Morrisons’ tax boss arrested in watchdog probe January 20, 2014 MORRISONS’ treasurer and head of tax is under investigation by the Financial Conduct Authority (FCA) for insider trading ahead of its £216m tie-up with Ocado last year, in yet another blow for the troubled supermarket. Paul Coyle was suspended from his post after being arrested in December in Harrogate by the Yorkshire police in connection [...]
Aviation head Davies says he will ignore abuse from Boris January 20, 2014 SIR HOWARD Davies plans to “rise above this vulgar abuse” from Boris Johnson as he works to pick a site for a new runway or airport. “As far as the Mayor’s concerned we don’t seem to have produced the answer he wants us to produce,” Davies told MPs at yesterday’s Transport Select Committee. Davies’ panel [...]
Farage: Women are worth less to City bosses January 20, 2014 WOMEN who take time off to have children are “worth less” to City bosses than their male colleagues, Ukip leader Nigel Farage has said. Speaking at a conference on Europe, Farage said he didn’t believe there was any discrimination against women in the City, singling out banks, brokerage houses and Lloyd’s of London as good [...]
Co-op calls off insurance sale on equity deal January 20, 2014 THE CO-OPERATIVE group has pulled the plug on its plan to sell its general insurance arm because it no longer needs the funds to fill the bank’s capital hole. A £1.5bn capital hole was revealed at the bank last summer, and the group initially planned to fill £1bn of that with its own resources. It [...]
Watchdog to formally probe KPMG audit of troubled bank January 20, 2014 KPMG’S work on the Co-operative Bank’s accounts will be formally investigated, the Financial Reporting Council said yesterday. The watchdog said it will probe KPMG’s approval and audit of the Co-op Bank’s 2012 results, following the bank’s revelation last year that it had a £1.5bn capital hole. The FRC, which has powers to fine and suspend [...]
Slower Chinese economy beats state’s targets January 20, 2014 THE CHINESE economy grew by 7.7 per cent during 2013, the joint slowest expansion recorded for over a decade, but above the government target for a 7.5 per cent boost. Many emerging markets suffered from slower growth last year, after markets began to expect the tapering of the US quantitative easing programme during the summer. [...]
Abe commits Japan to loosen controls on migrant workers January 20, 2014 THE JAPANESE government has announced intentions to make employment in the country easier for migrant workers, as part of the much-anticipated reforms to the country’s economy. Prime Minister Shinzo Abe and his ministers will reveal detail of the government proposals by the middle of the year, as part of a commitment to improvements by the [...]
Hyperion Insurance Group grows January 20, 2014 Insurance group Hyperion has published its annual results, which show strong growth. The company has seen a compound annual growth rate of 35 per cent over the past five years. A number of acquisitions have bolstered figures. Commenting on the results, chief executive David Howden said: “2013 has been another record-breaking year, as well as [...]
China gold imports to dip in 2014 January 20, 2014 Chinese gold imports look set to fall from last year’s record levels, analysts warned yesterday, despite the precious metal’s declining price. “I think that perhaps a figure of 10 to 15 per cent down year-on-year is probably about right for Chinese imports of gold. There is a good level of stock there that can be [...]
Fitch upgrades Virgin Money January 20, 2014 Challenger bank Virgin Money is getting stronger as its core markets like mortgages grow, credit ratings agency Fitch said yesterday. It upgraded the lender’s credit rating from triple-B to triple-B plus. Virgin’s foundation on the best Northern Rock mortgages is a good basis for growth, the agency said, and its new lending since then has [...]
