Lloyds to resume dividend payments as it pledges £1.8bn more for PPI February 3, 2014 Lloyds Banking Group has just announced that it’s set aside a further £1.8bn as compensation for so-called payment protection insurance misselling. That’ll mean the state-owned bank will have laid aside a total to the tune of almost £10bn. It's also made further provision of £130m regarding the sale of interest rate hedging products to some [...]
Slashing prices hit Ryanair hard February 3, 2014 Europe's largest budget airline Ryanair has suffered a worse than expected loss for the third quarter to 31 December. The low-cost airline has posted a loss of €35m (£28.7m), against analysts estimates of €32m. The results are a far cry from the €18.1m of profit seen a year earlier. But beyond the headline figure there [...]
Asian shares under pressure as fear of Chinese slowdown looms February 3, 2014 Asian shares dipped on Monday as emerging markets continue to struggle, with factory growth in China falling to a six-month low. China's purchasing managers' index (PMI) fell to 50.5 in January from December's 51, in line with analysts expectations. This follows last week's drop in China's HSBC PMI index to 49.5 in January from 50.5 [...]
We’re seeing respectable growth for a New Normal but real risks still remain February 1, 2014 UK ECONOMIC growth is looking up. The 0.7 per cent GDP increase in the fourth quarter of 2013 might not have been as strong as some commentators were expecting, but it means economic activity is up a full 2.8 per cent on a year ago. It’s not as strong as the 3.3 per cent growth [...]
Visa takes a swipe at Bitcoin February 1, 2014 The world’s largest processor of credit card payments has taken a swipe at the insurgent cyptocurrency Bitcoin. Speaking on a conference call discussing quarterly results, Visa’s chief executive officer Charles Scharf said that current payment networks were a safer option than Bitcoin: The established network rules we have, the understanding of how things operate, understanding [...]
Barnet council green lights £4bn Brent Cross Cricklewood regeneration January 31, 2014 Hammerson and Standard Life Investments have been given the go-ahead from Barnet council for the £4bn regeneration of Brent Cross Cricklewood. The project includes plans to construct 7,500 homes, new offices, four parks, transport improvements and an extension of Brent Cross Shopping Centre. Detailed designs for the project will be produced during 2014. Mike McGuinness, [...]
Good news for Bitcoin bugs – BTC China is back in business January 31, 2014 Bitcoin bugs received a major boost today when BTC China said that customers would once again be allowed to buy Bitcoin by depositing yuan into the exchange's corporate bank account. Bobby Lee, CEO of BTC China told CNBC: Everything is hunky dory. Essentially the government never disallowed it. The world's largest Bitcoin exchange decided to [...]
Bank of England to cut 100 jobs following efficiency review January 31, 2014 The Bank of England is to cut 80-100 staff following its Value for Money review, subject to staff consultation. The review looked at staff deployment and direct expenditure and has identified savings of around £18m by 2015/16 (around 10% of the spend reviewed). Funds released through this review will be re-invested across the business in [...]
Barclays names Hector Sants’ replacement January 31, 2014 Barclays has just named its new head of compliance, following Sir Hector Sants’ resignation in November, owing to stress and exhaustion. Mike Roemer (pictured), who’s been head of audit at the bank since 2012, will join the bank’s executive committee immediately and report to chief executive Anthony Jenkins. His appointment follows a series of issues [...]
Ukraine President signs anti-protest legislation repeal January 31, 2014 The President of Ukraine, Viktor Yanukovych, has signed a law repealing the anti-protest legislation that was passed earlier this month. On Tuesday, the country’s parliament voted overwhelmingly to annul the legislation, which banned protesters from wearing helmets and blockading public buildings. Passed less than two weeks ago, it has exacerbated ongoing protests against Ukraine’s government.