Credit Suisse hit by tougher tax evasion probe April 15, 2014 NEW YORK regulators have stepped up their investigation into claims Credit Suisse helped clients evade taxes, it emerged yesterday. The New York Department of Financial Services (DFS) last week subpoenaed the Swiss bank, requesting documents which may give evidence for the probe. It is looking for emails, travel records, expenses, calendar entries and other records relating to [...]
Forex boss at Lloyds resigns April 15, 2014 A TOP currency trader at Lloyds Banking Group has quit his job in the midst of an investigation into allegations of attempted market manipulation. Darren Coote has headed global spot trading at the bank since late 2011, and insiders say his departure is not related to the investigations. Coote previously worked at Swiss bank UBS. Lloyds said [...]
Most still don’t switch account April 15, 2014 CONSUMER watchdog Which? is calling for an investigation into competition in the current account market, after it emerged that just two per cent of people have switched accounts since new guarantees came into effect in September last year. Research found the seven day switching promise is failing to persuade consumers. The Competition and Markets Authority [...]
Ex-Icap staff in court facing Libor claims April 15, 2014 THREE former brokers at Icap were in court yesterday facing allegations of conspiracy to defraud by trying to manipulate key inter-bank interest rate Libor. Danny Wilkinson, Colin Goodman and Darrell Read (left to right) are accused of working with ex-UBS and Citi trader Tom Hayes to submit false interest rates, in a bid to improve [...]
Bottom Line: Retail can’t promise to learn from mistakes April 15, 2014 YESTERDAY was a glorious, sunny day in London – clear blue skies with a hint of the crisp spring weather that typifies a British April. Lunching City workers donned light coats and sunglasses, keen to soak up the rays. But forecasters are already warning that Easter weekend could be a washout – retailers who’ve stocked [...]
Investors cheer recovery plans for Debenhams April 15, 2014 DEBENHAMS’ shares climbed four per cent yesterday as investors welcomed plans to refocus its promotional strategy after a disastrous first half in which profits fell by almost a quarter. The department store group laid out plans yesterday to cut back on promotional activity, extend delivery times for online orders and partner with new brands to [...]
Gadget-maker JML sees profits decline by more than a quarter April 15, 2014 JML, the household products maker set up by Labour donor and economist John Mills, said profits fell by more than a quarter last year despite a 12.4 per cent rise in sales. The group sells quirky products such as Fast Fit Ironing Board Cover and its Shark steaming mops through its four television shopping channels [...]
House of Fraser sales hit record for new owners April 15, 2014 BOOMING online sales helped House of Fraser deliver record gross profits last year, the department group said yesterday in the wake of its acquisition by Chinese conglomerate Sanpower. House of Fraser’s adjusted earnings rose 8.3 per cent to £60.2m in the year to 25 January while gross profits hit £430.6m – its highest ever level, [...]
JD Sports posts a jump in profit as Blacks and Millets break even April 15, 2014 A STRONG performance from JD Sports’ sportswear arm helped profits sprint ahead of expectations last year, despite losses at the retailer’s struggling fashion business. Adjusted pre-tax profit rose 27 per cent to £77m in the year to the beginning of February, beating analysts’ forecasts of around £71m. Chairman Peter Cowgill said the turnaround of Blacks [...]
Belgian court bans Uber app April 15, 2014 Taxi drivers in Belgium could face a €10,000 (£8,260) fine every time they pick up a passenger who has booked through smartphone app Uber, a Brussels court ruled yesterday. European Commissioner Neelie Kroes hit out at the decision, arguing it hurts consumers and innovators. “This decision is not about protecting or helping passengers – it’s about [...]