Barclays hit as New York initiates dark pool lawsuit against bank June 25, 2014 BARCLAYS was slapped with a lawsuit by a US state yesterday, with New York attorney general Eric Schneiderman accusing the bank of a “disturbing disregard for its investors”. The case concerns Barclays’ dark pool operation, which the attorney general says favours high-frequency traders, who have been given “systematic advantages” by the bank. Schneiderman also alleges [...]
Finance watchdog hits ex-trader with charges for insider dealing June 25, 2014 A FORMER Schroders trader was charged with nine counts of insider dealing yesterday, covering a period of nearly a decade. The Financial Conduct Authority (FCA) announced the charges against Damian Frank Clarke yesterday, which it said were related to trading in equities and spread betting. The watchdog says that the incidents took place over a nine year [...]
Euro banks recover from crash at last as investors show confidence June 25, 2014 FINANCIAL markets have stopped demanding a premium to insure European banks’ debts against the risk of default, the latest indicator that the sector is recovering from the crisis. Figures published by data firm Markit yesterday showed banks’ debts were insured at the same price as any other large firm’s on the continent. The credit default swaps [...]
Photographic cheque cashing to bounce payment into digital age June 25, 2014 CHEQUEHOLDERS will soon be able to cash their payment almost instantly by taking a photo on their smartphone and sending it to the bank. The government’s Small Business, Enterprise and Employment Bill will allow banks to process cheques using “digital imaging” technology for the first time. As well as removing the hassle of a visit [...]
Surgeons make the cut in Spire Healthcare share sale proposal June 25, 2014 The UK’S second biggest private healthcare provider, Spire Healthcare, yesterday unveiled plans to raise £315m by selling shares to investors – including its own doctors and surgeons. The company, owned by private equity group Cinven since 2007, will give 7,000 employees, including 3,500 surgeons, the chance to buy shares in lots ranging from £500 to [...]
Kozel gives up the hot seat at Gulf Keystone June 25, 2014 TODD Kozel, the controversial founder and chief executive of Gulf Keystone Petroleum, will step down from his role next month, the company said yesterday. Kozel, 47, will retire from the top spot on 17 July but remain at the company as executive director. The company has appointed headhunters to find a new candidate for the [...]
Minister keen to keep tough visa stance June 25, 2014 IMMIGRANTS’ success in the City will not persuade the government to end its crackdown on visitors to the UK, financial secretary to the Treasury Nicky Morgan said yesterday. Speaking at TheCityUK’s conference on Britain’s place in the EU, the MP said Ukip’s success in the European elections cannot be ignored, indicating the City’s needs will [...]
Amazon’s lockers arrive in London Tube station car parks June 25, 2014 Amazon has introduced new lockers at Finchley Central and Newbury Park tube station car parks in a partnership between the online retail giant and Transport for London that will let customers collect their purchases at the lockers – like they can do in some Tesco, Asda and Sainsbury’s car parks. Amazon has lockers in over [...]
EasyHotel IPO raises just half of £60m target June 25, 2014 EASYJET founder Sir Stelios Haji-Ioannou announced plans to float the budget hotel chain easyHotel on Aim next week but has raised just half of the £60m it had hoped to gain. The company, owned by the Greek billionaire’s easyGroup holdings, has priced its initial public offering (IPO) at 80p, valuing the business at £50m and [...]
Cycle shop Wiggle candidate for IPO after appointing advisers June 25, 2014 Cycle shop Wiggle’s private equity owner Bridgepoint is mulling plans to float the company on the London stock market. The private equity group, which owns Pret a Manger, has been working with Rothschild to explore options for the business, one of which may include a share sale. Nomura and Numis are also said [...]