UK mortgage approvals soar to highest level since 2007 March 3, 2014 The Bank of England (BoE) has released figures showing mortgage approvals for new house purchases climbed from 72,798 to 76,947 in January – their highest level since November 2007. However, mortgage approvals remained 25 per cent below their pre-crisis levels. UK economist for London-based consultancy Capital Economics Samuel Tombs, said: There is little reason to [...]
UK set to abolish tax on Bitcoin March 3, 2014 The UK is planning to scrap VAT on the trading of digital currency Bitcoin, reports the Financial Times. A briefing by Her Majesty's Revenue and Customs (HMRC) said it would end the 20 per cent VAT on Bitcoin transactions, adding that it would not tax margins as well. A formal announcement is expected later in [...]
Vodafone launches partnership with Malala Yousafzai March 3, 2014 Mobile technology could bring 5.3m people out of illiteracy by 2020, according to telecoms operator Vodafone, which has released it's Vodafone Connected Women report. The research undertaken by Accenture and Oxford University's Said Business School, concluded that limiting female illiteracy in developing countries would allow women to gain new employment opportunities leading to an increase [...]
Asian shares tumble amid Ukraine crisis March 3, 2014 Asian shares are taking a hit in the wake of the deteriorating situation in Ukraine, with Russian troops surrounded a number of Ukrainian military bases last night. The US Secretary of State John Kerry warned yesterday that Russia could be expelled from the G8 unless President Vladimir Putin puts an end to his “incredible act [...]
Citi slashes earnings by $235m after Mexico unit fraud February 28, 2014 American bank Citigroup has announced that it will lose an estimated $235m (£140m) on its full-year earnings for 2013 "as a result of a fraud recently discovered in its subsidiary in Mexico." The financial impact will lower Citi’s 2013 net income from $13.9bn to $13.7bn. The announcement concerned $585m of short-term credit that was extended [...]
BA boss says Scottish independence could be good for business February 28, 2014 The chief executive of International Airline Group (IAG) Willie Walsh has become the first CEO of a major company to say that Scottish independence may be good for business. Speaking to the BBC, Walsh said: If anything, it will be slightly positive, since we believe (an independent Scotland) will abolish Air Passenger Duty (APD). The [...]
Has rising inflation taken the pressure off the ECB? February 28, 2014 A rise in Eurozone core inflation from 0.8 per cent to one per cent, stable unemployment and strengthening economic confidence may have reduced pressure on the European Central Bank (ECB) to opt for further monetary easing. Unless inflation falls significantly, it is unlikely that the ECB will feel the need to go down the road [...]
MtGox files for bankruptcy protection in Tokyo February 28, 2014 A lawyer for the troubled Bitcoin exchange MtGox has a told a press conference in Tokyo that the company has filed for bankruptcy protection and has an outstanding debt of $63m (£37m), according to the Wall Street Journal. MtGox CEO Mark Karpeles has since given a press a conference where he apologised for the "weakness [...]
Ofgem demands energy companies return money to 3.5m customers February 28, 2014 Ofgem has confirmed that it is calling on major energy suppliers to return £400m to their customers after research found companies were holding the money in closed accounts. Ofgem said suppliers are holding £202m from 3.5m domestic customers and £204m from 300,000 business accounts. Andrew Wright, interim chief executive of Ofgem, commented: When many people [...]
IAG shares take a hit as Iberia continues to struggle February 28, 2014 Shares in British Airways and Iberia owner International Airlines Group (IAG) are falling despite the company swinging back into the black, with profit before tax reaching €227m (£186m) for the year ended 31 December 2013. In 2012, the company suffered a loss before tax of €774m. However, Iberia has continued to struggle while the Spanish [...]
