Taxman axes VAT on British Bitcoin trades March 3, 2014 THE BRITISH taxman confirmed yesterday that Bitcoin will be exempt from VAT in the same way as other currencies, in the latest sign that finance authorities are taking the digital currency seriously. HM Revenue and Customs said that unlocking new Bitcoins in a process known as mining and trading Bitcoin for other currencies will not [...]
World’s richest made wealthier by stock surge March 3, 2014 THE WORLD’S richest men and women have had, on average, a very profitable 2013. The total wealth of billionaires is now $6.4 trillion, according to Forbes magazine – a rise of a cool $1 trillion in the space of a year, with many fortunes buoyed by the rising equity markets. There are now a record-breaking 1,645 [...]
Insurers count cost of floods as bill hits £1.2bn March 3, 2014 THE RECENT bad weather could cost UK insurers £1.2bn, according to ratings agency Fitch. Storms and flooding that hit many parts of the country in December and the early part of this year have left households, and ultimately insurers, counting the cost of the damage. The agency estimates that losses to the industry will be “manageable” [...]
Profits up at insurer Amlin in spite of bad weather in Britain March 3, 2014 SPECIALIST insurer Amlin has reported positive overall results for 2013, despite a hit to the UK and European arm of the business from the recent bad weather. Profit before tax was up 23.3 per cent to £325.7m from £264.2m in 2012. Amlin also reported a combined ratio of 86 per cent, compared to 89 per [...]
New Korea central bank head March 3, 2014 The Bank of Korea will have a former insider back as the new governor in April, as ex deputy chief Lee Ju-yeol comes back to the institution from an academic post. Lee left the bank in 2012 after a career spanning nearly three and a half decades, and has worked since at Yonsei University. Governor [...]
Energy firms among worst billers March 3, 2014 One fifth of households have been billed wrongly by energy suppliers, according to new research today commissioned by comparison service uSwitch. The energy industry is among the worst billers for the eighth year running, only surpassed by HMRC, according to customers surveyed by market research firm YouGov. The average amount owed following a billing error [...]
New retail app to tag shoppers March 3, 2014 Powa Technologies is today launching a smartphone app that allows customers to buy items after taking a picture of an advert or tuning in to a snatch of music. The British firm’s PowaTag app will also enable retailers to beam special offers or other messages to shoppers’ phones when they walk near a Bluetooth beacon. [...]
Bank of Ireland stocks plunge on poor lending March 3, 2014 INVESTORS fled the Bank of Ireland yesterday as it reported an unexpectedly large fall in lending volumes over the course of 2013. The bailed-out bank lost €525m (£432m) in 2013, an improvement on the €2.2bn it lost in 2012. And it recorded an operating profit of €1.1bn, when excluding impairment charges, up from €224m in [...]
ISS stays strong in face of unrest after pricing forthcoming float March 3, 2014 DANISH services firm ISS yesterday ruled out delaying its impending float due to unrest in Ukraine. The business yesterday said it will float at between 140 and 175 krone a share (£16 to £19.30), which would value the company at about £3.5bn. The float will take place on the Nasdaq OMX Copenhagen later this month [...]
Ackermann steps down from Shell’s board March 3, 2014 FTSE 100 oil major Royal Dutch Shell yesterday said that Josef Ackermann, a non-executive director, would step down from the board at its annual meeting on 20 May. This is the latest departure for the former Deutsche Bank boss, who quit as chairman of insurer Zurich after its finance chief committed suicide, leaving a note [...]
