We’ve already spent more via contactless than in all of 2015 August 22, 2016 People are swiping their card rather than splashing the physical cash these days as new figures reveal payments made with contactless technology have already overtaken the amount spent in the whole of 2015. Just over £9bn was spent using contactless in the first half of the year compared to £7.75bn in the the entire of last year, the new [...]
Foreign investments help shareholders as UK dividend growth lags August 22, 2016 The UK is lagging behind other developed markets in terms of dividends, a report out today has found. UK dividends fell 3.3 per cent on an underlying basis in the second quarter of 2016, according to the Henderson Global Dividend Index. In addition to the falling value of the pound, steep cuts from Standard Chartered, [...]
Watch out, big banks: The claims are coming, and here’s the lawyer who’s bringing them August 21, 2016 Before the rigging scandals started to rock the City, most people would have been wholly unfamiliar with the idea of a 4pm fix or the Libor question. Then, in 2012, Barclays’ chief executive Bob Diamond sent shockwaves through the financial centre, as he stepped down from his role. Just days before, the bank had been [...]
Co-op Bank considers bumping up base pay for executives to overcome bonus rules August 21, 2016 The Co-operative Bank is considering raising salaries to get around rules that hamper bonuses. It is understood the bank is looking for ways to increase pay packets in a bid to secure top talent, but is struggling to do so thanks to the bankers' bonus cap rules, which stems from an EU directive. More specifically, under the rules laid [...]
“One swallow does not make a summer” – how analysts reacted to the ONS retail figures August 18, 2016 The pound has hit a two-week high against the dollar after retail sales figures received an unexpected Brexit boost. The retail industry has earned a "gold medal" for its performance in July, according to Ian Gilmartin, Barclays' head of retail, as retailers "gained a boost from brighter weather" – but analysts haven't been all positive; many have welcomed [...]
About-turn? Co-operative Bank losses shrink August 18, 2016 Things are looking up again for the once-troubled Co-operative Bank, as it unveiled incredible shrinking losses… The figures Pre-tax losses shrank to £177m in the six months to the end of June, £27.2m less than the £204.2m loss it made last year. Operating income was £228.2m, down slightly from £236.5m last year – although operating costs shrank for £222.8m, down from £262.9m last year. Capital reserves fell to 13.4 per [...]
Telegraph not for sale, say owners after rebuffing approaches from two high-profile media figures August 17, 2016 The owners of the Daily Telegraph have reiterated that their newspapers are not for sale after it emerged that two high-profile media figures have approached them about the company this year. Evgeny Lebedev, the owner of the Evening Standard and now online-only Independent newspapers, is understood to have made an informal approach over the availability of Telegraph [...]
Ex-Barclays trio in bid to appeal their Libor convictions August 15, 2016 Former Barclays bankers Jonathan Mathew, Alex Pabon and Jay Merchant have applied to appeal their convictions for Libor-rigging offences, which were handed down last month. City A.M. can reveal that applications have been lodged on behalf of the three men, who were found guilty of one charge each of conspiracy to defraud on grounds they conspired to [...]
FTSE 350 directors sell £10m of shares on Brexit bounce August 15, 2016 The bosses of the UK's largest listed firms may be losing confidence in the post-Brexit stock market rally, according to fresh data on insider dealing. Directors at FTSE 350 firms sold £10.5m worth of shares in their own companies in the final days of July and first weeks of August, according to financial data firm Olivetree – [...]
Premier Oil eyes £2.6bn restructuring deal to complete North Sea oil projects August 15, 2016 Premier Oil is targeting a huge £2.6bn restructuring deal with lenders, ahead of the release of its first half financial results this Thursday. The FTSE 250-listed oil explorer has suffered poor fortunes since the oil price collapse of 2014 and 2015, with pre-tax losses deepening further to $830m in 2015. It has been in talks with [...]