Citigroup to exit consumer banking in 11 territories worldwide October 14, 2014 US bank Citigroup is pulling its consumer banking arm out of 11 markets across Asia, Europe, the Americas and the Middle East, it announced today. Consumer franchises in Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as the consumer finance business in Korea, as the [...]
Ebola screening at UK airports: How will the spread be contained and who will be tested? October 14, 2014 New Ebola screening measures were introduced at Heathrow airport terminal one this morning, as the government boosts measures to prevent the deadly virus from entering the UK. Those arriving from Guinea, Liberia and Sierra Leone – the three countries suffering most from the current outbreak in West Africa – will be subject to the [...]
Tesco share price dips again as three more executives suspended after Jonathan Lloyd and Ken Hanna depart October 14, 2014 Shares in Tesco fell for a second day in a row as the supermarket revealed a further three executives have been suspended, bringing the total number of people suspended to eight in the wake of its profit overstatement. Shares fell more than two per cent at its lowest this morning on yesterday's close of 180.60 pence [...]
Tesco sheds three more executives in wake of profit overstatement October 14, 2014 Tesco has asked three non-executive directors to leave the company, taking the total number of departures in less than a month since it revealed a £250m black hole in its profit to eight. The supermarket said in a statement: "We have asked three employees to step aside to facilitate the investigation into the potential overstatement [...]
Venezuela default almost inevitable, say Reinhart and Rogoff October 14, 2014 Venezuela will almost certainly default on its foreign debt, according to Harvard economists Carmen Reinhart and Kenneth Rogoff. They add that the beleaguered Latin American economy has already defaulted on "every conceivable kind of domestic debt". The world-renowned economists wrote that the Venezuelan economy had been so badly mismanaged by the socialist government that GDP [...]
Global regulator sets out new shadow banking rules October 14, 2014 Multinational regulatory body the Financial Stability Board (FSB) has set out proposals to strengthen rules on short-term lending, affecting both banks and non-banks, as it moves to curb risks in shadow banking. The FSB, which coordinates regulation for the G20 and is headed by Bank of England governor Mark Carney, is concerned that increased [...]
Facebook’s Mark Zuckerberg shells out $100m for Hawaii holiday sanctuary October 14, 2014 Mark Zuckerberg has splashed out over $100m on two pieces of land on Hawaii's stunning Kauai North Shore, according to Forbes. The properties are reported to total 700 acres. The first purchase was the Pila'a beach, which consists of 383 acres of dazzling white sand. The private beach was owned by Pfleunger properties, a company belonging [...]
UK house prices grow nearly 12 per cent in a year – but in London it’s closer to 20 per cent October 14, 2014 The average price of a UK house rose by 11.7 per cent in the year to August, with London still leading the way. Figures published by the Office for National Statistics this morning showed that house price inflation was strongest in England, up 12.2 per cent, followed by Northern Ireland, where prices rose 9.6 [...]
Ebola.com on sale for $150,000 by pair who invest in disaster domain names October 14, 2014 Business partners Jon Schultz and Chris Hood are selling Ebola.com for $150,000, after purchasing it for an undisclosed sum in 2008. The Ebola outbreak currently gripping West Africa has killed over 4,000 people since it began in Guinea in February, according to estimates by the World Health Organisation (WHO). While there is currently [...]
Inflation falls again: Consumer Price Index falls to a five-year low of 1.2pc in September October 14, 2014 The consumer price index (CPI) of UK inflation fell even further than expected, down to 1.2 per cent in September from 1.5 per cent the previous month, hitting a five-year low. CPI was expected to slow slightly to 1.4 per cent according to analyst forecasts. But the slump is even further below the Bank of [...]