Nat Rothschild enters Lions’ den to win over cabbies with Maaxi taxi app September 29, 2014 Financier Nathaniel Rothschild is to go up against controversial travel app Uber, launching a new ride-share application called Maaxi, which will facilitate cheaper black cab rides by grouping customers travelling to the same destination. He has teamed up with Argentine technology heavyweight Gabriel Campos, the former CEO of gaming website Pokerstars, to bring the [...]
Business groups slam MP John Redwood over EU threat September 29, 2014 Business groups hit back yesterday after Conservative MP John Redwood appeared to threaten company bosses who publicly voice support for Britain’s membership of the EU. Redwood, a former Welsh secretary and ardent eurosceptic, told a fringe event at Conservative party conference: “It will be deeply disruptive to their businesses, and maybe even to their own tenure [...]
Brussels finance boss tells City: I’m on your side September 29, 2014 THE EU’s top finance regulator Michel Barnier yesterday tried to win over London’s traders during a speech in the square mile, insisting he does not want to harm the City. “The European Commission has no interest in undermining the UK, and no interest in threatening London’s place as the largest European financial centre,” he said. Barnier had [...]
Lloyds kicks out eight staff for fiddling Libor September 29, 2014 LLOYDS fired eight staff yesterday for trying to fiddle key Libor and repo interest rates between 2006 and 2009, after the bank was fined £226m in June over the wrongdoing. It came as UBS admitted it is in settlement talks with regulators around the world over the forex benchmark manipulation scandal, the first such bank [...]
Bond battle gets bitter as judge holds Argentina in contempt September 29, 2014 ARGENTINA has been held in contempt of court by a US judge after the country ignored a ruling ordering it to pay the bondholders who had refused to take part in the state’s debt restructuring. The ruling underlines how bitter the long-running case has become, making it increasingly difficult for the government to back down [...]
Era of too big to fail nearly over September 29, 2014 BRITAIN and Germany are set to become the first governments to pull their support from banks, shifting the cost of any future collapse from the taxpayer and on to investors, Standard and Poors said yesterday. Such a move represents the end of the “too big to fail” era, when governments were so scared of bank collapses [...]
Hong Kong protests hit Asian markets September 29, 2014 Demonstrators thronged outside the Legislative Council in Hong Kong yesterday as the protest against the Chinese for free elections continued. The unrest has hit stocks for Asia-focused banks such as HSBC and Standard Chartered as well as miners Rio Tinto and BHP Billiton. It is likely to escalate tomorrow, which is China’s National Day holiday.
Investor fury at Balfour Beatty profit warning September 29, 2014 SHAREHOLDERS are angry and concerned over the latest trading update from beleaguered construction firm Balfour Beatty. The update, published yesterday, is the company’s third in five months, and revealed a £75m profit shortfall in its construction services UK business. Balfour’s share price fell by 20 per cent after the report and closed down 15.3 per [...]
Falling confidence in Eurozone points towards another recession September 29, 2014 CONFIDENCE in the Eurozone fell for the fourth consecutive month in September, adding to the growing body of evidence that the currency union is edging toward recession. The headline figure of the European sentiment index (ESI), published by the European Commission, fell to 99.9 in September from 100.6 in August. Figures released earlier in the [...]
Prudential boss to join 21st century board September 29, 2014 Tidjane Thiam, Prudential chief executive, has been nominated to join the board of Rupert Murdoch’s 21st Century Fox (whose upcoming movie Gone Girl, pictured, featuring Ben Affleck, has received rave reviews). Thiam, circled above, said he was “delighted to be nominated”. A final decision will be made on 14 November at the firm’s annual meeting.