Industry beats growth forecast for September November 6, 2013 BRITISH industry finished the third quarter with a bang, surpassing expectations with a boost to production, according to official figures released yesterday. The Office for National Statistics (ONS) revealed that industrial output swelled by 0.9 per cent from August to September, and is now 2.2 per cent higher than it was in the same month [...]
Lloyds Banking Group opens a probe into its currency trading November 6, 2013 LLOYDS Banking Group said yesterday it has opened an internal probe into its own currency trading after regulators started investigating possible manipulation in the market. “We are aware that a number of regulatory and enforcement authorities are investigating foreign exchange trading and, as a result, we believe it is prudent to review our own foreign [...]
City bankers to hit the streets for Centrepoint November 6, 2013 MOST bank executives are probably used to a warm and comfy bed somewhere in London’s leafy suburbs. But tonight Credit Suisse’s UK chief operating officer Charles Egerton-Warburton is swapping home luxuries for a taste of what 80,000 young people in the UK suffer every day – a night sleeping rough on the streets. Egerton-Warburton and [...]
UK and South Korea commit to doubling trade by 2020 November 6, 2013 Business secretary Vince Cable and South Korea's minister of trade, industry & energy, Yoon Sang-jick, have agreed to double trade and foreign direct investment between the UK and South Korea by 2020. The commitment was made this morning at the inaugural Joint Economic and Trade Committee. Business secretary Vince Cable said: UK goods exports to [...]
Bank of England hires Barclays economist to join forecast team November 5, 2013 THE BANK of England said yesterday that it had appointed Barclays’ chief UK economist, Simon Hayes, to head its economic forecasting team. Hayes, who worked at the Bank for eight years before joining Barclays, will be responsible for drafting the central bank’s quarterly economic forecasts and will report to BoE chief economist Spencer Dale. No [...]
Somali transfer firm wins right to keep banking with Barclays November 5, 2013 A SOMALI money transfer group has won an injunction to keep its banking services with Barclays open, having launched a campaign against closure that won support from Olympic athlete Mo Farah, the United Nations and several charities. Dahabshiil, which says it is the largest African money transfer operator and has around 100,000 customers in the [...]
London Report: FTSE weakens after insurers and banks fall November 5, 2013 THE UK’S top share index weakened yesterday, with insurer RSA sinking after a profit warning while banks also dropped sharply. RSA shed 6.3 per cent in brisk volume after saying that insured losses caused by recent severe weather in Europe and Canada were “materially above assumptions” and that full-year returns to shareholders were likely to [...]
EU regulators to fine HSBC, RBS and JP Morgan in Euribor probe November 5, 2013 The European Commission is near to fining several banks hundreds of millions for Euribor rigging – fixing the rate at which banks lend to each other in euros, reports Reuters. JP Morgan, RBS, Deutsche Bank, HSBC, Soc Gen and Credit Agricole will all face fines, with Barclays avoiding one as it was the lender which [...]
Dubai property titan backs laws ahead of float November 4, 2013 ONE OF Dubai’s biggest property firms yesterday said tougher regulations in the country would help prevent a repeat of its 2008 real estate meltdown, as it unveiled plans to raise $500m in a London float. Damac Properties, which was founded by chairman Hussain Sajwani and is the biggest developer in the middle east, said recent [...]
Renewables firm Infinis puts price tag on IPO stake November 4, 2013 INFINIS, the energy company owned by Guy Hands’ private equity firm Terra Firma, yesterday set the price range for its forthcoming stock market float to value the company at nearly £1bn. Shares in the renewable energy provider are expected to price at between 260p and 310p each, giving the company a market cap of between [...]