Pickles steps in to review Shell Centre scheme September 4, 2013 COMMUNITIES Secretary Eric Pickles yesterday said he would review the redevelopment of Shell’s headquarters on the south bank, casting doubt over the future of the £1bn scheme. The scheme on London’s South Bank is being developed by Canary Wharf Group and Qatari Diar and will see 877 new homes, offices and shops built on the [...]
Banks’ £500,000 compensation bill for just 10 interest rate swaps September 4, 2013 BRITAIN’S biggest banks have paid compensation on just 10 cases of interest rate swap mis-selling so far, the Financial Conduct Authority (FCA) revealed yesterday. The lenders have taken on 2,800 staff to review more than 30,000 cases, which often involve small firms who wanted protection against interest rate rises. However sometimes they had no choice whether [...]
Hargreaves Lansdown profits from commission shake-up September 4, 2013 HARGREAVES Lansdown unveiled a 31 per cent increase in its full year dividend as it announced higher revenues and profits attributed in part to retail banks withdrawing from some of its key markets due to shifting regulation. In an earnings statement for its full year to the end of June published yesterday, the investment manager [...]
Dixons retail set to offload Pixmania September 4, 2013 DIXON’S Retail, Europe’s second-biggest electrical goods retailer, is expected to confirm reports today that it will recommend a sale of its loss-making PIXmania e-commerce business. PIXmania, which operates in France and the Czech Republic, has dragged down the performance of the group as it battles the economic problems that have kept much of Europe in [...]
Eurozone boost as output hits a two-year peak September 4, 2013 THE EUROZONE’S recovery finally appears to be on track according to data released yesterday, with business output growing in August at its fastest pace in over two years. The news came as separate data from Brussels showed the single currency area escaping recession during the second quarter of the year, supporting earlier estimates. The Eurostat [...]
Exclusive: Utilities firms to roll out mobile payments via bank app Zapp September 4, 2013 MAJOR utilities firms will this month announce plans for consumers to pay bills using new mobile app Zapp, City A.M. understands, in a new drive to consolidate a fragmented industry. From next summer customers will receive bills with QR codes attached, which they can scan to pay the bills with the app. Zapp, set up by [...]
Unemployment in Ireland falls for the 14th consecutive month September 4, 2013 IRELAND’S rate of unemployment dropped for the 14th straight month in August, figures showed yesterday, yet the level remains elevated at 13.4 per cent. The country’s statistics office said that unemployment only slipped slightly in the month, from 13.5 per cent in July. However, it is down sharply from 14.6 per cent at the same [...]
British insurance broker enjoys payday after £230m takeover September 4, 2013 BRITISH insurance broker Giles was yesterday snapped up by far larger US rival Arthur J Gallagher in a £233m takeover deal that will lead to a hefty payday for many London-based employees. Giles, whose headquarters are on Birchin Lane near to the Bank of England, will become part of a far larger group that has set its [...]
Labour demands infrastructure quango to determine spending September 4, 2013 LABOUR would set up a new quango tasked with ensuring Britain takes long term decision on infrastructure investment, the party has announced today. Sir John Armitt, the man tasked with delivering the venues and infrastructure for the London 2012 Olympics, was commissioned by the Labour leadership to review the UK’s investment plans. He has concluded [...]
Home Retail’s chief executive to step down September 4, 2013 HOME RETAIL Group’s chief executive Terry Duddy is to step down next year after more than 15 years with the household goods retailer. The Argos and Homebase owner said yesterday that Duddy, who has served seven years as chief executive, will leave by the next annual general meeting on 2 July next year. The 57 [...]