City watchdog taken to court over failure to act in Royal Bank of Scotland GRG scandal December 5, 2018 A Scottish businessman is taking City watchdog the Financial Conduct Authority (FCA) to court over its role in the investigation into the Royal Bank of Scotland’s restructuring unit. According to court documents, frequent RBS critic Neil Mitchell has filed an application for a judicial review of the FCA’s decision not to sanction anyone from RBS’s [...]
Boohoo countdown promotions broke advertising rules, says ASA December 5, 2018 Online fashion retailer Boohoo misled customers by using a fake countdown clock, according to the Advertising Standards Agency (ASA). The advertising watchdog said Boohoo broke its rules by using false time limits, putting customers under unnecessary pressure to make purchases. Boohoo’s promotions used a countdown clock offering shoppers discounts if they bought items before a deadline. But an [...]
Watchdog to launch in-depth probe into Paypal’s iZettle takeover December 5, 2018 The UK’s competition watchdog plans to launch an in-depth investigation into PayPal’s takeover of iZettle amid fears it could drive up prices for customers. The Competition and Markets Authority (CMA) said it is concerned the deal could negatively impact future competition for mobile payment services, which it said could result in higher prices or lower quality service [...]
Stagecoach shares climb 15 per cent despite £85m balance sheet blow from US division December 5, 2018 Stagecoach shares climbed by 12 per cent this morning despite its writedown of its US, as investors focused on the business’s underlying performance in the UK. The figures Stagecoach revenue fell to £1.23bn in the six months to the end of October, down from £1.79bn in the same period in 2017. Underlying profit before tax [...]
BT blocks Huawei hardware from use in 5G network amid global security concerns December 5, 2018 BT has barred Huawei’s equipment from being used in its core 5G mobile network when it goes online in the UK, the company has confirmed, amid security concerns. The British company also confirmed it is removing Huawei’s hardware from use in its existing 3G and 4G networks, first revealed by the Financial Times this morning. BT bought [...]
Housebuilders lead the FTSE risers as no-deal Brexit risk fades December 5, 2018 Britain's largest housebuilders saw the value of their shares jump this afternoon as the prospect of a no-deal Brexit began to recede. Property heavyweights such as Berkeley Group, Persimmon and Redrow were among the top 10 FTSE risers today as a frantic 24 hours of political tussling in Westminster fuelled the possibility of a “softer” Brexit [...]
Deutsche Bank shares hit rock-bottom in the wake of police raids December 5, 2018 Deutsche Bank shares dropped to an all-time low this morning before rallying, amid an investigation into possible money laundering. Shares dropped 2.4 per cent to €7.90 (£7.03) as trading opened today, the second time they have dropped below €8 after Friday, when prosecutors raided the lender’s offices for a second day. Police were looking for [...]
Brexit legal advice: No way out of the backstop without a trade deal December 5, 2018 The UK will be locked in a customs union with the EU even if other ways of avoiding a hard border with Ireland are found, according to the government’s top lawyer. The secret legal advice given by the Attorney General to the Cabinet on the proposed Brexit deal makes it clear the UK would struggle to [...]
Thomas Cook share price rebounds after stocks hit a five-year low following profit warnings December 5, 2018 Thomas Cook shares have rebounded after a torrid week, rocketing by as much as a third this morning, clawing back some of the nearly 60 per cent losses in the past eight days. The boom came as Moody’s downgraded the corporate family rating of the travel agents to B2 from B1 and changed the outlook to [...]
JP Morgan raises probability of no-Brexit to 40 per cent as chance of no deal shrinks to 10 per cent December 5, 2018 There is now a 40 per cent chance of the UK staying in the European Union, according to a research note published by a JP Morgan economist this morning. Citing the European Court of Justice’s top legal advisor, who said yesterday that Britain could unilaterally perform a U-turn on Article 50 if it wanted, JP Morgan economist [...]