Lloyds fined for rewarding staff who mis-sold December 11, 2013 LLOYDS was fined £28m yesterday for encouraging staff to mis-sell insurance on investment products in the years leading up to 2012. Staff were given bonuses and promoted even when the bank’s own studies found evidence of inappropriate selling, the Financial Conduct Authority (FCA) said. And the bill was increased by 10 per cent because the bank had [...]
EU set to fast track bank bailout rules in bid to protect taxpayers December 11, 2013 EUROPEAN taxpayers will no longer pay for banks’ mistakes, Michel Barnier said last night after the EU reached a deal to speed up the introduction of a landmark law aimed at stopping further state-sponsored bailouts. The law, if approved by EU ministers, will make losses for senior bondholders and large savers a permanent feature of [...]
Boris struggles to contain anger over leaked Heathrow decision December 11, 2013 LONDON mayor Boris Johnson has spoken out after leaked details of Sir Howard Davies’ report on airport capacity in the south east revealed he is concentrating solely on Heathrow expansion. Johnson called the decision to focus on Heathrow rather than explore other options a “catastrophic mistake” and said he had engaged with the review process [...]
First time buyer surge adds to market uplift December 11, 2013 THE NUMBER of first time buyers has surged by three quarters over the past year, as a surge of activity in the housing market pushes prices even higher, especially in London. Estate agents Haart reveal today that, the number of first time buyer registrations has risen 78.4 per cent in November 2013, compared to the [...]
London accounts for over a fifth of UK’s total economic output December 11, 2013 LONDON has bounced back strongly from the economic downturn, while the rest of the south east is also faring well. The south east, excluding London, showed the fastest growth per head last year out of all the UK’s countries and regions. Its gross value added – known as GVA – was up 2.5 per cent [...]
Business calls for Crossrail 2 December 11, 2013 AROUND eight out of 10 business leaders in London believe the capital needs an expanded airport capacity, while seven out of 10 say that high living costs makes it difficult to attract the right workers. A survey of 150 chief execs and senior partners by Deloitte also found that 79 per cent believe better surface [...]
UK set to pass pre-2008 peak December 11, 2013 THE UK economy will expand next year to beyond its pre-recession peak, a leading business group will predict today. The British Chambers of Commerce (BCC) expects growth of 2.7 per cent in 2014, up from its previous estimate of 2.2 per cent. Under such conditions the economy would, during the second half of next year, become [...]
FirstGroup rebel won’t go away December 11, 2013 THE US hedge fund demanding radical change at FirstGroup, the transport company, pledged to keep up the pressure despite having its plans for change snubbed by the group’s board. “We’re not going away,” said Tom Sandell yesterday in an interview with City A.M., hours after a FirstGroup statement described its plan to split off the [...]
Stagecoach sees opportunities ahead after growth in US arm December 11, 2013 TRANSPORT operator Stagecoach said yesterday it saw opportunities to expand its rail and bus portfolio after posting a two per cent rise in first-half pretax profit, driven by growth in its US bus business. The bus and rail operator reported a pretax profit of £98.5m for the six months to the end of October, broadly [...]
Why Stagecoach is so successful in the US December 11, 2013 US MARKETS are often seen as the place British businesses go to die, which makes Stagecoach’s transatlantic success something of a surprise. The firm operates around 2,600 buses and coaches in the US and Canada, as well as offering commuter and school bus services. And while Stagecoach is already a key player in the UK, [...]