Wonga boss Errol Damelin steps down June 13, 2014 Founder and chairman of payday lender Wonga Errol Damelin has stepped down from the company's board. The British-based entrepreneur co-founded Wonga in 2006 after setting up Supply Chain Connect. Wonga said in a statement: "Last November Damelin indicated to the Board that he wanted to begin an orderly exit from the Company after stepping down [...]
Jamaica decriminalises cannabis in “enlightened” approach to drugs June 13, 2014 Jamaica is set to liberalise its drug laws in what the Justice Minister Mark Golding called a "more enlightened approach" to dealing marijuana possession. Marijuana will be decriminalised for religious, medical and scientific purposes. Jamaicans will soon be able to carry up to two ounces of cannabis without fear of criminal prosecution. Instead, the possession [...]
BoAML: Wall Street success could be greatest threat to US recovery June 13, 2014 Forget geopolitical tensions or an emerging market slowdown, the success of the US' own financial system could now be the biggest risk to success. According to a Bank of America Merrill Lynch (BoAML) research report out today, the threat of Federal Reserve action to dampen excesses on Wall Street may in turn kill off the [...]
Petra share price to sparkle as 122.52 carat blue diamond set to be world’s most expensive June 13, 2014 Petra Diamonds has recovered an exceptional 122.52 carat blue diamond its Cullinan site in South Africa. That same mine has produced the largest rough gem diamond ever, the 3,106 carat Cullinan diamond. Martin Potts, an analyst at FinnCap, says that this stone may break the record price paid for a rough diamond. The current record [...]
Second Twitter exec resigns with goodbye tweets after Ali Rowghani’s exit June 13, 2014 Twitter's head of media in North America is leaving the social network – just a day after COO Ali Rowghani stepped down. Chloe Sladden, a senior executive reporting directly to Rowghani, was instrumental in forging relationships between Twitter and its media partners including broadcasters and publishers. She also worked closely with Twitter's high [...]
Bonmarche profits soar June 13, 2014 Women's retailer Bonmarche has enjoyed a massive rise in profit before tax of 66 per cent, to £8m for the year ended 29 March. Like for like sales grew by over 10 per cent, with revenue climbing 12 per cent to £164m. The company's market share of women's value sector also rose by a hefty [...]
Asia Resource Minerals boss Nick von Schirnding moves after losing support from major shareholders June 13, 2014 Asia Resource Minerals, the scandal-struck Indonesian coal miner formerly known as Bumi, has decided to replace its chief executive Nick von Schirnding after he lost support from major shareholders. The London-listed firm said yesterday that it was more appropriate that the company’s chief executive be based in Indonesia. Von Schirnding will not stand for re-election [...]
Mark Carney – Prepare for a rise in interest rates June 12, 2014 Bank of England governor Mark Carney shocked markets last night by revealing that interest rates might be hiked this year – a stark turnaround from his usual position of talking down the possibility. Addressing an audience of City grandees at the annual Mansion House dinner, the 49-year-old Canadian said the Bank could start to bring [...]
Osborne unveils plan for mortgage cap to cool off housing market June 12, 2014 CHANCELLOR George Osborne pushed the Bank of England closer to intervening in the housing market last night, encouraging governor Mark Carney to use radical new powers to limit mortgage lending. The Bank can now limit borrowers’ mortgages based on their income relative to the size of the loan – or stop them buying a house [...]
Councils ordered to back developers or lose powers June 12, 2014 CHANCELLOR George Osborne last night revealed “radical” new rules on housing that he said would push local authorities to let developers build on almost all brownfield land – or central government might bypass council controls altogether. The chancellor said that he expected 90 per cent of appropriate brownfield land to be covered by pre-approved planning [...]