Bill of the Week (It’s Back!): Lidl’s lavish V&A dinner August 28, 2014 Bill of the Week is coming out of retirement for a special appearance today. But contrary to its predecessors, which regularly toted up the price of umpteen bottles of Krug and countless Grey Goose martinis, this bill is all about frugality. One might call it a really Lidl bill. One of our roving reporters [...]
Euro sentiment drops again on dismal outlook August 28, 2014 ECONOMIC confidence in the Eurozone’s recovery has dropped to the lowest level so far this year, as the currency union’s recovery from recession looks increasingly fragile. The European commission’s own economic sentiment indicator fell again, dropping to 100.6, just above the level with denotes the long-term average confidence level. The measure is now at its lowest [...]
Deutsche Bank fined £4.7m for misreporting market transactions August 28, 2014 BRITAIN’S financial watchdog yesterday fined Deutsche Bank £4.7m for wrongly reporting a number of market transactions for nearly six years. The Financial Conduct Authority said in a statement that the bank had failed accurately to report its contract-for-difference (CFD) equity swaps, totalling £29m, it executed between November 2007 and April 2013. CFDs allow a buyer [...]
FBI brought in to probe cyber attack on JPMorgan Chase August 28, 2014 JPMorgan Chase yesterday said it was investigating a possible cyber attack and was working with the FBI to determine the scope of the hack. Bank spokeswoman Trish Wexler said JPMorgan was taking additional steps to safeguard sensitive or confidential information, though it did not see unusual fraud activity at this time. JPMorgan disclosed the investigation [...]
Swiss bank Lombard Odier joins Pictet to lift the lid on corporate stats August 28, 2014 Swiss bank Lombard Odier broke with two centuries of tradition yesterday to publish its first ever set of corporate results, the second secretive Swiss bank to do so this week. The Geneva-based outfit, which was founded in 1796 and is the oldest lender in the country, has been forced to publish results due to a [...]
Geneva’s bank opacity is melting like Swiss chocolate – Bottom Line August 28, 2014 When historians come to write the history of Swiss banking in the 21st century, the mid-2010s are likely to be some of the better thumbed chapters. The release of results this week by Pictet, Lombard Odier and smaller rival Mirabaud has lifted the veil of secrecy on the traditionally discreet world of Swiss private banking. [...]
Samsung touts new smart gear ahead of Apple August 28, 2014 SAMSUNG yesterday unveiled the first smartwatch capable of making and receiving calls without a smartphone nearby, as the South Korean electronics giant looks to gain a stronghold in the wearable market, which rival Apple is expected to enter in two weeks. Meanwhile, in the UK, Samsung has increased its smartphone market share from 32 per [...]
Soaring punter payouts hit first quarter profits at Paddy Power August 28, 2014 BOOKMAKER Paddy Power boasted a record number of new online customers in the first half of the year, but blamed punter friendly results for a 20 per cent fall in profits. The group’s revenues grew four per cent to €396.5m (£315.2m) during the six months to 30 June while profits sagged to €61.6m, down from [...]
Playtech poised to beat forecast August 28, 2014 GAMBLING software firm Playtech saw its shares jump 7.4 per cent to 712p yesterday, after posting soaring profits during the first half of 2014. It is now on track to beat full-year forecasts. Playtech, whose clients now included Trinity Mirror and Mexican gambling firm Caliente, said its revenues rose 21.2 per cent to €214.4m (£170.4m) [...]
Spirits hurt by Polish tax hike August 28, 2014 EASTERN Europe-focused vodka and spirits maker Stock Spirits saw its revenues knocked during the first half of the year as sales were hit by a 15 per cent hike in Polish excise duty. Stock Spirits, the biggest vodka producer in Poland and the Czech Republic, reported a 10 per cent drop in revenues to €137.7m [...]