Regulator slaps fine on SEI Investments Europe for client money breaches November 26, 2013 The Financial Conduct Authority (FCA) has fined SEI Investments (Europe) £900,200 for failing to protect its client money properly. Between November 2007 and October 2012, SEI failed to make sure that its records and accounts were maintained in an accurate way, said the regulator. Under FCA rules, companies are required to keep client money separate [...]
Hugo Boss and Remy Cointreau are both falling as Chinese gloom hits luxury brands November 26, 2013 It's been a distressing morning for luxury brands – both Hugo Boss and Remy Cointreau. Updates released this morning reveal that both are underperforming in China. Hugo Boss CEO Claus-Dietrich Lahrs has said that the group won't be hitting its 2015 core operating profit target of €750m (£630m). That's on slower than expected growth in [...]
Partypoker back in the game after New Jersey launch November 26, 2013 Online gambling company Bwin. Party Digital Entertainment has announced that its flagship site, Partypoker went live in New jersey at 5:00am today. After gaining the approval of the New Jersey Division of Gaming, the launch of the website is possibly the start of a new dawn for the US gaming industry which hopes to replicate [...]
China said to be planning new limits on interbank loans November 26, 2013 China has drafted rules which suggest regulators are poised to place new limits on interbank loans, as first reported by the FT. The rules, drawn up by the China Banking Regulatory Commission, have been reviewed by the paper and are not yet public, but have been seen across the Chinese banking industry. Their implementation would [...]
Bank of England to assess leverage ratio November 26, 2013 Chancellor George Osborne and Bank of England governor Mark Carney have agreed that the Bank should conduct an assessment of the leverage ratio. The leverage ratio a ratio of a bank's lending to its equity. The Chancellor and Governor have agreed that @BankofEngland should carry out an assessment of the leverage ratio. — HM Treasury [...]
O’Neill’s owner Mitchells & Butlers profits rise to £150m November 26, 2013 Pub and restaurant group Mitchells & Butlers profits rose to £150m for the year ended 28 September 2013. The group whose branded bars and restaurants include All Bar One and O'Neill's saw revenue rise 2.2 per cent to £1.2bn with like-for-like sales growth of0.1 per cent in the first eight weeks of the fiscal year [...]
New runway has to be at Gatwick says airport boss as traffic numbers rise November 26, 2013 Gatwick saw pre-tax profits of £127.3m and a 4.4 per cent rise in passenger numbers in the six months ended 30 September. Turnover was up 10.7 per cent to £360.6m. Chief executive of London Gatwick Stewart Wingate said: “This is just the start of what Gatwick has to offer… The UK’s next runway has got [...]
Italian consumer confidence up ahead of Christmas November 26, 2013 Consumers are a little more optimistic in Italy this November. Istat saw consumer confidence climb from 97.3 to 98.3 this month – despite analysts forecasting that there would be no change. Unemployment expectations rose from 71 to 74.
Monte Paschi shares halted as stock plummets on news of capital increase November 26, 2013 Shares in the world's oldest bank have fallen by over 10 per cent on reports that its board is considering a capital increase in coming months. Trading in the bank has now been halted. The troubled institution – Monte dei Paschi – may approve a capital hike of as much as €3bn (£2.5bn) next January.
Kcom chairman to become CEO as profits fall on continued investment November 26, 2013 Communications and IT provider Kcom says it is to split the roles of chairman and chief executive, as its transformation programme, which it started in 2008, is almost complete. The company also said that executive director Kevin Walsh is to retire, after 14 years with the business. In a separate report, the Yorkshire-based business reported [...]