Cable & Wireless Communications loses CFO ahead of Miami move February 10, 2014 Tim Pennington, chief financial officer (CFO) at Cable & Wireless Communications (CWC) is quitting the company on Tuesday to take up another CFO position with an unnamed company in London. Pennington’s decision to leave the company comes ahead of its move to Miami from London in July. The search is now on for his successor, [...]
Sir Terry Leahy joins social media company Starcount…but still not Twitter February 10, 2014 Former Tesco chief executive Sir Terry Leahy has leapt into social media, wallet blazing, by both investing in and becoming a board member of fan science company Starcount. Sir Terry will be joining old Tesco comrades Clive Humby and Edwina Dunn – the pioneers behind the supermarket’s Clubcard – who took stakes in [...]
One bank just unravelled Venezuela’s toilet paper crisis February 10, 2014 Venezuela has been beset by chronic shortages of toilet paper for years, and now Bank of America Merrill Lynch believes it knows why. CADIVI, Venezuela’s currency exchange institution, allows dollar purchases of toilet paper as a necessary item. The central bank has also issued an increased number of dollars to CADIVI in recent years, so [...]
Essar Oil sees profit jump 63pc February 10, 2014 Essar Oil, India’s second-largest private refiner, saw a 63 per cent jump in profit after tax in the quarter ended 31 December to 520m rupees (£50.9m). Despite a planned seven-day shutdown at the Vadinar refinery, operational efficiencies and more stability both in terms of oil prices and foreign exchange rates helped the firm turn a [...]
More than a third of Brits are failing to save for retirement as pensions crisis looms February 10, 2014 More than a third of Britons say they have no plans to save for their retirement, according to research conducted by information company Nielsen. The 37 per cent of UK consumers who are making no contingency for their old age far outstrips the 22 per cent of people globally who are failing to save for [...]
Bitcoin tumbles over 20pc after the exposure of this critical flaw February 10, 2014 Bitcoin's having a bad morning. After an update from key exchange MtGox detailed problems with a bug – known as "transaction malleability" – the cryptocurrency is dropping like a stone. That will mean that withdrawals from the exchange stay halted. While the Bitcoin community was already aware of the fault, the news has shaken confidence [...]
Barclays releases key profit figures early February 10, 2014 We've got some early Barclays news. The bank has released some key figures ahead of its full year results (due tomorrow at 7.00am). Within the results, Barclays will announce adjusted profit before tax for 2013 of £5.2bn and statutory profit before tax of £2.9bn. Barclays' pre-released figures don’t factor in additional charges for litigation and [...]
The Bitcoin bug threatening the web’s favourite cryptocurrency February 10, 2014 Top Bitcoin exchange MtGox has released an update on the issue that saw Bitcoin prices crash last week. MtGox have discovered a critical flaw with Bitcoin, that every exchange is now having to deal with. That fault threatens the functioning of the digital currency. The problem is known as "transaction malleability". Here's their non-technical explanation: [...]
Switzerland’s shock migration vote has dealt the EU a huge blow February 10, 2014 THERE are two kinds of Eurosceptics. There is the pro-market, classical liberal variety: believers in the Four Freedoms – the free movement of goods, services, capital and people – across the countries of the European Union, but who oppose everything else, including political integration, the undemocratic nature of the European construct, the EU’s myriad subsidies, [...]
Barclays faces probe for huge client data loss February 10, 2014 BARCLAYS could be forced to update its data protection and customer security systems after an information breach saw the details of thousands of customers put up for sale. The bank is analysing the details of customers to find out who was affected and how their details were stolen from Barclays Financial Planning Services, a unit [...]