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It seems that everywhere you look these days, another challenger bank is opening its doors. And it seems OakNorth will be the latest to jump on the bandwagon, after it gained approval from the Financial Conduct and Prudential Regulation Authorities, and appointed three City grandees to its board. OakNorth announced plans last month to launch an [...]
Venezuela is planning to roll out 20,000 fingerprint scanners across the country in a desperate bid to prevent citizens from hoarding and panic buying. President Nicolas Maduro is an enthusiastic supporter of the programme that was mooted last year and received withering criticism. Venezuela has been running short of basic goods like toilet paper, soap [...]
Shares in Lloyds Banking Group opened at 80.9p this morning, 0.6 per cent lower, after the government announced it had sold off another one per cent stake in the bank, worth £500m. The sale means the stake owned by UK Financial Investments, the government body formed to manage part-nationalised banks, is now a relatively modest [...]
2015 has started well for the world’s largest advertising group and its chief Martin Sorrell. The figures WPP has announced a 12 per cent boost in profit before tax during 2014: it rose to £1.5bn, with sales of £11.5bn, five per cent higher than in 2013. The company also started January well, with like-for-like sales rising an [...]
London's property market appears as hot as ever, after a flat in luxurious Mayfair only a little bigger than a bathroom took just 40 minutes to let. Boasting just 301 sq ft, the one-bedroom flat in Pollen Street has set a new record for speed in London's notorious rental market. Mayfair agent E J Harris [...]
Clive Adamson, who quit the Financial Conduct Authority (FCA) as director of supervision ahead of a critical report into its conduct before Christmas, is joining the Prudential, two sources have told City A.M. Adamson is understood to be joining Prudential’s UK business, possibly in a non-executive capacity. Although Adamson’s departure from the FCA was widely [...]
The UK economy could be set for a massive jobs boost next year, provided oil prices remain subdued, financial services firm PwC said today. An oil price of $50 per barrel would create an extra 121,000 jobs in 2016 compared to if prices had stayed at their mid-2014 level of $108, PWC forecasts. It is [...]
UK businesses are failing to save money on energy bills by staying with existing power suppliers rather than switching. Almost half, 47 per cent, of businesses have never switched suppliers or tariffs, despite 75 per cent of SMEs, which represents 3.9m businesses, believing they pay too much for their utilities, according to research from energy [...]
ENERGY supplier First Utility has challenged its competitors to scrap variable tariffs, and make it easier for customers to switch to cheaper tariffs. The company says more needs to be done to help consumers avoid overpaying on their energy bills. According to First Utility, 70 per cent of Big Six customers are overpaying by an [...]
THE JOHN Lewis Partnership will this week seek to cut its bonus pot for staff for a second year in a row after the supermarket price war took its toll on sales at its upmarket grocery chain Waitrose. Waitrose has grown sales and market share faster than its traditional supermarket rivals in recent years, thanks [...]
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