Former Kazakh bank chairman told to pay $300m over fraud November 26, 2013 FORMER BTA bank chairman Mukhtar Ablyazov was yesterday ordered to pay $294m in damages to the Kazakh lender. The court case revolved around claims Ablyazov misappropriated a portfolio of AAA-rated securities worth nearly $300m by transferring them to overseas shell companies he owned. At the High Court yesterday Judge Launcelot Henderson said Ablyazov “must have been [...]
EU wants US surveillance protection November 26, 2013 The European Commission called yesterday for new protection for Europeans under US law against misuse of personal data, in an attempt to keep in check the surveillance revealed by former NSA contractor Edward Snowden. EU justice commissioner Viviane Reding said she wanted US legislative change before mid-2014.
UK gets poor rank on state pension November 26, 2013 The British state pension ranks among the most meagre in the developed world, according to a new analysis of the provision for retirees. A UK state pension covers only 32.6 per cent of a typical retiree’s prior income, compared to an average of 54.4 per cent in the 34 OECD countries. Only Mexico’s system ranks [...]
Severn Trent’s half-year profits fall November 26, 2013 SEVERN TRENT yesterday blamed rising costs for a 5.8 per cent fall in half-year profits, but raised its dividend and reiterated its promise to keep household bill rises below inflation. Pre-tax profits at the FTSE 100-listed water company fell to £141.4m from £150m the previous year, but the firm said that results were in line with [...]
RBS managers to take reins of £1.1bn fund November 26, 2013 INVESTMENT managers at RBS are planning to take control of the bank’s Special Opportunities Fund with the aim of returning the unit to growth, it emerged yesterday. The unit, 13.5 per cent owned by the bank, has been administered by the lender since it was created but has been in its non-core portfolio since 2008. [...]
Hourican brings in RBS man at Bank of Cyprus November 26, 2013 BANK of Cyprus has called on a second former senior banker from Royal Bank of Scotland to lead its restructuring following this year’s international bailout of Cyprus. Euan Hamilton, formerly deputy chief executive of RBS’s non-core division, has joined Bank of Cyprus as a consultant to specifically look at the delinquency, restructuring and recoveries of [...]
Labour candidates’ doubts over mansion tax November 26, 2013 THREE potential London mayoral candidates have expressed doubts about a mansion tax for London. Labour MPs Dame Tessa Jowell, David Lammy and Diane Abbott all spoke out against a flat-rate of tax for property worth over £2m in the capital, signalling a departure from Ed Balls’s line on the policy. Jowell told an event organised [...]
Gatwick boss: It’s between me and Heathrow November 26, 2013 GATWICK’S boss yesterday pointed to a growing number of new routes and rising passenger traffic as proof the airport is the best place for an extra runway in the south east of England. Stewart Wingate is “highly confident” that Gatwick will be on the aviation commission’s shortlist for new capacity next month, repeating yesterday his [...]
Topps Tiles grows market share as profits rise for first time in six years November 26, 2013 SHARES in Topps Tiles surged more than six per cent yesterday after the retailer posted its first rise in adjusted pre-tax profit since 2007. The company, which has 327 stores, said adjusted pre-tax profit rose 2.2 per cent to £13m in the year to 28 September, although revenues were flat at £177.8m. “It has been [...]
Argos switches on power at its digital stores November 26, 2013 ARGOS said it is in talks with suppliers that could pay for space in its showrooms as the retailer unveiled the first of its new digital concept stores near Old Street yesterday. The familiar laminated catalogues have been scrapped in favour of iPads while wall-mounted digital screens have replaced the posters as part of the [...]