UK wins its battle with EU over the location of Libor regulators September 18, 2013 THE EUROPEAN Commission yesterday pulled back from plans for a continental regulator to oversee benchmarks like Libor, in a victory for the UK. The EC has still proposed tough reforms which will see banks fined up to 10 per cent of revenues if they fail to guard against rate rigging. And banks will no longer [...]
JP Morgan and UBS hit as fines for banking scandals unveiled September 18, 2013 THE CITY regulator will today announce one of the biggest ever fines on US banking giant JP Morgan over the so-called London whale derivatives scandal. At around 2pm the Financial Conduct Authority (FCA) is expected to announce penalties in excess of £50m for JP Morgan over failing to properly supervise its traders, according to Sky [...]
Investor clash may spark sale of Heron Tower September 18, 2013 ONE OF London’s tallest buildings is at the centre of a shareholder battle that may result in the property being put up for sale. Investors in the Heron Tower on Bishopsgate are understood to be unable to reach an agreement over when they can realise the value from their investments. Property magnate Gerald Ronson’s firm [...]
Clegg talks up coalition red lines September 18, 2013 NICK Clegg yesterday set out the Liberal Democrats’ pitch for the 2015 general election by producing a long list of Conservative policies that his party had blocked – and insisting the Lib Dems had blunted the right-wing instincts of Tory ministers. The Deputy Prime Minister told delegates at his party’s annual conference in Glasgow that [...]
Life insurers are breaking new commission ban September 18, 2013 LIFE insurers are breaking strict rules banning the payment of commissions by offering incentives such as free holidays for advisers and their spouses, the City watchdog claimed yesterday. Since the start of 2013 advisers have not been allowed to receive commission and individuals must instead pay up front for financial advice. The government hopes this [...]
Barclays shares dive after rights issue offer comes to an end September 18, 2013 SHARES in Barclays plunged sharply yesterday after the deadline for investors to be eligible for discounted stock in the bank’s rights issue. But the fall in price was less sharp than feared, indicating investors remain upbeat on the bank’s earnings potential. Yesterday shares dropped 7.29 per cent to 277.2p. The stock had been pumped up [...]
Tory membership slumps under Cameron September 18, 2013 MEMBERSHIP of the Conservatives has almost halved since David Cameron came to power, the party admitted yesterday. It told the ConservativeHome website that there are now 134,000 Tory members, compared to more than 253,000 at the time of the 2005 leadership election. While all mainstream parties have seen declines in membership over the last decade, [...]
JD Sports profits up but outdoor stores in the red September 18, 2013 BRITISH retailer JD Sports yesterday posted a surge in first-half profits, with a strong performance in the firm’s core sports offering offsetting continued losses from its fashion and outdoor stores. Pre-tax profits excluding exceptional items rose to £10m from £2.9m in the first half of 2012. The firm posted a record performance in its core [...]
Bottom Line: Results are also a game of two halves September 18, 2013 LUCKY for JD Sports that rival JJB went into administration at the end of last year. That helped it to score a 7.5 per cent increase in like-for-like sports sales in the UK and Ireland in the first half, with group profit before tax up 111 per cent to £6.1m. Without it, these results could [...]
Zara-owner Inditex sees sales pick up as Asia drives growth September 18, 2013 INDITEX, the world’s biggest clothing retailer, reported a pick up in sales yesterday, helping to ease concerns its rapid growth of recent years may be faltering after the smallest rise in first-half profit since 2009. The owner of the Zara chain signalled it was not immune to cash-strapped European markets, where cut price competition combined [...]
