Easy money to last until at least 2016 as growth prospects wane June 4, 2015 LOW INTEREST rates look set to stay for the rest of the year, with the growth outlook for the UK worsening and a major international organisation urging the US not to hike rates this year. The UK economy may only grow by 2.3 per cent this year, the British Chambers of Commerce, which represents over [...]
Classic racing cars grace the city streets June 4, 2015 City suits could rub shoulders, but perhaps not kick the tyres, in Dunster Court last night. Celebrations of the 92nd Anniversary of the Le Mans 24-hour race brought racing legends David Richards CBE, Ross Brawn OBE and John Surtees OBE for a French-inspired charity dinner and reception, where guests got up close with some of [...]
Swiss probe ends as HSBC pays out £28m June 4, 2015 SWISS prosecutors have dropped their investigation into HSBC’s private bank operations, after the company agreed to pay the authorities in Geneva 40m Swiss francs (£28m) yesterday. The authorities had long been looking into allegations of money laundering at the firm’s Swiss private bank. Earlier this year, Geneva’s public prosecutor searched HSBC’s offices as part of [...]
Odey Asset Management invites rivals to gatecrash Playtech’s takeover of Plus500 June 4, 2015 Plus500’s top shareholder Odey Asset Management yesterday rebuked a £460m deal for the company from Teddy Sagi’s Playtech and said it would welcome offers from rival bidders. Odey, which was founded by hedge fund investor Crispin Odey, has amassed a 25 per cent stake in the troubled spreadbetting company alongside JP Morgan, which owns [...]
Cameron in high-vis at crossrail ceremony June 4, 2015 Prime Minister David Cameron and mayor of London Boris Johnson were on hand in their high-vis suits yesterday for a Crossrail “break through” ceremony under Farringdon station. The ceremony marked the end of a three-year effort to dig tunnels for London’s forthcoming new Crossrail system. Johnson called the completion “a landmark event”.
Merger for UK music startups Songkick and Crowdsurge June 4, 2015 Two UK-based music platforms said they were teaming up yesterday, as concert app Songkick and ticket sales website Crowdsurge announced a 50/50 merger. In an announcement on its website, Songkick said that the combined company would keep the name Songkick and become the “largest artist-ticketing service in the world.” According to Songkick, the company aims [...]
Worldpay is set to float June 4, 2015 THE OWNERS of payments processing company Worldpay are getting ready for a £6bn stock market listing, hiring six banks to lead the initial public offering (IPO). Sky News first reported that Worldpay’s owners, Advent International and Bain Capital, are close to appointing Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley as global co-ordinators [...]
Oil firms’ shares on hold ahead of Aim update June 4, 2015 FIRMS connected with the so-called Gatwick gusher are expected to update the market with new information about the Surrey oil well as early as today, after suspending shares yesterday. UK Oil & Gas Investments (UKOG), as well as Solo Oil, Alba Minerals, Stellar Resources and Doriemus, all suspended trading on the junior market pending an [...]
Lloyds may face record fine over £100m for PPI complaints fiasco June 4, 2015 LLOYDS Banking Group could be slammed with a record fine from the Financial Conduct Authority for its handling of PPI complaints. The bank – which is currently still part-owned by the taxpayer – could receive a penalty of “well over £100m” from City watchdog the FCA . The fine could be made public as early [...]
Fitch: It is still too difficult to compare banks June 4, 2015 Investors cannot fairly compare banks’ capital buffers and financial soundness because the rules allow them too much flexibility in how they report their numbers, analysts at credit ratings agency Fitch warned yesterday. The biggest banks calculate their risk-weighted assets (RWAs) based on internal models of risk, which are then approved by regulators. But the models [...]
