Government workfare scheme to continue despite legal challenge October 30, 2013 THE GOVERNMENT yesterday lost a legal challenge to a controversial scheme that required jobseekers to work for free or risk losing their benefits – but insisted that the scheme will continue. Judges at the Supreme Court ruled that the back to work scheme was legally flawed because jobseekers were not given enough information. Geology graduate Cait Reilly [...]
Adobe admits security breach has put 38m passwords at risk October 30, 2013 ADOBE said yesterday that the scope of a cyber-security breach disclosed nearly a month ago was far bigger than initially reported, with attackers obtaining data on more than 38m customer accounts. The software maker also said that hackers had stolen part of the source code to Photoshop editing software that is widely used by professional [...]
Confidence is back as Spain exits recession October 30, 2013 THE TROUBLED Eurozone economy received a strong boost yesterday as Spain officially pulled out of recession in the third quarter, after more than two years of falling GDP. But not all areas of the currency area are improving. Germany, which had led the recovery, has revealed a shock rise in unemployment in October. Spain recorded [...]
Cushman & Wakefield appoints Flower as its UK chief executive October 30, 2013 CUSHMAN & Wakefield said yesterday it has appointed Digby Flower, its head of London markets, as its UK chief executive as part of a shake-up of its management team. The property advisory firm, which has over 250 offices in 60 countries, said Flower will replace Bryan Laxton, who will step down in the new year [...]
Credit card insurer CPP whacked with a further bill for mis-selling October 30, 2013 TROUBLED credit card insurer CPP yesterday said its mis-selling bill has risen by a further £1.8m and confirmed that the performance of its core UK business is continuing to deteriorate. Shares in the York-based business, which has now set aside a total of £55.8m to cover its mis-selling scandal, closed down 10.3 per cent. CPP has already admitted [...]
Pawnbroker Albemarle & Bond hopes for end to debt concerns October 30, 2013 PAWNBROKER Albemarle & Bond has avoided the prospect of having to sell its prized assets after agreeing a new deal with its bankers, it was announced yesterday. Rather than the flog the family silver, the company and its lenders agreed to postpone a financial stress test until February. This is the second time it has been delayed [...]
Insurer Gable to raise £10m October 30, 2013 British insurance firm Gable Holdings has conditionally raised £10.7m through a share issue, the first since it listed on Aim in 2005. The non-life insurer wants to use the cash to expand the business and says it was pleased by strong interest in the issue. Gable recorded pre-tax profits of £5.7m in 2012. Barrie Cornes, [...]
Abraaj unit hires IPO banks October 30, 2013 Stanford Marine Group, part of emerging markets-focused private equity firm Abraaj Group, has hired banks to help arrange a stock market listing in London, as regional private equity firms tap overseas stock markets to exit investments. Deutsche Bank and Goldman Sachs have been picked to arrange the listing of the oil and gas services firm, [...]
Ukraine teams up with Chevron October 30, 2013 Ukraine said yesterday it will sign a $10bn shale gas production-sharing agreement with US energy major Chevron next week – its second such deal this year. Ecology minister Oleh Proskuryakov said the deal for exploration and extraction at the Olesska site in western Ukraine, which follows one signed with Royal Dutch Shell earlier this year, [...]
Britons are creatures of habit when doing shopping online October 30, 2013 SHOPPERS tend to buy on their mobiles when they wake up and browse on tablets after work during ad breaks while watching TV, according to figures by John Lewis, with nearly two-thirds of customers now shopping both in store and online. The department store group has released a report today that analyses the nation’s shopping [...]