Final payout from Icelandic banks falls short September 20, 2015 THE British and Dutch governments stand to lose as much as 533bn krona (£2.7bn) in a final deal with Icelandic banks, after they were forced to step in and reimburse investors in 2008. In a settlement with Iceland’s Depositors and Investors Guarantee Fund (TIF), British and Dutch authorities will receive 20bn Icelandic krona (£100m), which [...]
HMRC’s tax probes drag on says law firm RPC September 20, 2015 HMRC takes over a year to wrap up almost a quarter of the 115,000 local tax compliance investigations open at any one time, a City law firm has said. Lawyers RPC today released figures showing that HMRC’s local compliance unit had more than 115,000 investigations ongoing against individual taxpayers and businesses as of March [...]
Extradition hearing of flash crash trader Sarao to go ahead on Friday September 20, 2015 THE BRITISH trader accused of triggering a so-called “flash crash” in US financial markets will have his extradition hearing on Friday. Navinder Singh Sarao, accused by the US Justice Department of causing the Dow Jones index to lose $800bn (£511bn) in a matter of minutes, faces extradition on charges that carry a maximum sentence of [...]
Confident City workers look for greener pastures September 20, 2015 IN A SIGN of increasing confidence in the jobs market, more City workers are beginning to get itchy feet, new research reveals today. The number of professionals looking for work in the City of London climbed 17 per cent in August compared with July, according to figures given exclusively to City A.M. by recruiter Robert [...]
Labour councillor pushes to end zero hours work for 96,000 in the capital September 20, 2015 Labour's London Assembly economy spokeswoman will today call for changes to zero-hour contracts in London to guarantee workers 80 per cent of the hours they have worked over the previous three months. Fiona Twycross said in a statement she recognised that zero-hours contracts are popular with students and parents who need flexibility, but added, [...]
Anglo American could be forced to cut dividend September 20, 2015 ANGLO American is believed to be preparing to cut its dividend after months of volatility in the commodities market. Boss Mark Cutifani has been meeting with investors and warning them that continued low prices could necessitate a reduced payout. The miner maintained its interim dividend in July, surprising analysts who had forecast a cut given [...]
Small firms are owed billions in late payments and the figure is climbing September 20, 2015 The problem of late payments that is straining the finances of many of the UK’s smaller firms is getting worse, according to new figures. British small and medium-sized enterprises (SMEs) are owed £67.4bn in unpaid invoices, up eight per cent from this time last year, the Asset Based Finance Association (ABFA) said today. However, ABFA [...]
Miner to make new banking arrangements September 20, 2015 SWITZERLAND based mining group Ferrexpo is expected to hold a board meeting this week to deal with the fallout from Ukraine’s national bank declaring Bank Finance and Credit (Bank F&C), which holds most of the company’s cash, insolvent. Shares in Ferrexpo plunged by 32 per cent when news of the bank’s insolvency was revealed on [...]
Bank of England to reveal bond market findings September 20, 2015 THE BANK of England’s financial policy committee (FPC) is set to reveal the results of a six month investigation into bond markets this week amid fears of diminishing liquidity in the sector. The FPC will meet on Wednesday to discuss its findings as the Bank seeks to limit the effects of potential financial shocks linked [...]
All change: the FTSE newbies start trading September 20, 2015 IT IS a big day for Berkeley Group as today is its first day of trading on the blue-chip FTSE 100 index, having been promoted in the London Stock Exchange’s quarterly review. The quarterly review changes to the FTSE, as well as Germany’s Dax and France’s Cac indices, which were announced earlier this month come [...]