World’s largest Lego store opens in London’s Leicester Square November 17, 2016 The world's biggest Lego store opened its doors in London's Leicester Square earlier today. The store, which is the 131st to open worldwide, features a life-sized Underground Tube carriage, where visitors can pretend to take a trip with a Royal Guard and a rather famous bard, but without the signal failures. The carriage, which took [...]
Gap shares slump as profits unravel for most recent quarter November 17, 2016 Shares in Gap have plummeted in after hours trading, after the retail giant revealed its incomes and sales had fallen during its most recent quarter. The figures Net income for the retailer for the 13 weeks to 29 October slipped to $204m (£164.2m), down 18 per cent from $248m for the same period the year before. [...]
Tesla’s takeover of SolarCity has just been approved by shareholders November 17, 2016 Tesla Motors' acquisition of SolarCity is on after it was revealed tonight it had received the green light from shareholders, according to various reports. By bringing the two firms together, Tesla chief executive Elon Musk has previously said he hopes to create a one stop shop for customers looking to pick up solar panels, home batteries and [...]
London unlikely to lose out on euro clearing post-Brexit, finds report November 17, 2016 Euro-denominated clearing is unlikely to be shifted out of the UK following Brexit, a report from ratings agency S&P has said. Since the UK voted to leave the EU in June, there have been some fears that London institutions could be prohibited from carrying out lucrative euro clearing activities. While the report highlighted that the [...]
JP Morgan to pay $264m to settle Chinese hiring claims November 17, 2016 JP Morgan is to pay $264m (£212.2m) to settle claims it hired relatives of key Chinese decision makers to win work. The US authorities allege that JP Morgan's Asian subsidiary set up a client referral scheme, distinct from the lender's own hiring processes, to give unfair preference to would-be hires referred by client executives and influential government officials [...]
Valeant share price slumps as charges against former exec revealed November 17, 2016 Shares in Valeant slumped in early trading, after charges were brought against one of the company's former executives over the troubled firm's relationship with specialty mail-order pharmacy Philidor. Gary Tanner, a former executive at Valeant Pharmaceuticals, along with Andrew Davenport, ex-chief executive of the now defunct Philidor Rx Services, were today arrested. It is alleged the duo engaged in [...]
Investec’s asset management division earns its stripes, but banking profits fall November 17, 2016 Investec has reported a seven per cent fall in specialist banking profit, but improvements in asset management and wealth and investment divisions. The figures The Anglo-South African group reported a 0.2 per cent drop in ongoing operating profit to £314.5m, though this would have been 0.6 per cent growth on a currency neutral basis. The financial [...]
US mega fine looms over sale of RBS November 17, 2016 A possible US fine of $5bn-$12bn or more has hit the pause button on any further sale of the government’s huge holding in embattled lender RBS, two top officials told MPs yesterday. The boss of UKFI – the organisation charged with advising government on the sale of assets picked up during the financial crisis – [...]
JP Morgan share price down as Jamie Dimon tipped for US Treasury spot again November 16, 2016 JP Morgan shares closed down 2.5 per cent tonight after reports resurfaced that Donald Trump was about to offer chief exec Jamie Dimon the treasury secretary role. Fox anchor Maria Bartiromo tonight tweeted she had heard Dimon was about to be offered the role, with a “big meeting” expected tomorrow. Hearing @jpmorgan ceo jamie Dimon [...]
Brexit looks like a footnote compared to Trump win, says Barclays boss Jes Staley November 16, 2016 The impact of June's Brexit vote is overshadowed by Donald Trump's recent triumph in the US race for the White House, the boss of Barclays said today. Trump's surprise victory last week did little to rock the markets in the immediate aftermath, but the new president-elect is still yet to flesh out the details of his policies. [...]
