City A.M. editor scoops Business Commentator of the Year award November 26, 2013 City A.M. editor Allister Heath has been named Business Commentator of the Year at the Editorial Intelligence 2013 Comment Awards. Heath said at the awards breakfast this morning: "I dedicate this award to all my staff at City A.M. They work very hard and are great journalists. I also wish to thank the owners of [...]
Independent Scotland would keep the pound and renationalise Royal Mail November 26, 2013 The Scottish government has unveiled its blueprint for independence, ahead of the Scottish referendum in 10 months time. The government's 649-page, 170,000-word White Paper confirmed its plans to keep sterling as Scotland's currency, reduce corporation tax by three per cent and to stop the roll-out of welfare reforms. Independence would also see Trident got rid [...]
Carney says ONS has a lot of work to do in order to bring data quality up to international standards November 26, 2013 In a week that's seen the Office for National Statistics (ONS) pressed to reconsider how it releases data – its systems are too slow to release information in a timely fashion – Bank of England governor Mark Carney has said that the ONS has a lot of work to do. Speaking before the Treasury Select [...]
Regulator slaps fine on SEI Investments Europe for client money breaches November 26, 2013 The Financial Conduct Authority (FCA) has fined SEI Investments (Europe) £900,200 for failing to protect its client money properly. Between November 2007 and October 2012, SEI failed to make sure that its records and accounts were maintained in an accurate way, said the regulator. Under FCA rules, companies are required to keep client money separate [...]
Hugo Boss and Remy Cointreau are both falling as Chinese gloom hits luxury brands November 26, 2013 It's been a distressing morning for luxury brands – both Hugo Boss and Remy Cointreau. Updates released this morning reveal that both are underperforming in China. Hugo Boss CEO Claus-Dietrich Lahrs has said that the group won't be hitting its 2015 core operating profit target of €750m (£630m). That's on slower than expected growth in [...]
Partypoker back in the game after New Jersey launch November 26, 2013 Online gambling company Bwin. Party Digital Entertainment has announced that its flagship site, Partypoker went live in New jersey at 5:00am today. After gaining the approval of the New Jersey Division of Gaming, the launch of the website is possibly the start of a new dawn for the US gaming industry which hopes to replicate [...]
China said to be planning new limits on interbank loans November 26, 2013 China has drafted rules which suggest regulators are poised to place new limits on interbank loans, as first reported by the FT. The rules, drawn up by the China Banking Regulatory Commission, have been reviewed by the paper and are not yet public, but have been seen across the Chinese banking industry. Their implementation would [...]
Bank of England to assess leverage ratio November 26, 2013 Chancellor George Osborne and Bank of England governor Mark Carney have agreed that the Bank should conduct an assessment of the leverage ratio. The leverage ratio a ratio of a bank's lending to its equity. The Chancellor and Governor have agreed that @BankofEngland should carry out an assessment of the leverage ratio. — HM Treasury [...]
O’Neill’s owner Mitchells & Butlers profits rise to £150m November 26, 2013 Pub and restaurant group Mitchells & Butlers profits rose to £150m for the year ended 28 September 2013. The group whose branded bars and restaurants include All Bar One and O'Neill's saw revenue rise 2.2 per cent to £1.2bn with like-for-like sales growth of0.1 per cent in the first eight weeks of the fiscal year [...]
New runway has to be at Gatwick says airport boss as traffic numbers rise November 26, 2013 Gatwick saw pre-tax profits of £127.3m and a 4.4 per cent rise in passenger numbers in the six months ended 30 September. Turnover was up 10.7 per cent to £360.6m. Chief executive of London Gatwick Stewart Wingate said: “This is just the start of what Gatwick has to offer… The UK’s next runway has got [...]