vintners has a roaring hangover from poor US sales, leading it to destroy thousands of gallons of wine past its prime. Treasury Wine Estates, whose brands range from the mass-market, US-made Beringer to its premium Penfolds Grange wine from Australia, said it would book a charge of A$160m (£96m) against its US business for the fiscal year to 30 June.