RBS says it is reviewing staff conduct following Forex scandal fine November 12, 2014 The Royal Bank of Scotland (RBS) has announced that it is investigating the conduct of over 50 members of its staff, in a sign of penitence for its involvement in the Forex market rigging scandal. This morning, five banks including RBS were given hefty fines by the Financial Conduct Authority (FCA) for "failing to [...]
Bwin.Party Digital shares soar over 10 per cent after it confirms takeover talks November 12, 2014 Shares in FTSE-listed Bwin.Party soared over 10 percent on Wednesday afternoon, after the online gambling company confirmed it was in early talks that could result in an acquisition offer. In a bulletin entitled "media speculation" it said: The Board of bwin.party confirms that it has entered into preliminary discussions with a number of interested parties regarding [...]
Here are six things that the £1.1bn forex fine could be spent on “for the wider public good” November 12, 2014 Good news! Thanks to the forex fine announced today the Treasury is getting a £1.1bn boost to its coffers (minus whatever the FCA's enforcement costs come to). And even better news! Chancellor George Osborne has said he will use the money “for the wider public good”. Last time around, the government department used [...]
How Hong Kong is planning to become Asia’s answer to Silicon Valley November 12, 2014 Hong Kong has long been a magnet for those seeking business success, and this week the former UK colony is making its case to be Asia’s technology hub of choice. A year on from the inaugural StartmeupHK Venture Forum, Hong Kong will once again welcome hundreds of international founders, investors and policymakers to make [...]
Interest rate rise in 2015: This is why UK SMEs aren’t phased November 12, 2014 UK small and medium-sized businesses aren't phased by the prospect of rising interest rates, which, following comments by Bank of England governor Mark Carney this morning, market mavens now think will happen in October 2015. Research by the Institute of Chartered Accountants in England and Wales (ICAEW) found that of the 500 small and medium-sized [...]
Exclusive: Virgin Money to IPO on Friday, but prices shares at bottom of range November 12, 2014 The long-awaited flotation of Virgin Money will take place on Friday, although it is planning to price its shares right at the bottom of their range, City A.M. understands, . Earlier this month, we revealed the challenger bank will target a share price of 283p-333p when it launches its IPO, valuing it at £1.25bn-£1.45bn. But a source [...]
Playtech share price falls after €315m bonds issue November 12, 2014 Shares in Playtech dived seven per cent this morning after it issued a €315m (£248m) convertible bond. The online gambling software company issued the five-year unsecured convertible bond to fund acquisitions and “organic opportunities” which it believes will create significant value for shareholders. The share conversion price is expected to be between 20 and 30 [...]
Conversations between forex traders during the height of the scandal make them look like a bunch of teenagers November 12, 2014 Daily av volume turnover was $5tn + in 2013 vs 216bn equities market Traders described themselves as "the players" "A team" 1 team" "the 3 musketeers" " 3 way relationship built on immense trust" "[don't] want other numpty's in mkt to know [about information exchanged within the group], but not only that is [...]
Barratt Developments share price up on positive outlook for coming year November 12, 2014 Barratt Developments said it expects to deliver a significant improvement in performance over the next financial year, sending share price up by 0.82 per cent to £4.29 in morning trading. In its interim management statement for the 19 week period ending 1 July, the UK home builder described market conditions as “robust”, with high [...]
Working for free? Unpaid internships in London cost £926 a month November 12, 2014 Every year thousands of young people toil away in unpaid internships, hoping to enter the increasingly crowded jobs market. They're seen as a necessity in industries such as journalism, graphic design, fashion and even some financial services roles. But for many, they're simply unaffordable, according to a report from the Sutton Trust, which had crunched university data [...]