Financial watchdog, the FCA, pushes back RBS report on small business practices December 17, 2015 The release of a review into whether business customers of Royal Bank of Scotland (RBS) were mistreated has been pushed back until early 2016. The first part of the investigation into RBS's global restructuring group (GRG) was meant to be announced by the Financial Conduct Authority (FCA) before the end of this year. The financial [...]
Accounting watchdog scrutinising KPMG over HBOS failures December 17, 2015 The accounting industry regulator, the Financial Reporting Council (FRC), is reviewing whether to investigate big four accountant KPMG over its role in the collapse of HBOS. The bank was given a clean bill of health in an audit by KPMG shortly before needing to bailed out by the government and Lloyds TSB in 2008. The [...]
Lotus Bakeries buys Bear Fruit snack maker Urban Fresh Foods in £70m deal December 17, 2015 London-based healthy snack maker Urban Fresh Foods has been snapped up by Lotus Bakeries in a £70m deal. This is the second time the Belgian baker has bought a British firm in 2015, having bought Natural Balance Foods this summer. The deals means Bear Fruit snacks join Nakd and Trek snack bars under the same [...]
Lonmin is the most shorted company in Europe as its shares fall 99 per cent in the face of ongoing commodities rout December 17, 2015 It is not a prize many companies want to win: Lonmin is the most ‘shorted’ businesses in Europe in 2015 according to Markit data. The embattled miner has seen its share price drop 99 per cent this year, as it struggles with a mounting debt pile, and falling platinum prices, and in April, 9.6 per cent of [...]
Ted Baker buys Ugly Brown Building headquarters for £55m December 17, 2015 Ted Baker's founder Ray Kelvin and his staff have become very attached to their quirky King’s Cross offices they call the Ugly Brown Building. So much so, the fashion brand has bought the freehold to the property, formally known as Block B, Canal Reach on St Pancras Way, for £55.25m through its subsidiary, Big Lobster, after [...]
Daily Mirror publisher loses phone hacking appeal in the Court of Appeal, and Trinity Mirror share price closes down for the day December 17, 2015 Mirror Group Newspapers had its appeal over the amount of damages it had to pay in relation to phone hacking thrown out by the Court of Appeal today. Earlier this year, the company was ordered to pay eight individuals compensation in range from £72,500 to £260,250 each, totaling £1.2m overall, after staff gained unauthorised access to their voicemail messages. The [...]
US dollar up against Argentine peso after Argentina’s new president Mauricio Macri lifts currency controls December 17, 2015 The US dollar has rocketed up over 40 per cent against the Argentine peso today, after the South American country revealed yesterday that it would be lifting currency controls. The peso was trading at 13.9 per dollar shortly after the market opened, compared to the official rate of 9.8 per dollar it was trading at yesterday, before [...]
R3 blockchain consortium : 12 new banks including Santander and Danske Bank join JPMorgan, Barclays and HSBC in blockchain experimentation December 17, 2015 Another 12 banks have joined the rapidly expanding blockchain consortium R3, including Santander and Danske Bank. The blockchain consortium was launched with nine members in September, but has grown explosively in the months that followed. With the new members, the total number of banks affiliated with the consortium has soared to 42. The idea is [...]
Paddy Power Betfair merger: Betty Power gets the green light from the Competition and Markets Authority December 17, 2015 The merger between betting giants Paddy Power and Betfair, dubbed Betty Power, has been given the green light by the UK regulator. The Competition and Markets Authority launched an investigation into the deal in November and whether it would lessen competition in the market. The bookies have cleared the hurdle and the CMA has now ruled that the merger [...]
Purplebricks, the Neil Woodford-backed online estate agents, starts trading on AIM and sees share price fall December 17, 2015 Purplebricks, the online estate agents backed by superstar investor Neil Woodford, has started trading on London's junior market under the ticker PURP.L. Shares are currently trading down on the AIM market, at 96.5p, down six per cent from an opening price of 104.5p. The 240m ordinary shares were placed at 100p each, with proceeds of £25m and giving the [...]