Icap enters late stage talks to put Libor rigging claims to rest September 9, 2013 ICAP, the interdealer broker, is in late stage talks with US and UK regulators to settle longstanding claims over the Libor rigging scandal for about £70m. The broker, led by City grandee Michael Spencer, is understood to be nearing a deal with the UK’s Financial Conduct Authority to pay it £20m and US Department of [...]
Upgrade work shuts out some Boris Bike users September 9, 2013 CASUAL users of Boris Bikes will not be able to use the cycle hire scheme on Saturday night or Sunday, as TfL upgrades the docking sites ahead of expansion in south and west London. TfL said the work will make it easier for members to view all the journeys they made in the past year [...]
Recruiters point to strongest fourth quarter since the crash September 9, 2013 EMPLOYERS are set to take on more staff in the fourth quarter, with one recruiting group foreseeing the best end to any year since before the financial crisis. According to research published yesterday by Manpower, 2013 is likely to have the strongest fourth quarter for hiring since 2007, as the budding economic recovery begins to [...]
Bank of the year September 9, 2013 2013 may be remembered as the year the banking sector shook off the shadow of the financial crisis and really came back into its own. Profitability is up, lenders are at last overcoming tough new regulatory hurdles and a stable future could be just around the corner. Here is our pick of the top five [...]
Why capital rules could limit the impact of new competition in banking September 9, 2013 THE NEW TSB bank was finally launched yesterday. The spin-off of 631 branches and 4.6m customers from Lloyds means that the UK now has the first new major competitor to the existing banks since the start of the financial crisis. And when RBS spins off 315 of its branches, Britain will have a further mid-size [...]
Political risks rising in the Eurozone September 9, 2013 The rise of populist parties across the bloc and high unemployment may lead to more market volatility, writes Liam Ward-Proud RECOVERY in the Eurozone is certainly underway. The region ended its 18-month recession in the second quarter, posting growth of 0.3 per cent. European equities, despite a few blips, have also performed strongly, with the [...]
Young workers want more help to understand their finances September 8, 2013 GENERATION Y employees want more financial education at work, and do not understand benefit packages designed by their baby boomer elders, a Barclays report reveals today. And workers are increasingly saving too little for their pensions, according to Scottish Widows. The average amount workers are willing to save has dropped 24 per cent from £67 [...]
Spending spike as UK economy bounces back September 8, 2013 AS SURVEYS indicate a bumper month for business this September, new figures suggest that the increased activity is driven mainly by consumer spending, with credit and debit card use on the up. Barclaycard said yesterday there had been a strong upswing in spending through August, backing up figures from Visa Europe, which recorded its strongest [...]
The Nominations: A very warm welcome to the shortlists for the City A.M. awards 2013 September 8, 2013 TODAY we kick off the countdown to this year’s City A.M. Awards with the first of the shortlists for an event that has rapidly established itself as a highpoint in the annual calendar. Our awards, now in their fourth year, celebrate all of the City’s main sectors and the people that make sure London remains [...]
London Report: UK retailers set to reveal if tills ringing again September 8, 2013 RETAILERS are set to reveal this week how big an impact the UK recovery is making as consumers return the shops. Reports from Dunelm, Home Retail, Morrisons, Next, Ocado and Sports Direct will show how confident buyers are in the improving economy. Ocado, which will update the market on Thursday, was rated a “buy” by [...]