Barnier to resume Brexit talks as Johnson swerves press conference September 16, 2019 Jean-Claude Juncker has given the go-ahead for the EU’s chief negotiator to resume meetings with the UK’s Brexit secretary, following a meeting today with Boris Johnson. The Prime Minister lunched with the President of the European Commission in a Luxembourg restaurant – the first time the two have met since Johnson took the keys for [...]
PPI costs account for over half of all conduct and litigation charges at UK banks September 16, 2019 Costs from the mis-selling of payment protection insurance (PPI) has accounted for more than half of all litigation and conduct charges faced by Britain’s biggest banks in recent years. Moody’s Investors Service has said that PPI was the largest single source of conduct and litigation charges from 2011 to the first half of 2019, as [...]
Oil prices post record jump after attack on Saudi Arabia supplies September 16, 2019 Oil prices rocketed almost 20 per cent to more than $71 a barrel today after the US accused Iran of gutting half of Saudi Arabia’s oil production in a strike on two refineries over the weekend. Brent crude trimmed its record-breaking gains but its price still blew up 10.5 per cent to $66.56. World (WTI) [...]
Nationwide reveals PPI hit of up to £50m as it becomes latest victim of claims rush September 13, 2019 Nationwide has become the latest company to reveal a hefty charge for mis-sold payment protection insurance (PPI) amid a surge in last-minute claims. Read more: N Brown shares drop after it reveals £20m to £30m PPI provision The building society today said it has set aside a provision of between £20m and £50m, in addition [...]
N Brown shares drop after it reveals £20m to £30m PPI provision September 12, 2019 Shares in British retailer N Brown have fallen 5.5 per cent this morning after it said it would have to set aside £20m to £30m more to cover claims about mis-sold payment protection insurance (PPI). Read more: Barclays and Lloyds Bank reveal PPI balance sheet hit The plus-size clothes retailer, which has cricketer Freddie Flintoff [...]
China exempts some US goods from further tariffs ahead of talks September 11, 2019 China has exempted 16 US products from additional tariffs, its finance ministry said this morning, in a sign of good will ahead of high-level talks this month and next. Read more: Return of US-China trade talks pushes up Asian markets Products such as animal feed, fish meal, some anti-cancer drugs and lubricants will be exempt [...]
Ranked: The UK’s fastest growing companies for brand value September 11, 2019 Deliveroo, Costa Coffee and Brewdog are growing in value faster than any other UK brands, according to a survey published today. The food delivery app topped the list, increasing its value 54 per cent to $1.4bn (£1.1bn), while coffee chain Costa jumped 48 per cent to $1.5bn, boosted by its takeover by Coca Cola. Read [...]
Barclays and Lloyds Banking Group reveal PPI balance sheet hit September 9, 2019 Two of Britain’s biggest banks warned of billion-pound costs from a rush of claims for mis-sold payment protection insurance (PPI) today. Barclays revealed after trading closed tonight that it was facing costs of up to £1.6bn following a bigger-than-expected stampede of complaints in the run-up to the 29 August deadline. Read more: How did banks [...]
How did banks get their PPI sums so wrong? September 9, 2019 Lloyds, RBS and CYBG have all had to admit they’ll take much larger hits for PPI claims than originally thought. The end is in sight for banks and PPI claims, but what’s been made abundantly clear is just how badly they estimated the losses. The total cost to Britain’s banks from PPI is now a cool £50bn. These [...]
Sainsbury’s planning major changes to struggling bank arm September 8, 2019 Sainsbury’s is plotting a radical overhaul of its loss-making banking arm as it reconsiders its business model in the wake of its failed merger with Asda. Read more: Sainsbury’s partners with Deliveroo on pizza takeaway service The household name is weighing up its options ahead of a meeting with investors in two weeks’ time. The [...]