FCA confirms new rules for payday lenders February 28, 2014 The Financial Conduct Authority (FCA) has this morning confirmed the new rules it's imposing on payday lenders and debt management companies. The rules respond to persistent calls from government and third sector groups to regulate the industry and drive out unscrupulous lenders. The clampdown on the consumer credit market, which is worth £200bn a year, [...]
MtGox files for bankruptcy protection in Tokyo February 28, 2014 A lawyer for the troubled Bitcoin exchange MtGox has a told a press conference in Tokyo that the company has filed for bankruptcy protection and has an outstanding debt of $63m (£37m), according to the Wall Street Journal. MtGox CEO Mark Karpeles has since given a press a conference where he apologised for the "weakness [...]
Ukraine central bank limits foreign currency withdrawals February 28, 2014 Ukraine’s central bank has limited foreign currency withdrawals from banking deposits to 15,000 hryvnia (£820) per day, in an attempt to stabilise the fast-weakening currency. Ukraine has said it needs $35bn over the next two years to keep bankruptcy at bay. This morning's announcement by new central bank governor Stepan Kubiv comes after the country’s currency reserves [...]
Ofgem demands energy companies return money to 3.5m customers February 28, 2014 Ofgem has confirmed that it is calling on major energy suppliers to return £400m to their customers after research found companies were holding the money in closed accounts. Ofgem said suppliers are holding £202m from 3.5m domestic customers and £204m from 300,000 business accounts. Andrew Wright, interim chief executive of Ofgem, commented: When many people [...]
IAG shares take a hit as Iberia continues to struggle February 28, 2014 Shares in British Airways and Iberia owner International Airlines Group (IAG) are falling despite the company swinging back into the black, with profit before tax reaching €227m (£186m) for the year ended 31 December 2013. In 2012, the company suffered a loss before tax of €774m. However, Iberia has continued to struggle while the Spanish [...]
Serco shares rocket on appointment of Aggreko chief February 28, 2014 Scandal-hit Serco has announced this morning that it’s appointed Rupert Soames, current chief executive (CEO) of Aggreko, as its new CEO. Shares have jumped over 10 per cent on the news. Source: Google Chris Hyman, the company’s last boss, left in October, following the string of fiascos concerning the electronic tagging of prisoners. Last [...]
Old Mutual shares jump on IPO confirmation and Intrinsic acquisition February 28, 2014 Old Mutual has posted promising 2013 results this morning, announcing it’s bought adviser firm Intrinsic for an undisclosed amount. The international group also confirmed it’s taking its US Asset Management business to market, with a minority initial public offering this year. Last year, it saw reported profit before tax of £1.5bn – a 9.5 per [...]
Pearson warns of falling earnings in 2014 after US education slowdown February 28, 2014 Publishing company Pearson has reported a fall in profit before tax of two per cent to £382m in its preliminary results for 2013. Adjusted earnings per share also fell by 15 per cent from 82.6p to 70.1p. However, sales at CER climbed two per cent to £5.2bn, while the company experienced growth in emerging markets. [...]
What you need to know before the open February 28, 2014 European bourses are set to open slightly higher this morning, after Fed chair Janet Yellen yesterday acknowledged the possibility that recent severe weather in the US could have impacted economic data. She also confirmed the Fed remains on track with its tapering programme. US markets finished on a record high yesterday, with the S&P 500 [...]
Rise in online gaming fails to stem William Hill profit loss February 28, 2014 Shares in FTSE 100 company William Hill are up a healthy 2.6 per cent following final results for 2013 showing a rise in online net revenue of 10 per cent and an explosion in mobile gaming net revenue of 166 per cent. However, the bookmaker suffered a seven per cent fall in profit before tax [...]