London property prices: Lambeth’s houses see fastest growth per square metre June 30, 2014 Property in Kensington and Chelsea now costs more than £10,000 per square metre, the Halifax said today, making it the most expensive borough in the UK. Prices in the district have shot up 56 per cent in the last five years – just behind Lambeth, where the cost has risen by 61 per cent. The [...]
Standard Chartered slips again as financial markets hurt profits June 26, 2014 Standard Chartered’s profits are down 20 per cent on the first half of last year, the emerging markets specialist warned yesterday. Its financial markets arm has performed poorly, though growth in Africa and China is supporting profits, the lender said. After coming through the financial crisis with record profits, thanks to its lack of exposure to the [...]
Barclays’ Antony Jenkins under fire as share price plunges 6.52 per cent June 26, 2014 Barclays shares dived yesterday as shareholders panicked that the lender could face another huge legal bill over claims it lied to investors using its dark pool trading facilities. It is the latest in a series of scandals hitting the bank, and these claims are particularly damaging as the alleged wrongdoing occurred on the [...]
Wronga: Police called in over Wonga’s fake legal threat letters June 25, 2014 Wonga, which presents itself as the “straight talking” antidote to traditional payday lenders, was yesterday revealed to have bullied tens of thousands of vulnerable customers by sending fake letters from made up legal and debt collection firms. The City’s Financial Conduct Authority (FCA) is understood to have referred the case to the police, and lawyers believe [...]
McEwan’s turnaround plan wins backing of RBS shareholders June 25, 2014 INVESTORS overwhelmingly backed RBS chief Ross McEwan’s plans at his first annual general meeting at the top yesterday. More than 99 per cent backed the remuneration report, the remuneration policy and the re-election of McEwan to the board. Other banks had seen substantial rebellions this year, making RBS stand out for the high degree of [...]
Euro banks recover from crash at last as investors show confidence June 25, 2014 FINANCIAL markets have stopped demanding a premium to insure European banks’ debts against the risk of default, the latest indicator that the sector is recovering from the crisis. Figures published by data firm Markit yesterday showed banks’ debts were insured at the same price as any other large firm’s on the continent. The credit default swaps [...]
Minister keen to keep tough visa stance June 25, 2014 IMMIGRANTS’ success in the City will not persuade the government to end its crackdown on visitors to the UK, financial secretary to the Treasury Nicky Morgan said yesterday. Speaking at TheCityUK’s conference on Britain’s place in the EU, the MP said Ukip’s success in the European elections cannot be ignored, indicating the City’s needs will [...]
Islamic bond rakes in $2bn on first day June 25, 2014 THE FIRST Sharia- (Islamic law) compliant bond in the western world was launched in London yesterday and immediately attracted £2bn in orders, more than 10 times the amount it was looking to sell. The government raised £200m from the five-year sukkuk (bond) issue, part of an bid to boost the UK as a centre for [...]
Treasury minister Nicky Morgan clashes with City on immigration June 25, 2014 Immigrants’ success in the City will not persuade the government to end its crackdown on visitors to the UK, financial secretary to the Treasury Nicky Morgan said today. Ukip’s success in the European elections cannot be ignored, the MP said, indicating the City’s needs will not be allowed to take priority over wider anti-immigrant [...]
US consumers finally get over the crash to put recovery back on track June 24, 2014 American households are more upbeat than at any time since January 2008, an influential study showed yesterday. And home sales surged, a second indicator of renewed confidence in the economic recovery. Growth stumbled in the first quarter of the year as terrible weather gripped the States. GDP fell at an annualised rate of one per [...]