Employee rulings in New York and London to have “staggering” impact on the likes of Amazon and Uber October 28, 2016 Amazon has agreed to stump up $100,000 (£82,000) in back-pay to a New York delivery driver whose wage packet was deducted for lunch breaks he didn’t manage to take. In a ruling many American delivery contractors will welcome coming up to Christmas, the state attorney general said the settlement will mean short-term workers are entitled to receive [...]
Permanent TSB completes EU deleveraging plan with sale of second slug of its mortgage book to Cerberus October 27, 2016 The fund that has spent billions hoovering up some of the UK's banks' most distressed mortgage portfolios, today splashed out €2.4bn (£2bn) to snaffle Permanent TSB's Irish housing book. US distressed debt investor Cerberus Capital Management already owns 50 per cent of Capital Home Loans, a subsidiary of Permanent TSB, and this deal completes the part state-owned lender's €8.4bn [...]
Overseas operations at this Japanese bank are No-mur-a in the red October 27, 2016 Net income leapt 31 per cent at Japanese bank Nomura as the broker benefited from an increased investor appetite for currency hedges and bonds. Nomura posted ¥61bn (£476m) of net income for the three months to September, underpinned by strong domestic performance and overseas operations swinging back into the black. Read more: This investment bank has been [...]
Henderson share price falls and blames Brexit vote for July’s retail exodus October 27, 2016 Henderson said that its retail investors scampered for covered following this summer's Brexit vote, with large numbers of withdrawals from its funds during July. Reporting on its third quarter performance, the asset manager said that retail outflows totalled £1bn, of which 70 per cent of them occurred in the immediate aftermath of the Brexit vote. Shares in [...]
Shares in Debenhams leapt this morning on solid annual results. But analysts are still waiting to see what the new chief exec will do October 27, 2016 Department store Debenhams' share price headed north by nearly four per cent this morning after revealing a decline in full year profits that still beat analyst expectations. The figures Gross transactional values, basically the company's sales before taking into account discounting, were up by 1.3 per cent to £2.9bn. However revenues – what it says on the [...]
Lloyds’ share price flops after financial institutions buy up another government slice: Hammond promises to give taxpayers their money back October 27, 2016 A further slug of Lloyds Banking Group (Lloyds) shares have been off-loaded by the government, taking the Treasury's interest in the lender to less than nine per cent. Having flagged his intention to re-ignite the government's sell-off earlier this month, Chancellor Philip Hammond highlighted that this was a further step towards taxpayers getting all their money back [...]
Deutsche Bank’s Mexican operations sold to Investabank October 27, 2016 Deutsche Bank has sold its two Mexican units as part of an ongoing drive to flog non-core assets. Investabank picked up Deutsche Bank Mexico and Deutsche Securities for an undisclosed amount – although it is looking to investors to provide 2.5bn pesos (£112m) to help fund the purchase. The deal is still subject to sign-off [...]
Samsung posted quarterly earnings that were at an eight-year low but in line with expectations October 27, 2016 Samsung posted its worst quarterly results for almost eight years in the wake of the Galaxy Note 7 debacle, but promised that it would rebound in the fourth quarter. Earnings plummeted 98 per cent in comparison to the previous year and languished at their worst level since the final quarter of 2008. Although this was [...]
Whiplash-gate: we’re all paying for the unscrupulous few, say motoring experts October 27, 2016 Car insurance premiums are spiralling out of control due to a "whiplash epidemic" according to data released by motoring organisation the AA. The average cost of annual car cover is now £82 higher than a year ago, a 17 per cent year-on-year increase. Alongside spurious whiplash claims, the AA said that recent increases in insurance premium [...]
