Payday lenders in trouble over customer care November 20, 2012 PAYDAY lenders must do more to check borrowers can afford their loans, delay more foreclosures and moderate their debt collection practices, the Office of Fair Trading (OFT) warned yesterday as it announced investigations into several lenders. But the body’s new report also found most customers of payday lenders are satisfied with the service they receive, [...]
Banks are pressing the BBA to consider a trade group merger November 20, 2012 SEVERAL UK banks want their trade association to consider merging with other industry groups as part of a radical re-think of the British Bankers’ Association’s (BBA) structure and finances. The BBA used to be able to charge for the use of Libor data, but the association has lost that multi-million pound revenue stream since the [...]
Secure Trust raises £20m November 20, 2012 SECURE Trust Bank, a subsidiary of Arbuthnot Banking Group, yesterday defied tough fundraising conditions to place £20m of shares with new and existing investors. The bank, which is majority owned by Arbuthnot Banking, said it would use the funds to support future growth and potential acquisitions. It will also be used to repay its existing [...]
Plans to restore audit reputation November 20, 2012 THE FINANCIAL reporting watchdog has kicked off a project to try and help auditors to rebuild trust in their profession. On the same day that auditors for Autonomy came under scrutiny following Hewlett-Packard’s $8.8bn (£5.5bn) post-acquisition writedown, the Financial Reporting Council said it wants to examine the skills and responsibilities needed to publish useful audits. [...]
Draghi warned his loose policy worsens crisis November 20, 2012 INVESTORS fear the Eurozone crisis is not going away, despite European Central Bank boss Mario Draghi’s assurances that he will do everything to help, according to a Fitch study published yesterday. And analysts from Swiss bank UBS warned Draghi’s policies may be making the crisis worse in the long run by reducing the pressure for [...]
Google is spared the public’s anger over UK tax spat November 20, 2012 LAST week executives from Amazon, Google and Starbucks appeared before the House of Commons public accounts committee to discuss the issue of tax avoidance, which led to some calls for consumers to boycott big brands that are accused of not paying their fair share. But how is brand perception actually impacted by these sort of [...]
Spain enjoys bond success but rescue fund hit by France woe November 20, 2012 SPAIN successfully shifted €5bn (£4.02bn) worth of short-term debt yesterday, but a bond sale for the Eurozone rescue fund was delayed by France’s Monday night downgrade. The Spanish treasury sold €4.2bn worth of 12-month debt at a yield of 2.797 per cent, down from 2.823 per cent at the last auction, but €713m of 18-month [...]
Premier to axe 900 jobs across bread division November 20, 2012 PREMIER Foods, the maker of Hovis bread, announced yesterday it is to close two bakeries and axe 900 jobs as part of plans to overhaul its troubled bread division and pay off debt. The company said bakery sites in Birmingham and Greenford will close during the course of next year, on top of the previously [...]
New Look’s earnings rise by 25 per cent as recovery plan pays off November 20, 2012 VALUE fashion retailer New Look posted a 25 per cent rise in underlying first half earnings yesterday, as it removed costs and improved margins as part of a recovery plan following a slump in earnings in 2011-12. The firm, owned by private equity groups Apax, Permira and founder Tom Singh, also said that its current [...]
Profits surge at Big Yellow November 20, 2012 BIG Yellow, the self-storage provider, yesterday posted a 20 per cent jump in half-year profits but warned that the addition of VAT to storage costs will continue to weigh down earnings growth in the short term. Chairman Nicholas Vetch said the group focus on London and the south east, where it operates 58 of its [...]
