Challenger bank Virgin Money replaces KPMG with PwC as auditors for 2016 October 25, 2015 Virgin Money announced on Friday that it is appointing PwC as auditor, provided shareholders approve of the move at the 2016 annual meeting. The appointment of PwC will replace the Virgin Money’s current auditors, KPMG, who have audited the bank since 2004. In Virgin Money’s notification of change of auditors, Norman McLuskie, chairman of Virgin [...]
City of London police are training Standard Chartered bankers to catch fraudsters October 25, 2015 City of London police has started a programme to train bankers to fight fraud, starting with Standard Chartered who will be descending on the City this week. The programme was designed to standardise investigative techniques within Standard Chartered's multitude of regional offices. Kathy Hearn, director of the Economic Crime Academy, which has helped design the [...]
Investec: Lloyds Banking Group will post a £2.3bn profit this week October 25, 2015 Lloyds Banking Group is expected to post a rise in quarterly profits on Wednesday, in its first set of results since chancellor George Osborne announced that retail investors would be able to buy shares of the bailed-out bank at a discount next year. Citing “modest revenue growth, lower costs and potentially no charge at all for [...]
Barclays suffers”technical issues” as some customers are unable to access cash October 25, 2015 Barclays has suffered technical problems which have prevented customers from accessing their accounts. The bank told customers on Twitter that it was experiencing issues with some of its services on Saturday morning, but still had "high volumes of customers" calling on Sunday morning. We’re currently still seeing high volumes of customers calling us this morning, please [...]
TalkTalk cyber attack: IoD calls cybercrime “one of biggest threats facing businesses” October 24, 2015 The Institute of Directors (IoD) has called cybercrime one of the “biggest threats facing businesses”, and urged companies to work with the government to tackle it. Oliver Parry, a senior corporate governance adviser at the IoD, told the BBC cyber attacks “happen constantly” at UK companies. "The risks need to reviewed regularly by the board [...]
Sainsbury’s experiments with futuristic store formats, including faster checkouts, a SmartShop map of your shopping list and a focus on clothes October 23, 2015 You may never have to hear the phrase "unexpected item in the bagging area" again. Sainsbury's said today it's experimenting with futuristic new "SmartShop" technology, which will allow shoppers to scan their shopping lists at home, be shown a map of their items on their smartphone – and then pay by mobile app, meaning they don't have to queue [...]
Facebook shares have tipped over $100 a share for the first time ever October 23, 2015 Facebook shares have edged over the $100 per share mark for the first time ever today. Shares were trading 1.03 per cent up at $100.70 per share in mid-morning trading in New York. Earlier in the day Facebook's stock rose 2.5 per cent to $102.15 per share. Facebook's IPO price was $38 a share. Read more: Facebook's iOS app is [...]
Amazon, Google and Microsoft’s share prices go crazy on opening after posting strong results October 23, 2015 Amazon, Google (aka Alphabet) and Microsoft's share prices all jumped as US markets opened today, reacting to strong results posted overnight. Amazon's share price opened nine per cent up, while Google's stock soared 11.7 per cent and Microsoft's shares rose 10.2 per cent. Results posted yesterday showed online retail giant Amazon's net sales rose 23 per cent to $25.4bn (£16.5bn) in [...]
American Airlines share price rises on biggest quarterly profit in history October 23, 2015 American Airlines reported its biggest quarterly profit in history today, sending shares in the carrier rising. During the three months from July to September, the carrier, which is the world's largest, achieved a net profit of $1.7bn (£1.1bn) – an 80 per cent increase from the equivalent period last year, when it earned $942m. Excluding [...]
Twitter chief executive Jack Dorsey gives third of his shares back to employees October 23, 2015 Twitter chief executive Jack Dorsey is giving a third of his shares in the company back to its employees, he announced last night. Dorsey said that one per cent of the company – worth an estimated £130m – will be “reinvested directly in our people”. The stock will go into the employee equity pool shared by the company's 4,000 workers. Read [...]