Financial watchdog tells banks to sort out current accounts as complaints soar October 1, 2015 The financial watchdog has called on banks to take action as the number of people complaining about their current accounts to banks soared 31.2 per cent over the past six months. The Financial Conduct Authority (FCA) released figures showing there has also been an 11.1 per cent increase in the number of customers complaining about [...]
Brent crude oil slides after rally despite hurricane upgrade October 1, 2015 It's been a rollercoaster ride of a day for oil investors, who earlier watched prices rise after a report suggested demand is likely to be higher than expected – before prices dipped again, after it was a tropical storm due to make landfall in the US next week will be less intense than expected. Brent [...]
Responsible investing: Do bonds that make the world a better place fit into your portfolio? October 1, 2015 When the return on traditional bonds is so low, why not invest in ones that make society better? The UK was once home to a thriving social bond market, where investors of all stripes clubbed together to fund socially beneficial projects. The 1960s was the heyday of loaning money to local authorities, and in [...]
Tesco in talks to sell 10 more supermarket development sites to Meyer Bergman October 1, 2015 Tesco is in talks to sell a large chunk of its UK land portfolio, as the supermarket looks to raise funds to bolster its battered balance sheet and pay down debt. The company is understood to be in advanced discussions to sell 10 development sites to European investment giant Meyer Bergman for about £250m. The [...]
Teva bags another acquisition: Drugs giant buys Mexican firm for £1.5bn October 1, 2015 Drugs giant Teva Pharmaceuticals has made its second major acquisition in two months. The Israeli company today struck a $2.3bn (£1.5bn) deal to take over Mexican firm Representaciones e Investigaciones Medicas SA de CV (Rimsa), as it pushes forward with its plan to expand into emerging markets. Rimsa, which brought in a revenue [...]
Productivity gap closing? UK’s output reaches record high – but it’s still considerably down on where we should be October 1, 2015 Is the productivity gap closing? Figures out this morning show that labour productivity in the UK – as measured by output per hour – grew 0.9 per cent between the first and second quarter this year. That has taken it to the highest level ever recorded by the Office for National Statistics – [...]
Katherine Garrett-Cox leaves Alliance Trust board amid historical shake up at troubled investment trust October 1, 2015 Alliance Trust has overhauled its structure and sharpened its mandate, while chief executive Katherine Garrett-Cox will step down from the board, as the 127-year-old fund continues its efforts to appease shareholders. The investment trust, which has recently conceded a lengthy battle with activist investor Elliot Advisors, will introduce a "fully independent" board of directors, meaning [...]
UK workers get a pay rise as minimum wage raised to £6.70 ahead of National Living Wage introduction October 1, 2015 One million UK workers are getting a pay rise today, as the national minimum wage has gone up by 20p. This sets the new adult rate at £6.70 per hour. Youth rates are up too, as 18 to 20-year-olds will get £5.30 and under-18s get £3.87. Another pay rise is on the way for at [...]
Rob Terry-backed broker Daniel Stewart’ shares suspended from Aim October 1, 2015 Shares in troubled stockbroker Daniel Stewart are to be suspended from London’s junior Aim market, as the broker attempts to secure new funding. The broker, backed by controversial Quindell founder Rob Terry, has had its shares suspended several times recently. The Aim-listed broker’s own broker quit in April after a five-month suspension from the market [...]
Sainsbury’s and Glencore give FTSE 100 a three-digit lift – London Report October 1, 2015 The FTSE 100 enjoyed strong gains yesterday, helped by Sainsbury’s after the supermarket group lifted its full-year profit outlook. The blue-chip index climbed 152.37 points, or 2.6 per cent, to close at 6,061.61. Despite reporting a seventh straight quarter of falling sales, Sainsbury’s shares soared 13.8 per cent. Other supermarkets were also lifted, with Morrisons [...]