Andrew Tyrie blasts banks as they come clean on overdraft fees September 6, 2016 Influential Tory backbencher Andrew Tyrie has blasted UK banks for their bewildering array of overdraft fees and charges and called for customers to be given more information about their accounts. Tyrie, who chairs the Treasury Select Committee (TSC), also criticised recent proposals from the Competition and Markets Authority (CMA) to encourage customers to switch bank accounts. [...]
Canadian group Jackpotjoy goes for bingo with IPO on London Stock Exchange in October September 6, 2016 Canadian online bingo firm Intertain Group rebranded today and has set early to mid-October as its deadline to float on the main market of the London Stock Exchange. Intertain has taken the name of its largest business unit, Jackpotjoy, under which it will trade in the UK. The group’s market capitalisation on the Toronto Stock Exchange is CA$744m [...]
Crunch time for Apple ahead of iPhone 7 launch? September 6, 2016 Apple is preparing to put to rest critics' claims that it has peaked, with the launch of a new iPhone on Wednesday evening. Chief executive Tim Cook is expected to unveil the iPhone 7, tempting consumers with a improved features such as a dual camera for taking better photos, while other familiar ones could disappear – the headphone jack [...]
Easyjet’s share price edges up 1.5 per cent after announcing it flew 7.5m passengers during August September 6, 2016 Easyjet’s planes were fuller in August although experts say it is a trend that may stall in the future. Load factors nudged up from 94.4 per cent to 94.9 per cent in 2016 compared to the previous year. Meanwhile the total number of passengers flying with the Luton-based carrier beat expectations – growing by 6.4 per cent [...]
Government greenlights extension to offshore wind farm subsidies September 6, 2016 The government has approved an extension to millions of pounds worth of subsidies for offshore wind farms, enabling projects to be sponsored beyond the current cut-off of 2020. Whitehall said today that its Contracts for Difference (CfD) scheme will now cover projects for delivery to 31 March 2026. It encourages renewables generation by paying companies a fixed income [...]
M&S workers seek unionisation after pay changes and job cuts September 6, 2016 The shopworker's union Usdaw has said it is willing to go through the courts to become recognised as the official union of Marks and Spencer's employees. M&S recently announced it would be cutting premium pay for workers on Sundays and bank holidays, and reducing pension contributions. Usdaw told City A.M. it is happy to "go down the statute route" for official recognition [...]
Too little too late, Mike Ashley – shareholder groups shun Sports Direct’s report September 6, 2016 Sports Direct attempted to fix its tattered public image today by publishing a report on its review of working practices – but shareholder advisory groups are unmoved by Mike Ashley's last-ditch efforts to avoid an investor revolt at his company's annual general meeting. City A.M. understands that influential advisory group Glass Lewis has not changed its position [...]
Dividends at UK plc today passed the £1 trillion mark since the turn of the century September 6, 2016 Dividends at UK firms have soared at more than double the rate of inflation since the start of the millennium. The total value of dividends paid by Britain’s listed companies passed the £1 trillion mark today with small-cap LSL Property Services claiming the honour of raising the thirteenth digit on the aggregate value of pay-outs to shareholders. Fashion [...]
Hong Kong follows UK lead with fintech “sandbox” September 6, 2016 Hong Kong is the latest city to follow the example of the UK's financial watchdog and set up its own scheme to accelerate the development of financial technology. The Hong Kong Monetary Authority (HKMA) has launched a so-called sandbox to let banks experiment with as yet unregulated technology and ideas. Read more: A new corporate-backed fintech [...]