Value of frauds reaches a five-year high, with London named as a crime hotspot January 11, 2017 The total value of frauds reported increased by just under a third last year to reach a five-year peak, with London remaining a criminal hotspot, figures released today show. BDO's FraudTrack, which keeps tabs on UK reported fraud cases with a value over £50,000, found total reported fraud in 2016 rose to £2bn, up 31.5 per cent [...]
Volkswagen confirms $4.3bn settlement with US regulators over diesel emissions scandal January 10, 2017 Volkswagen has confirmed it has negotiated a $4.3bn (£3.5bn) draft settlement with US regulators to resolve its diesel emissions scandal. The German car giant said in addition to the fine it will plead guilty to criminal misconduct as part of the civil and criminal settlement. It will face oversight from an independent monitor over the next three [...]
Brexit uncertainty could drag on Europe’s economy says the World Bank as it forecasts a big slowdown in the UK economy January 10, 2017 Brexit uncertainty could drag down growth prospects across Europe according to the World Bank, as it forecasts a sharp slowdown in UK growth this year. UK GDP growth is predicted to fall from two per cent last year to 1.2 per cent in 2017, the World Bank’s twice-yearly Global Economic Prospects report has found. In [...]
Sky defends increases in TV prices saying coverage has been “completely transformed” since 2010 January 10, 2017 The cost of satellite television has rocketed by an average of 50 per cent since 2010, four times the rate of inflation and twice as fast as rail fares have increased over the same period. Free-to-air satellite firm Freesat has urged rail users, angry at January fare hikes, to check the cost of their Sky [...]
Newspapers warn “draconian law” Section 40 would cost industry £100m a year January 10, 2017 The newspaper industry has estimated that a new “draconian law”, Section 40 of the Crime and Courts Act, would cost the industry £100m a year. The News Media Association (NMA) said passing the act would represent an “unfair and undemocratic attack on free speech which would have a chilling effect on newspapers’ ability to report [...]
Sir John Vickers slams quality of Bank of England stress tests January 10, 2017 The man who headed the UK's critical inquiry into safeguarding the banking sector following 2008's financial crisis has slammed the Bank of England's stress tests for falling short. Sir John Vickers, who led the Independent Commission on Banking, called the progress made to bolster the banks so far "really disappointing". "I think we need to be more rigorous, [...]
Veteran newspaper exec leads takeover plot for Richard Desmond titles January 10, 2017 A former News of the World editor is spearheading a takeover plot for Richard Desmond’s newspapers and magazines. David Montgomery, also a former Mirror Group chief executive, is seeking to drum up funds for a new media investment vehicle. Read more: Daily Express owner mulling sale of tabloids to rival Trinity Mirror Montgomery, who City [...]
As he rows back on free movement and flirts with wage cap proposals, will Jeremy Corbyn last the year? January 10, 2017 Rupert Myers, barrister and writer, says Yes. Within the Westminster bubble, the Jeremy Corbyn relaunch went about as well as the tragic lift off of the space shuttle Challenger. Corbyn’s muddle on free movement and the Single Market is likely to have infuriated even his die-hard fans. Is he for free movement? Is he for [...]
Argentina seals deal with foreign energy firms to develop mammoth shale oil and gas deposit January 10, 2017 Argentina's president has said the country has struck a deal with labour unions and a string of energy companies to lure investors to its massive shale oil and gas reserves. Oil majors including Chevron, Total, Shell, BP and Argentinian state energy firm YPF have been among the companies tipped to invest $5bn (£4bn) this year [...]
Food suppliers squeezed as supermarkets play hardball in Brexit price talks January 10, 2017 Food suppliers are being squeezed as supermarkets play hardball in talks over which side should shoulder the burden for the devaluation of the pound, new figures suggest. Research from insolvency firm Begbies Traynor shows 6,000 food suppliers were showing signs of financial distress in the final quarter of 2016, an increase of 13 per cent [...]