Swiss probe finds Malaysian 1MDB state fund could be missing $4bn January 30, 2016 Swiss prosecutors have said that their investigation into a Malaysian state fund has unearthed a shortfall to the tune of $4bn (£2.8bn). The office of Swiss Attorney General Michael Lauber said it's formally asked Malaysia to help with its probe into possible violations of Swiss laws regarding the 1Malaysia Development Berhad (1MDB). "The monies believed to have [...]
Former Conservative chancellor Lord Lawson calls for corporate tax reform in the wake of Google row January 30, 2016 A former Conservative chancellor has urged the government to ditch corporation tax which he says has "had its day", weighing in on an increasingly heated row over tech giant Google's arrangement in the UK. Lord Lawson, who was part of the Thatcher government from 1983 to 1989, said that the government should instead tax a company's sales. "It is [...]
Treasury Select Committee chairman Andrew Tyrie pours scorn on HSBC after cyberattack January 29, 2016 Another day, another HSBC outage: the bank confirmed today it had been hit by a Denial of Service (DDoS) attack, which took out online banking operations for most of the day. Now Treasury Select Committee chairman Andrew Tyrie has waded in with a comment that sounds distinctly like "I told you so". “Only last week [...]
Uber has cut its prices by 15 per cent in New York City January 29, 2016 Controversial cab-hailing app Uber has cut its prices by 15 per cent in New York. The New York Post reported that the company, which is facing competition from an increasing number of similar offerings in NYC and across the world, was planning on dropping its base rate to $1.75 per mile (£1.23), from £2.15 at the moment. [...]
Three’s customers get a nasty shock as the mobile phone company has doubled their monthly tariffs January 29, 2016 Mobile phone operator Three has doubled the cost of some of its monthly tariffs, to the anger of its customers. It has sent letters to some of its oldest customers who are on so-called legacy tariffs, including the £15 All You Can Eat plan, telling them they are being moved to an existing deal costing [...]
Xerox to split into two quoted companies and Carl Icahn gets to pick three board members January 29, 2016 Xerox, the firm best known for making printers and photocopiers, today announced that it is splitting into two publicly traded companies, in a bid to turn around its ailing fortunes. “Today Xerox is taking further affirmative steps to drive shareholder value by announcing it will separate into two strong, independent, publicly traded companies,” said Ursula [...]
Trade body blasts local councils for blocking small builders from winning public sector contracts January 29, 2016 Local councils are blocking smaller builders from winning public sector work, an industry body has claimed. The Federation of Master Builders (FMB) cited new research from the Electrical Contractors’ Association that shows over two thirds of local authorities are not using a simplified pre-qualification questionnaire that is easier for the supplier to complete. The FMB [...]
Vedanta Resources’ share price jumps despite lacklustre third-quarter update January 29, 2016 Core earnings at Vedanta Resources plummet 51 per cent in the third quarter, hammered by the ongoing commodities rout. The Indian mining conglomerate reported a decline in core earnings to $493.6m (£343.8m), while total group revenue slumped 27 per cent to $2.4bn. Its aluminium division took the biggest hit, with earnings falling 84 per cent over [...]
Jupiter Energy in turm-oil due to fall in Brent crude price January 29, 2016 What a difference a year makes. Aussie oil producer Jupiter Energy, which explores in Kazakhstan, shut all its operational wells back in February 2015, saying it wanted to wait “until domestic oil pricing reaches a level where oil production is cashflow positive”. Back then, Brent crude was priced at around $60 a barrel, which seemed like [...]
Oil price volatility has turned around this company’s fortunes January 29, 2016 Oil market volatility has been lucky for some – Tullett Prebon today said it expects its full-year profit margin to be higher than previously thought, thanks to the continued uncertainty surrounding black gold. While oil explorers are crying into their (offline) wells, the FTSE 250-quoted interdealer broker said “the increased level of activity experienced throughout the year [...]