Regulator fines AXA £1.8m for failing to give customers suitable investment advice September 13, 2013 AXA Wealth Services has been hit with a £1,802,000 fine by regulators "for failing to ensure it gave suitable investment advice to its customers." The Financial Conduct Authority (FCA) investigated cases between September 2010 and April 2010 at branches of Clydesdale, Yorkshire Banks and West Bromwich Building Society. AXA sold approximately 37,000 investment products to [...]
Employment in Eurozone continues to fall September 13, 2013 Eurozone employment has fallen by 1.0 per cent in the year to the second quarter. From the previous quarter employment fell by 0.1 per cent with consensus amongst analysts of a -0.2 per cent fall. In the first quarter change stood at -0.4 per cent. Howard Archer, Chief UK and European economist at IHS Global [...]
Construction increases in July on new work, repair and maintenance September 13, 2013 Results for UK construction output show a 2.2 per cent increase in July, following 0.7 per cent growth in June. This is up 2.0 per cent from July 2012 . This rise in new work is in contrast to the estimated 3.6% fall in repair & maintenance during the same period. The result covers both the [...]
Greymarket spreads suggest Twitter valuation of £6.6bn to £7.3bn September 13, 2013 Spreadbetters ETX Capital have set up a greymarket to price the float of social media company Twitter, with a current spread suggesting a valuation of between $10.5bn (£6.6bn) and $11.5bn (£7.3bn). Twitter is just seven years old, and already set to float for more than twice the value of 497 year old Royal Mail, illustrating [...]
Industry calls to limit lending won’t fix our bust housing system September 13, 2013 It's never encouraging when industry insiders fear that their own sector is overheating. That's the subtext from the Royal Institution of Chartered Surveyors (RICS), who've called on our central bank to cap annual house price inflation at five per cent. RICS suggest that the Bank of England should intervene, and attempt to curb lending in [...]
Before the open: UK construction data due out later as European markets open sluggish September 13, 2013 European markets are expected to open with little change this morning, with minimal movement in Asia and a weak end for the Dow last night. The bailout programmes for Greece and Cyprus will be discussed this afternoon by European financial ministers. In the UK, data on construction output is out at 9.30 and is expected [...]
Glencore Xstrata makes progress with Zanaga iron ore project September 13, 2013 Mega miner Glencore Xstrata has announced that its Zanaga iron ore project, based in the Republic of Congo, will now proceed in a staged manner (release). They say that will result in a substantial reduction in the initial capital requirement. The Project is working closely with the Republic of Congo Government to advance its development [...]
Wetherspoons hit by rising tax bill as it expects “reasonable outcome” this year September 13, 2013 Wetherspoons chairman Tim Martin has slammed the "far higher taxes" imposed on pubs than on supermarkets in a comment on the chain's results today. Already, 10,000 pubs have closed and many others are suffering, through insufficient investment. In particular, there should be VAT equality for pubs, restaurants and supermarkets. Wetherspoon, along with many other pub [...]
Vodafone will publish tender ratio for Kabel Deutschland deal on 16 September September 13, 2013 Following support for a Kabel Deutschland takeover, telecoms giant Vodafone has announced that it "will publish a final announcement with the definitive tender ratio on 16 September" (release). Having acquired the necessary 75 per cent minimum approval from Kabel Deutschland (KDH) shareholders, the German television provider will be purchased in a €7.7bn (£6.5bn) deal. €7.7bn [...]
Furnished with love and personality September 12, 2013 Furnishings don’t get more personal than they do at Nina’s. Melissa York talks to the woman behind the concept NEVER face the stress of squeezing too-large furniture through doorways or matching the right shade of mahogany again. A new concept store has opened in Chelsea that allows you to design furniture and interiors to match [...]