Regulator announces redress for rate swap mis-selling now totals £500,000 September 4, 2013 Regulator the Financial Conduct Authority (FCA) has announced that payments for mis-selling by banks have begun. The FCA found that banks selling products designed to protect small companies, but as rates fell, they had to pay bills running into the tens of thousands and faced larged exit penalties. By the end of August, 10 offers [...]
Barclays will start £5.8bn rights issue on 13 September September 4, 2013 Bank Barclays has announced that its £5.8bn rights issue is expected to take place of 13 September (release). It is anticipated that the record time for Ordinary Shareholders' entitlement to participate in the Rights Issue shall be the close of business (London time) on 13 September 2013. As a result (and as outlined in the [...]
Any Other Business – 04/09 September 3, 2013 There was some lively banter in City spinners Maitlands’ Upper St Martin’s Lane offices yesterday, where payday loan company Wonga was presenting its results. It appears that Wonga boss Errol Damelin (pictured) has grand ambitions for his firm, and The Capitalist hears that the chief executive repeatedly compared Wonga to tech giants like Amazon, Google [...]
Eggsclusive: We use the Walkie Scorchie light beam to fry an egg September 3, 2013 The developers of the Walkie Scorchie skyscraper – aka 20 Fenchurch Street – had hoped their building would be known for its striking design and its blue chip clients. But instead City A.M. has revealed how the building has begun emitting a curious ray of light, started melting cars, set a carpet on fire and cracked [...]
US manufacturing PMI misses in August September 3, 2013 US manufacturing is growing a little slower, according to fresh data from Markit. The manufacturing purchasing managers' index (PMI) is down from 53.7 to 53.1, analysts had expected a rise to 54.0 Any number above 50 implies an expansion, so that result means that the pace of expansion has slowed PMI a bit. Now we [...]
Wonga profits up by over a third as it offers Church of England tech support September 3, 2013 Payday lender Wonga has reported a net profit after tax increase of 36 per cent to £62.5m, which the firm said "showed expansion and growth across its business." The company is now expanding internationally, as its total lent rises from £707.5m to £1.2bn in the same period. Wonga now employs over 500 staff in five [...]
Russian embassy reports no damage in Damascus after missile detection September 3, 2013 The Russian Defence Ministry announced detection of two ballistic "objects" fired towards the Eastern Mediterranean early this morning, according to the RIA News Agency. That report has now been denied by the Russian embassy in Syria, which has stated that there is no sign of a missile attack or explosions in Damascus after ballistic launches [...]
Merkel seeks to soothe German voters as elections loom September 3, 2013 German chancellor Angela Merkel is in full PR mode as federal elections approach. They're scheduled for 22 September. Merkel stressed that the last four years were "good ones" for Germany, and that debt reduction had been a "sensational success". She declared that her goal is to further reduce joblessness. Seeking to allay fears that Germany [...]
UK construction sector growing at fastest pace since September 2007 September 3, 2013 The UK's construction sector is now growing at its fastest pace since September 2007, according to new purchasing managers' index data. That's despite forecasts that the rate of expansion would slow down this August, from 57.0 to 56.9. Instead we saw a rise to 59.1. Not sure what is hotter; the pavement around the Walkie [...]
Monetary policy debates rage on as UK’s economy heats up September 3, 2013 The UK's economy is heating up – but economists haven't stopped disagreeing with each other. The monetary policy debates are as fierce as ever. Andrew Sentance, senior economic adviser at PwC and ex-Monetary Policy Committee (MPC) member has argued for a rate hike in the Telegraph. If the recovery does gather momentum in the UK, [...]
