InterContinental upbeat despite slump in shares February 18, 2014 IMPROVING conditions in Europe and rising US demand helped InterContinental Hotels Group (IHG) deliver full-year profits ahead of forecasts, despite shares sliding more than three per cent yesterday. The owner of Crowne Plaza, Holiday Inn, and InterContinental said pre-tax profits rose 10 per cent to $600m (£359.3m) in the year to 31 December, ahead of [...]
Paragon becomes second new bank in 100 years February 18, 2014 Paragon Bank launches today after receiving a license from the authorities – the first new license since Metro Bank’s in 2010, making Paragon the second new bank in over 100 years. The bank’s parent group was already engaged in specialist lending such as buy to let mortgages. But this license allows it to [...]
Candy Crush maker King’s $500m IPO on its way February 18, 2014 The developer of addictive puzzle solving games, King, has confirmed that it's going to market. The company has filed for a $500m initial public offering. It boats 324m monthly unique users, and offers a portfolio of over 180 games. King hopes to list ordinary shares on the New York Stock Exchange with the ticket symbol [...]
Former Barclays traders charged in Libor probe February 17, 2014 THREE ex-Barclays traders were charged in relation to the fraud squad’s Libor probe yesterday. The action doubles the number of financiers facing criminal proceedings over the attempts to manipulate the key inter-bank lending rate, after a former UBS banker and two ex-RP Martin brokers were charged last year. It is understood that more ex-bankers and [...]
UK banks brace for tough new US capital rules February 17, 2014 BRITISH banks will be forced to move capital from their UK headquarters over to their US arms, under plans to be voted on today by the Federal Reserve. The result is likely to be higher costs for British and European banks operating in the US, which could reduce the viability of some of their less [...]
Gulf rig outfit taps London for $100m of cash February 17, 2014 GULF Marine Services yesterday announced plans to float on the London stock market in a deal valuing the oil services company at $1bn. The company, which is headquartered in Abu Dhabi but has offices near Aberdeen, said it expects to raise $100m in an initial offering of shares, which it will use to purchase a [...]
Three market-moving political risks leave little room for error February 17, 2014 Italy, Scotland and the EU could all prompt serious ripples AS ITALY’S Democratic Party leader Matteo Renzi was given the mandate to form a new government yesterday (the country’s fourth since the start of the Eurozone crisis in 2009), Italian 10-year bond yields dropped to their lowest level in eight years. Uncertainty stemming from Italy’s [...]
Libor case sees 3 ex-Barclays employees charged February 17, 2014 The Serious Fraud Office (SFO) has confirmed that three former Barclays employees have been charged in the UK in connection with the manipulation of the London Interbank Offered Rate (Libor). The SFO’s named the individuals as Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas. It’s alleged they conspired to defraud between 1 June 2005 [...]
Finance chiefs are best value February 17, 2014 THE BOSSES of finance firms are among the best value for money, according to a new study from pay specialists Patterson Associates. In the FTSE100 the index suggests HSBC saw the best value from its chief, with shareholders gaining £7,495 in value for every £1 paid to chief executive Stuart Gulliver. Barclays, Lloyds and RBS [...]
Tesco Bank up to 7m accounts February 17, 2014 THE CHALLENGER bank run by grocer Tesco has opened 7m accounts for customers, across its whole range of products including insurance, savings and credit cards, it revealed today. The landmark figure covers just over 5m customers, as some have more than one product with the retailer-based bank. The figures put it ahead of other large [...]