Watchdog defends itself in row over role in Co-op Bank rescue January 9, 2014 THE CITY watchdog yesterday defended itself against a bondholder campaigner, who accused the Financial Conduct Authority (FCA) of misrepresenting its actions in the Co-op Bank rescue. The FCA’s Clive Adamson told MPs this week “the retail bondholders, in my view, got as best a deal as we could get for them.” Campaign leader Mark Taber said yesterday it [...]
Insurance could cost less in 2015 January 9, 2014 A NEW online system of DVLA records could see insurance premiums fall by around £15 per year, the industry is predicting. By mid-2015 all driving records will be held online and anyone will be able to access them. Currently motorists must submit their paper counter-part licence which holds details of speeding points and motoring offences. The [...]
Car firm Ford lifts dividend January 9, 2014 CAR MAKER Ford has hiked its quarterly dividend by 25 per cent, pushing its shares up nearly two per cent in New York yesterday. The firm reported $2.6bn profit before tax in the most recent reported quarter and chief financial officer Bob Shanks said the $0.125 payout would give shareholders “a regular, growing dividend that [...]
Terry Smith makes first profit at new firm January 9, 2014 FUNDSMITH, the investment funds group set up by veteran investor Terry Smith, has swung to its first profit since it was founded three years ago. Smith saw pre-tax profits rise to nearly £3m after a surge in revenues for the year ending March 2013, according to an annual filing of accounts at Companies House.
#MOL! Michael O’Leary takes to Twitter again January 9, 2014 THE ARTIST known as #MOL hit Twitter once more yesterday as Ryanair boss Michael O’Leary continued his charm offensive, answering customer questions and, er, wearing a red nose. The airline boss greeted his fans with his usual stinted text speak tweeting: “MOL here. H nu yr. Luv u all x x x Hope u as [...]
Mind the nap: Deloitte boss in sleeping selfie January 9, 2014 DELOITTE’S head of real estate Andy Rothery fell foul of the selfie craze just before Christmas when he unwittingly fell asleep on the train home. The City boss woke up from his slumber to find the girl next to him taking selfies of the two of them. His fellow commuter was happy to show him [...]
UK hedgie wins crown as best trader last year January 9, 2014 A BOUTIQUE London-based hedge fund has stolen the crown from its larger Mayfair rivals to emerge as the best performing fund in Europe and one of the top five in the world, a list out today shows. Clareville Capital, the so-called celebrity hedge fund led by trader David Yarrow, delivered investors a 54.1 per cent [...]
Research shows US tech firms are worth more than entire markets January 9, 2014 FACEBOOK is worth $2bn (£1.21bn) more than all Malaysia’s listed firms; while oil giant Exxon’s market value outstrips Taiwan’s by $9bn, according to a note from analysts at Bank of America Merrill Lynch (BAML). The bank’s chief strategist, Michael Hartnett, says the comparisons show that emerging markets seem inexpensive: “Brazil’s market cap barely exceeds that of [...]
Apple and Samsung chiefs agree to mediation in US patent fight January 9, 2014 APPLE and Samsung Electronics have agreed to attend a mediation session to be held on or before 19 February, as they prepare to clash in court in March over smartphone patents. Apple chief executive Tim Cook and his Samsung counterpart Oh-Hyun Kwon will attend the session with in-house lawyers only, according to a Wednesday court filing. [...]
Rathbone unit trusts help fund base surge 20pc January 9, 2014 RATHBONE Brothers, the upmarket wealth manager, yesterday said the amount of money it manages for people jumped by over 20 per cent last year, boosted by its unit trust business. The company, currently on the hunt for a new chief executive to replace Andy Pomfret who departs next month, saw funds managed by the company [...]