Barclays gets ready for major investment banking shake up April 22, 2014 BARCLAYS is expected to cut back its commodities trading business in reforms to be announced today, ahead of a bigger investment banking shakeup. The reforms have been prompted by tougher regulations driving up the cost of doing business in the markets. The changes should also please protestors ahead of this Thursday’s annual general meeting – [...]
Energy price war set to hot up as firms vow to cut switching times April 22, 2014 ENERGY companies have agreed to halve switching times by the end of the year, the government said yesterday, ramping up the pressure on the big six to lower their prices. The percentage of customers switching to smaller suppliers to find cheaper deals hit a record 43 per cent last month according to Energy UK, amid [...]
Merkel ally hits out at German retirement age April 22, 2014 GERMANY is moving in the wrong direction on the legal age for retirement and setting a bad example to other European states, according to the country’s own EU commissioner, Gunther Oettinger. The current coalition government in Germany will allow workers to retire at 63 if they have worked from the age of 18, a compromise [...]
Halliburton back in profit after a $1bn spill charge April 22, 2014 OIL services firm Halliburton swung to a profit of $623m (£370.9m) in the first three months of the year, propelled by extra work in the Middle East and Asia that offset slower activity in the USA. The result compares to a $13m loss a year ago, when Halliburton booked $1bn in charges for ongoing lawsuits [...]
RBS keeps quiet on small firms until watchdog probe is finished April 22, 2014 RBS is not planning any further action on its treatment of small businesses in the hope that Clifford Chance’s report clearing the bank of wrongdoing will satisfy its critics, City A.M. understands. City watchdog the Financial Conduct Authority (FCA) is conducting its own investigation, and RBS is not expected to make any announcements until that [...]
Microsoft to take over Nokia’s handset business this week April 22, 2014 MICROSOFT has finalised the deal to buy Nokia’s devices and services business after months of fine-tuning on the acquisition. The US computing giant is paying €5.4bn (£4.4bn) for the troubled phone firm’s handset arm, in a deal first announced in September 2013. The deal will complete this Friday, 25 April. Microsoft hopes it will help [...]
Ukip membership hits a record high as new posters unveiled April 22, 2014 MEMBERSHIP of Nigel Farage’s Euroskeptic Ukip party has hit 36,000 people, a record for the organisation. New figures revealed yesterday show that Ukip now has 36,015 members and more are expected, after the party said it was coping with a backlog as a result of Farage’s TV debate with Liberal Democrat leader Nick Clegg. “This [...]
Tech giants in jobs pact case April 22, 2014 TECHNOLOGY giants Google, Apple, Intel and Adobe are set to face claims next month that they colluded to keep executives’ wages down by signing agreements barring them from poaching each other’s staff. The Silicon Valley titans face calls for around $9bn (£5.4bn) in compensation for $3bn lost wages among 64,613 software engineers. They say the [...]
Banks unable to meet tougher leverage rules April 21, 2014 EUROPE’S banks would have to raise another $196bn (£116.7bn) if regulators increased the minimum leverage ratio to five per cent, according to a study by SNL Financial, published yesterday. Under current plans banks have to meet a three per cent ratio, holding capital amounting to three per cent of their total assets. Some regulators have [...]
UK firms go on shopping spree to acquire more overseas assets April 21, 2014 UK COMPANIES had a healthier appetite for buying and merging foreign companies in the first quarter of this year, spending $3.3bn (£1.96bn) more than they did last year on overseas deals. Businesses headquartered in the UK spent a total of $35.4bn between New Year’s day and the end of March on outbound M&A, helping boost [...]
