Thames Water to pay £86m for misreporting flood risks June 5, 2014 THAMES Water has agreed to pay £86m to customers after it was found to have misreported the number of properties at high risk of sewer flooding in 2010, the regulator Ofwat said yesterday. The London water supplier has committed to reduce its regulatory capital by £79m, which Ofwat said should lower customers’ bills in the [...]
Broadcasters plough £100m into Freeview June 5, 2014 The BBC, ITV and Channel 4 have agreed to plough £100m into a new connected TV service from Freeview in a move that could challenge YouView, as the same broadcasters withdraw their financial support for the platform. Freeview Connect, the new platform, comes as the same free-to-air broadcasters scale back their financial investment in YouView [...]
Spotless sale cleans up for BC Partners June 5, 2014 GERMAN consumer goods group Henkel yesterday said it has agreed to buy French home care company Spotless Group for €940m (£763m) in cash. Private equity firm BC Partners has nearly doubled its money on Spotless, having bought the company for €600m in 2010. BC Partners said the deal would offer the firm potential to expand [...]
Icap’s worst May volumes since 2009 June 5, 2014 INTERDEALER broker Icap had its worst May for five years last month, after total electronic broking volumes fell 12 per cent, according to data released yesterday. The company, which competes with firms such as Tullett Prebon, said average daily volume fell to $690.8bn last month from $788.1bn during the same period last year. The month [...]
Paragon sparkles on reserve report June 5, 2014 Aim-listed miner Paragon Diamonds saw its shares soar 6.9 per cent yesterday, after unveiling an upbeat revenue and diamond size modelling report at its flagship Lemphane Kimberlite mine in Lesotho, which is expected to start production later this year. Over 100 diamonds larger than nine carats are expected to be recovered.
Salamander Energy sells Thai assets June 5, 2014 Salamander Energy, the Aim-listed oil and gas explorer, yesterday said it has agreed to sell a 40 per cent stake in two interests in Thailand to Malaysia’s Sona Petroleum for $280m (£167m), to pay down existing debt.
Botswana identifies target sites June 5, 2014 Aim-listed miner Botswana Diamonds yesterday said its joint venture exploration programme in Botswana had identified targets with high potential for diamond discoveries. One target will be drilled in September, while further work will be undertaken to identify another drill site.
Banks and City regulator deny £1bn PPI crisis June 5, 2014 THE CITY watchdog and the banking industry do not recognise the claim that banks have underpaid payment protection insurance (PPI) mis-selling victims to the tune of £1bn, the groups said yesterday. An analysis of figures, commissioned by the BBC from an undisclosed source, had claimed banks were failing to repay the fees charged to borrowers as [...]
TSB promises modest bonuses as it aims for a cleaner image June 5, 2014 REVIVED high street bank TSB yesterday tried to differentiate itself from other banks by vowing to keep bonuses relatively low – yet these could still be 100 per cent of base salary for executives. The bank claims its policies are inspired by market leaders such as John Lewis – for instance, all staff will be given £100 [...]
FCA tells logbook lenders: Clean up your act or face punishment June 5, 2014 LENDERS who secure debts against vehicles too often treat customers poorly and fail to carry out basic affordability checks, the Financial Conduct Authority (FCA) said yesterday. Logbook loans range from £500 to £50,000 and typically come with an annual percentage rate of 400 per cent. The regulator has been responsible for the sector since the start [...]
