US lawsuit against oil majors on price fixing gains momentum October 8, 2013 A US judicial panel is expected to make a decision in a matter of days on where the consolidated lawsuits by US trading firms against oil giants BP, Shell and Statoil will be heard, City A.M. understands. Around ten plaintiffs, including Chicago-based commodity trading house Prime International Trading, individually sued the oil majors earlier in [...]
Bottom Line: Tale of two cities for foreign cash October 8, 2013 FOR A while now it’s been clear that prime central London almost deserves its own, ringfenced place on the map. House prices in the area – initially defined as Mayfair, Knightsbridge, Belgravia and Chelsea but often spreading further – have increased by 116 per cent in the last eight years according to recent research, massively outperforming [...]
Ernst & Young grows at fastest pace since 2008 October 8, 2013 ACCOUNTING and consultancy giant Ernst & Young posted a 7.7 per cent rise in global revenues yesterday to $25.8bn (£16bn), as it picked up more work in fraud investigations, advisory services and fast-growing countries. The firm said the pace of growth was at its fastest since 2008, with organic expansion across all of its businesses. [...]
Accountants call for tax amnesty to raise £17bn for state coffers October 8, 2013 CRACKDOWNS on tax evaders are not working and should be replaced with an amnesty, accountancy firm Crowe Clark Whitehill (CCW) argues in a new report out today. The group estimates more than £17bn is lost to the taxman each year, £12.95bn from accidental or careless evasion and £4.89bn through deliberate evasion. It argues an amnesty [...]
BBC shifts focus to iPlayer as main platform for distribution October 8, 2013 VIDEO on-demand is set to take a leap forward as the BBC places its iPlayer service as the corporation’s primary platform for showing programmes. BBC director general Tony Hall revealed the changes in a speech yesterday – his first since returning to the corporation in April – where he outlined his vision for the future [...]
Brand Index: Help to Buy comes as Brits cheer up about the economy October 8, 2013 THIS week, banks including RBS, NatWest and Halifax will begin taking applications for 95 per cent mortgages under phase two of the government’s controversial Help to Buy scheme. The initiative is intended to help buyers who cannot afford a hefty deposit onto the property ladder, but critics say it could lead to another housing bubble. [...]
Scots nationalise Prestwick airport October 8, 2013 THE SCOTTISH government yesterday said it intends to buy the lossmaking Glasgow Prestwick airport in order to protect the 1,400 jobs that depend on its continued operation. Deputy First Minister Nicola Sturgeon told the Scottish parliament that her SNP government intends to bring it into public ownership at the earliest opportunity. This follows discussions with New Zealand-based owners Infratil [...]
Arrow Global shares jump in market debut October 8, 2013 DEBT collection firm Arrow Global saw a sharp rise during its first day of trading on the London Stock Exchange to value the company at £390m, nine per cent higher than its float price. Arrow Global had priced its sale of 52.8 per cent of the company at 205p per share when it floated yesterday, [...]
State-run East Coast railway returns £200m October 8, 2013 THE STATE-RUN East Coast Main Line handed more than £200m to the taxpayer last year as revenues rose. The London-to-Scotland route was nationalised in 2009 after franchise operator National Express handed back the keys early, and is due to be put back in the private sector by February 2015 – a plan that has been opposed [...]
CME to rival LME with aluminium contract launch October 8, 2013 CME Group, the Chicago-based derivatives exchange, plans to launch an aluminium contract that will compete with the London Metal Exchange’s product, it emerged yesterday. Harriet Hunnable, head of metals at CME, told reporters of the company’s plans at LME week, the annual conference for the metals industry. Chris Grams, spokesperson at CME, would not disclose [...]