Fraud watchdog set to prosecute Olympus’ Gyrus September 4, 2013 OLYMPUS, the famous camera-making brand, will be prosecuted by the UK’s Serious Fraud Office (SFO) for a case of wrongdoing linked to the huge accounting scandal that rocked the firm two years ago. The charges relate to Olympus’s British unit, Gyrus, and concern accounts being falsified. Gyrus has been informed of four charges, and Olympus [...]
EU plans crackdown on money funds to enforce liquidity levels September 4, 2013 MONEY market funds (MMFs) will have to publish more data on their investments under new EU rules published yesterday. The proposals will also restrict the type and size of investments the funds can make. MMFs aim to keep clients’ money safe and liquid by investing in ultra-safe securities in large, liquid markets, at the cost [...]
Barclays sets date for £5.8bn rights issue September 4, 2013 THE BIGGEST bank fundraising round since the financial crisis will take place on 13 September, Barclays announced yesterday. The lender is raising £5.8bn in a major rights issue, shoring up its capital position after regulators argued the bank needed to improve its leverage ratio. Existing shareholders will get the first chance to buy as they [...]
Pickles steps in to review Shell Centre scheme September 4, 2013 COMMUNITIES Secretary Eric Pickles yesterday said he would review the redevelopment of Shell’s headquarters on the south bank, casting doubt over the future of the £1bn scheme. The scheme on London’s South Bank is being developed by Canary Wharf Group and Qatari Diar and will see 877 new homes, offices and shops built on the [...]
Banks’ £500,000 compensation bill for just 10 interest rate swaps September 4, 2013 BRITAIN’S biggest banks have paid compensation on just 10 cases of interest rate swap mis-selling so far, the Financial Conduct Authority (FCA) revealed yesterday. The lenders have taken on 2,800 staff to review more than 30,000 cases, which often involve small firms who wanted protection against interest rate rises. However sometimes they had no choice whether [...]
Hargreaves Lansdown profits from commission shake-up September 4, 2013 HARGREAVES Lansdown unveiled a 31 per cent increase in its full year dividend as it announced higher revenues and profits attributed in part to retail banks withdrawing from some of its key markets due to shifting regulation. In an earnings statement for its full year to the end of June published yesterday, the investment manager [...]
Dixons retail set to offload Pixmania September 4, 2013 DIXON’S Retail, Europe’s second-biggest electrical goods retailer, is expected to confirm reports today that it will recommend a sale of its loss-making PIXmania e-commerce business. PIXmania, which operates in France and the Czech Republic, has dragged down the performance of the group as it battles the economic problems that have kept much of Europe in [...]
Eurozone boost as output hits a two-year peak September 4, 2013 THE EUROZONE’S recovery finally appears to be on track according to data released yesterday, with business output growing in August at its fastest pace in over two years. The news came as separate data from Brussels showed the single currency area escaping recession during the second quarter of the year, supporting earlier estimates. The Eurostat [...]
Exclusive: Utilities firms to roll out mobile payments via bank app Zapp September 4, 2013 MAJOR utilities firms will this month announce plans for consumers to pay bills using new mobile app Zapp, City A.M. understands, in a new drive to consolidate a fragmented industry. From next summer customers will receive bills with QR codes attached, which they can scan to pay the bills with the app. Zapp, set up by [...]
Unemployment in Ireland falls for the 14th consecutive month September 4, 2013 IRELAND’S rate of unemployment dropped for the 14th straight month in August, figures showed yesterday, yet the level remains elevated at 13.4 per cent. The country’s statistics office said that unemployment only slipped slightly in the month, from 13.5 per cent in July. However, it is down sharply from 14.6 per cent at the same [...]
