110 arrested in unprecedented boiler room fraud raids February 28, 2014 110 people, including 20 in the UK, have been arrested as part of an international police crackdown on boiler room fraud. Operation Rico, which culminated in a string of raids over this week, was headed by City of London Police. 850 victims have been confirmed in the UK, although the figure is reportedly likely to [...]
Big six told to shell out £400m to customers February 28, 2014 Customers of the big six energy companies may receive hundreds of millions of pounds back, after Ofgem wrote to the companies highlighting the issue, according to the BBC. £400m is thought to be owed due to credit left in customer accounts accumulated over the past six years from moving house or switching suppliers. It's estimated [...]
Asian markets fall as Yellen fails to inspire February 28, 2014 Asian markets are falling across the board as investors failed to be inspired by Janet Yellen's testimony to Congress on the strength of the US economy. There continues to be significant uncertainty over China's economic outlook. Volatility in the yuan has picked up as the People's Bank of China attempts to weaken the nation's currency. [...]
Scots warned of business exodus February 27, 2014 TWO BUSINESS heavyweights have issued the starkest warning yet about the damage Scottish independence could do, claiming that it could push companies to leave the nation and start again in England to avoid financial uncertainty. The news will come as a devastating blow to Scottish National Party leader Alex Salmond, who is using the value [...]
Russia circles as tensions in Ukraine build February 27, 2014 ESCALATING tensions in Ukraine worsened yesterday, as separatist groups seized control of Crimea’s parliament building and troops gathered near the Ukraine-Russia border. The raid came as new Prime Minister Arseny Yatseniuk admitted the country was in dire financial straits, saying that loans worth $37bn (£22.17bn) were missing from the treasury. The Ukrainian hyrvnia has fallen [...]
Lego sets out plans for world domination as it grabs market share February 27, 2014 LEGO yesterday laid out its plans to dominate the world toy market after revealing sales for last year that trumped the general market. The Danish maker of colourful toy bricks, already the world’s second largest toymaker after barbie-maker Mattel, said it expected to continue to grab market share. The popularity of its city range, which [...]
£3bn wiped off RBS as it reveals turnaround plans February 27, 2014 RBS SHARES dived as the bank yesterday revealed an £8.2bn loss for 2013, and warned it will be years before there is even a chance of turning a profit on the taxpayer’s stake. The latest losses mean the bank has now lost £45bn in the six years since the financial crisis struck, amounting almost exactly to [...]
Queen Merkel stands firm on EU treaty deal February 27, 2014 GERMAN chancellor Angela Merkel failed to throw David Cameron the lifeline he needed over EU reform yesterday, warning in a speech that anyone looking for support for fundamental changes to the union would be “in for a disappointment.” Merkel got the full red-carpet treatment during her visit to Downing Street, but if the pomp was [...]
Miles: rates to stay below 3pc February 27, 2014 EVEN when the economy has fully recovered interest rates could stay below three per cent, the Bank of England’s David Miles said yesterday. The monetary policy committee member said rates could stay low without pushing up inflation, because of the damage caused to the economy in the financial crisis. “For an extended period we might [...]
Spain sells £1bn stake in Bankia February 27, 2014 THE SPANISH government last night announced a sale of a 7.5 per cent stake in Bankia, the lender it bailed out in 2012 after the country’s property market crash and sustained recession. The stake is worth €1.3bn (£1.1bn) at last night’s closing share price. After the sale the government will still control the bank, holding a 61.5 [...]