Islamic State earns $80m a month from oil sales and taxes but funds may be weakening, IHS says December 7, 2015 The Islamic State collects around $80m a month from oil sales and tax on activities in areas under its control in Iraq and Syria, according new research released yesterday by IHS. The information and analytics firm said Isis relies on six main sources of revenue, with more than 50 per cent coming from tax on all [...]
Watchdog SEC set to hit Credit Suisse with new charges of inflated asset reports December 7, 2015 The US Securities and Exchange Commission (SEC) is gearing up to file charges against Credit Suisse, the Financial Times reports. The watchdog is accusing the Swiss private bank of inflating reports of assets under management, sources have told the newspaper. The SEC will accuse the bank of wrongly having counted client assets in the Americas [...]
City law firm GQ Employment Law acquires smaller rival Camfords December 7, 2015 City law firm GQ Employment Law has snapped up a smaller boutique rival Camfords for an undisclosed sum, the pair announced today. Founded in 2010 by former Clyde & Co lawyer Richard Harvey, Camfords advises domestic and multi-national businesses and high-net worth individuals across a number of industry sectors including insurance, technology and luxury goods [...]
At the close: FTSE 100 index closes down on oil companies December 7, 2015 The FTSE 100 index closed down today as oil companies were hit after the Organisation of Petroleum Exporting Countries failed to agree to curb production. Opec failed to agree on curbing production despite a global supply glut and the strength of the dollar, which is leading to the collapse of oil prices, with the resulting uncertainty [...]
Barclays online banking services crashed again December 7, 2015 Barclays online banking services crashed today, leaving the bank’s customers unable to access their mobile and online accounts for the second time in weeks. Around midday, Barclays customers complained on Twitter that they were locked out of their banking services with the bank, unable to make payments or transfer money. This is the latest in [...]
US hotelier Highgate beds down in London as Shoreditch hotel plans win approval December 7, 2015 One of New York’s biggest hotel operators is making its first move into the London market after winning planning consent for a site on Shoreditch High Street. Highgate Holdings, which owns the Knickerbocker on New York’s Times Square, is planning a 319,000 square foot, mixed-used scheme at 201-207 Shoreditch High Street that rises to 30 [...]
National Australia Bank (NAB) reveals new details about Clydesdale Bank IPO set for February of next year December 7, 2015 National Australia Bank (NAB) has today unveiled new details about its planned spinoff of Clydesdale Bank, saying that the demerger and initial public offering (IPO) of the British business is set to go ahead next February. NAB intends to sell 25 per cent of Clydesdale to new investors in the IPO, while giving the remaining 75 [...]
Toshiba could face record-breaking fine of 7.37bn yen (£40m) following false statements about its profits December 7, 2015 Japanese technology giant Toshiba could be slapped with a fine of 7.37bn yen (£40m) for false statements about its profits. The Securities and Exchange Surveillance Commission (SESC) today made a recommendation for the fine to the Financial Services Agency (FSA). The accounting scandal first came to light in April when questions were raised around the [...]
Derwent London sells Hoxton Hotel development on South Bank to Ennismore for £34m December 7, 2015 Derwent London has sold a development site on London’s South Bank to Hoxton Hotel owner Ennismore for £33.5m, as the company prepares to build a third branch of its East End venue. The FTSE 250 developer and Ennismore teamed up to gain planning consent this summer to convert Wedge House at 40 Blackfriars Road into [...]
Cadbury owner Mondelez and the incredible shrinking corporation tax December 7, 2015 Cadbury owner Mondelez has come under fire over arrangements which enable it to pay no corporation tax in the UK. The legal but controversial scheme allows the company to report losses in the UK, despite millions of pounds of revenue and global profits of billions. Under a "quoted Eurobond exemption" rule, the company makes interest [...]