Attempt to revamp retail banking was “feeble”, Treasury committee hears October 18, 2016 Recent efforts to improve banking for customers have been weak, the man at the helm of a leading consumer interest body has said today. Speaking in front of the Treasury Select Committee today, Peter Vicary-Smith, chief executive of Which?, slammed the Competition and Markets Authority's (CMA) recent report into the retail banking sector as "feeble", remarking it [...]
Ladbrokes grows revenue in third quarter as it revs up for Gala Coral deal October 18, 2016 Ladbrokes said today that revenue grew for the fourth consecutive quarter in the three months to 30 September. The bookmaker reported a 12.1 per cent increase in group net revenue in the third quarter, and said it remains on track to meet full-year expectations. The company announced the figures as it prepared to sell off 185 [...]
BoyleSports is taking its concerns over the Ladbrokes and Gala Coral sale to the CMA October 17, 2016 BoyleSports isn't very happy with the announcement that Ladbrokes and Gala Coral are selling 359 betting shops to Betfred and Stan James. In fact, it plans to take its concerns to the Competition and Markets Authority (CMA) and review its options on what the next steps are, after its bid for the shops was unsuccessful. Read [...]
New York Stock Exchange owner ICE told to sell London-based Trayport by UK competition watchdog October 17, 2016 The UK’s competition watchdog has ruled that US company Intercontinental Exchange (ICE) must sell London-based commodities trading software house Trayport. ICE, the owner of the New York Stock Exchange, bought Trayport last December for $650m (£534m), beating rival CME Group to the deal. Read more: ICE questions UK competition watchdog concerns over Trayport takeover In [...]
Ladbrokes and Gala Coral sell 359 shops as deal nears completion October 17, 2016 Ladbrokes and Gala Coral are selling 359 betting shops between them, in order to satisfy conditions set by the Competition and Markets Authority (CMA) ahead of their merger. The CMA ordered the bookmakers to sell up shops earlier this year, in order to maintain competition in the market when the two groups combine, in a [...]
As Mark Carney warns of troubles ahead, should the Bank of England tolerate rising inflation? October 17, 2016 Scott Corfe, associate director at the Centre for Economics and Business Research, says Yes. Inflation will rise next year, and it is likely to rise sharply as sterling’s remarkable decline feeds through into higher import costs. CPI inflation of 3 per cent is well within the realms of possibility and inflation of 4 per cent – [...]
This would-be bank has taken a key step towards getting its licence October 16, 2016 Acorn Financial Partners has today applied for a banking licence from the regulators. The challenger bank in the making, which will initially focus its efforts on small businesses in Hertfordshire, Bedfordshire and Buckinghamshire, will be called Redwood Bank once it is authorised. Acorn is hopeful the banking licence will be granted by the Financial Conduct Authority and the Prudential Regulation Authority in [...]
Betfred and Stan James put their money on more than 300 shops from Ladbrokes-Gala Coral merger October 16, 2016 Betfred will scoop up 322 shops being sold as part of the Ladbrokes-Gala Coral merger for £55m, Gala Coral announced today. The gambling giants will sell off 359 high street branches in total if the bookies successfully merge, of which the remaining 37 will go to sports betting group Stan James for £500,000. In July, the [...]
Bank of England warns: EU cannot replace the City October 12, 2016 London's financial services firms would rather head across the Atlantic to New York than relocate across the Channel if forced to leave London, a Bank of England deputy governor said yesterday, as diplomatic figures suggest that Europe would shoot itself in the foot if it drives a hard bargain with the City over Brexit. Jon [...]
Pressure mounts on FCA to introduce overdraft cap October 11, 2016 The Financial Conduct Authority (FCA) has come under renewed pressure to clamp down on excessive overdraft fees today after new research revealed thousands of people are being hit with triple-digit bills. Debt charity Step Change said between six and 10 thousand people a month contact them looking for help managing their finances after incurring overdraft [...]