Lloyds bosses to forfeit bonuses over £117m insurance claims fine June 5, 2015 LLOYDS has been fined £117m over its handling of Payment Protection Insurance claims – the largest ever handed out by the FCA in relation to PPI. “Whilst our intentions were right, we made mistakes in our handling of some PPI complaints,” admitted Lloyds chief Antonio Horta-Osorio. The taxpayer-owned bank was found to have failed in [...]
Merlin Entertainments forced to close more rides over safety fears June 5, 2015 SHARES in Merlin Entertainments fell 1.2 per cent in late afternoon trading yesterday after it announced the closure of four rides following an accident earlier this week. The theme park owner said today that Saw at Thorpe Park, The Smiler at Alton Towers, as well as Dragon’s Fury and Rattlesnake at Chessington World of Adventures [...]
US jobs growth bolsters chance of Fed rate hike June 5, 2015 US JOB growth accelerated sharply in May and wages picked up, signs of momentum in the economy that bolster prospects for an interest rate hike in September. Nonfarm payrolls increased 280,000 last month, the largest gain since December, the Labor Department said yesterday. While the unemployment rate rose to 5.5 per cent from a near [...]
City watchdog names ex-Hong Kong regulator as new enforcer June 5, 2015 THE Financial Conduct Authority (FCA) has appointed Mark Steward as the new director of enforcement and market oversight. Steward joins from his position as head of enforcement at the Hong Kong Securities and Futures Commission, and will step into the shoes of Tracey McDermott, who was recently promoted to head of the supervision division. The [...]
Gatwick gusher study sends UKOG shares up June 5, 2015 SHARES in UK Oil and Gas (UKOG) Investments rocketed by as much as 52 per cent in trading yesterday after it published a new report on the amount of oil located at Horse Hill near Gatwick. Shares in the Aim-listed oil exploration firm were suspended on Thursday pending the announcement. The new report estimates overall [...]
Halfords pedals to £1bn revenue after cycle boom June 5, 2015 HALFORDS recorded revenue in excess of £1bn in the year to the end of March thanks to strong sales in both its car and cycle businesses, sending shares higher in trading yesterday. The retailer posted an 11.4 per cent rise in full-year profit to £84.1m on an 6.8 per cent rise in revenue to £1.004bn. [...]
First ever tracker mortgage with interest rate below one per cent June 5, 2015 CHELSEA Building Society yesterday unveiled the first ever tracker mortgage with an interest rate below one per cent. Housebuyers who want to borrow under the scheme need to meet stringent restrictions, including having a 35 per cent deposit and paying £1,545 in fees. But if they can do, applicants are rewarded with an interest rate [...]
Bank of England says inflation expectations picked up in May June 5, 2015 INFLATION expectations over the coming year rose to 2.2 per cent in May, from a 13-year low of 1.9 per cent in February, according to a closely-watched survey released yesterday by the Bank of England. Additionally, expectations over the next two years rose to 2.3 per cent from 2.1 percent, and were unchanged at 2.8 [...]
Fullers firing on all cylinders as pubs report big sales increases June 5, 2015 LONDON beer company Fuller, Smith & Turner, which brews London Pride, yesterday said sales at its estate of boozers have increased since March despite a fall in its beer and cider sales. The company, which was founded in 1845 and still brews beer at its original site in Chiswick, saw like-for-like sales at its managed [...]
BBC sells White City site to Stanhope and Japanese firm Mitsui Fudosan for £87m June 5, 2015 THE BBC has announced the sale and sublet of its Media Village site in an £87m deal with Stanhope and Mitsui Fudosan. Following an 18-month negotiating process, four acres of freehold land will be sold and six buildings in White City leased as part of the deal. The BBC says it will make £33m in [...]
