Barclays fined £72m by Financial Conduct Authority for failing to undertake proper financial crime checks – but share price is up November 26, 2015 The Financial Conduct Authority (FCA) today announced it was fining Barclays £72m for "failing to minimise the risk it may have been used to facilitate financial crime." In 2011 and 2012 Barclays oversaw a £1.88bn transaction between a number of "politically exposed" ultra-high net worth individuals, who are seen to be especially vulnerable to the risk of [...]
FTSE 100 index opens up on miners November 26, 2015 The FTSE 100 opened slightly up this morning as miners made gains as trading began. The UK's top blue-chip index was up 0.33 per cent at 6,358 points as the market opened. Glencore led the pack higher, up 3.29 per cent to 93.6p on opening, while other miners including Antofagasta and Anglo American were also rising. Read [...]
Severn Trent share price rises as first half profit inches up as customer complaints fall November 26, 2015 The figures Utility firm Severn Trent's group turnover was broadly flat at £896.1m in the six months to September 30, from a restated £898.3m during the same period a year earlier. The FTSE 100-listed company's underlying profit before interest and tax – another measure of profitability – increased by 2.6 per cent to £281m, up from £273.8m a [...]
DMGT sells Wowcher to new company owned by private equity firm Exponent for £29m November 26, 2015 The Daily Mail General Trust has offloaded discounts business Wowcher to a newly-formed company, which is majority owned by private equity firm Exponent. DMGT will retain a stake in Wowcher, which has achieved its first full year of operating profits in the 12 months to September 30 and generated revenues of £30m, through a 30 per [...]
FTSE 100 rises despite housebuilders’ fears over new tax – London Report November 26, 2015 George Osborne’s announcement yesterday that he plans to raise property tax for those who buy a house in order to rent it and on second homes curtailed hefty gains made by housebuilders. However, in general, investors signalled their approval of the chancellor’s Autumn Statement, with the blue-chip FTSE 100 index finishing one per cent higher [...]
UK oil and gas: Confidence in the North Sea oil industry plummets to all-time low November 26, 2015 More woes for UK oil, as a new industry report shows confidence in the embattled North Sea oil and gas industry plunging to a new record low. Four in five contractors feel less confident about their prospects now than they did last year, according to the latest Oil and Gas Survey. Unsurprising, perhaps, considering the [...]
Autumn Statement 2015: Fiscal watchdog spares Osborne’s blushes November 25, 2015 The government's fiscal watchdog gave chancellor George Osborne a huge boost yesterday, allowing him to escape the tax credits fiasco without it getting in the way of his plans to cut borrowing. Government borrowing looked like it was going to overshoot the £69.5bn target in the 12 months ending March and many believed Osborne would be [...]
Consumers don’t trust UK businesses to keep their data safe from cybercrime after TalkTalk, Carphone Warehouse and Ashley Madison hacks November 25, 2015 From TalkTalk to Carphone Warehouse and Ashley Madison, massive hacks have hardly been out of the spotlight this autumn. It now appears that the constant stream of highly-publicised data breaches have begun taking their toll on UK businesses’ reputation with consumers. Three in four Brits no longer believe that organisations and companies will ever be [...]
Lloyds Banking Group to cut 1,000 jobs as restructure continues November 25, 2015 Lloyds Banking Group is slashing another 1,000 jobs tomorrow, as part of the bank's plans to restructure to a more digital focus. The bank will be officially announcing the job cuts, which will be spread across all operations, tomorrow according to sources to Sky News. The state-backed banking group set a target to reduce its [...]
Black Friday 2015 is about more than just John Lewis, Tesco, and Amazon: Small businesses getting in on the shopping frenzy through eBay November 25, 2015 Brace yourselves: there are now less than 48 hours to go until the year’s biggest shopping frenzy hits, with UK shoppers predicted to part with a record-smashing £1bn this Black Friday. Retail giants like John Lewis, Asda, Tesco and Amazon may be reaping the biggest rewards from the massive Black Friday sales spike – but [...]