Barclays hit as New York initiates dark pool lawsuit against bank June 25, 2014 BARCLAYS was slapped with a lawsuit by a US state yesterday, with New York attorney general Eric Schneiderman accusing the bank of a “disturbing disregard for its investors”. The case concerns Barclays’ dark pool operation, which the attorney general says favours high-frequency traders, who have been given “systematic advantages” by the bank. Schneiderman also alleges [...]
Photographic cheque cashing to bounce payment into digital age June 25, 2014 CHEQUEHOLDERS will soon be able to cash their payment almost instantly by taking a photo on their smartphone and sending it to the bank. The government’s Small Business, Enterprise and Employment Bill will allow banks to process cheques using “digital imaging” technology for the first time. As well as removing the hassle of a visit [...]
Best of the Brokers for 26 June 2014 June 25, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com KAZAKHMYS Westhouse Securities has cut Kazakhmys to “add” from “buy”, keeping the target price at 350p. The broker thinks the news of reduced mineral extraction tax rates for mature assets as part of a planned restructuring is positive, but cut the rating to [...]
Asos share price: Retailer shrugs off warehouse fire as website reopens June 23, 2014 Asos shares rose two per cent yesterday as the online fashion retailer reassured investors and said it had resumed taking orders following a fire at its main warehouse this weekend. The fire at its Barnsley warehouse in South Yorkshire on Friday night forced the company to suspend its website over the weekend and sparked fears [...]
Why Asos shares have shrugged off warehouse fire damage news June 23, 2014 Despite slumping by around three per cent in early trading, Asos shares have seen a recovery after Friday's warehouse fire. Traders have been waiting until today to respond to a fire at the company's Barnsley distribution centre, where around 70 per cent of the company's total stock is held. South Yorkshire Police are treating the [...]
What the other papers say this morning – 23 June 2014 June 23, 2014 FINANCIAL TIMES FireChat app popular in Iraq A new chat app designed for use on planes and trains is soaring in popularity in Iraq, as users embrace a “private internet” where they can message each other without fear of the government shutting down access to the web. Created on an island in San Francisco Bay, [...]
Barclays voice recognition to kill telephone banking passwords June 23, 2014 Barclays is introducing voice recognition for users of its telephone banking service in a move that could abolish passwords. The bank is using a system of voice biometrics, already used by customers in its high net worth banking arm, which it will roll out to 12m retail customers next year. The system works by storing [...]
Barclays set for Premier League sponsorship challenge June 23, 2014 The English Premier League is set to open up its sponsorship to bidders for the first time in 12 years, putting Barclays at risk of losing branding rights when its existing sponsorship ends at the close of the 2015-2016 season. Barclays currently pays £40m a year for the sponsorship, but Premier League clubs have voted [...]
Euro rate hike unlikely for at least two years June 23, 2014 AUSTRIAN central bank chief Ewald Nowotny said this weekend that the European Central Bank (ECB) is unlikely to raise interest rates until at least 2016, as the policy of major central banks diverges. Nowotny’s comments follow the ECB’s easing, which reduced the Eurozone deposit rate to a negative level for the first time. Analysts have [...]
Markit’s float to raise $1.2bn June 18, 2014 MARKIT, the UK financial data provider, is set to raise $1.18bn (£694m) in New York today, following the pricing of its shares at $24, the mid-point, last night. Most of the funds raised will go to the group of investment banks, including Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs and JP Morgan, which [...]