FSA ends CPP misselling probe with a record £10.5m penalty November 15, 2012 CPP has been slapped with a joint-record £10.5m fine for misselling card protection insurance, following an FSA probe that lasted more than a year and wiped 90 per cent off the firm’s market value. The company has been left with a bill for £33.4m, including redress for customers and costs associated with the investigation, but [...]
A tough-minded strategy gives 3i fresh hope of growth November 15, 2012 SIMON Borrows took a distinguished City pedigree to private equity house 3i in May, and his stewardship has bought the group some time to put its turnaround plans, announced in June, into place. Even activist shareholder Laxey Partners seems to have made peace with the arrangements. Yesterday’s half-year results gave further grounds for holding fire. [...]
Eurozone worries weigh on FTSE 100 November 15, 2012 The leading share index was trading down this morning, as investors were spooked by growth worries in the Eurozone. Wolfson Microelectronics sank six per cent in early trading, followed closely by stove maker Aga, which fell 5.42 per cent. Engineering firm Wood Group declined 4.82 per cent, while investment manager Man Group dropped 4.8 per [...]
Weak investor sentiment holds back FTSE 100 November 14, 2012 Worries over the US economy and Greece’s unresolved debt crisis dragged down the leading share index in early trading this morning. On the FTSE All-Share, broker Icap led the fallers, tumbling 6.32 per cent as it reported a 26 per cent drop in profits. Electricals retailer Darty fell 5.46 per cent in early deals, as [...]
FTSE 100 down as investor sentiment drops November 9, 2012 The leading share index was down this morning, consolidating overnight losses in Asia and the US. Miners led the fallers in early trading, with Eurasian Natural Resources, Kazakhmys and Anglo American among the blue chips feeling the heat. On the FTSE All-Share, Finnish miner Talvivaara slid more than nine per cent in early deals. Yesterday [...]
S&P revises Lloyds TSB rating outlook due to profit forecasts November 8, 2012 CREDIT rating agency Standard & Poor’s (S&P) yesterday downgraded its outlook on Lloyds TSB to negative from stable, citing the additional £1bn provision for payment protection insurance (PPI) mis-selling claims which the bank made at last week’s third quarter results. S&P said the additional provision makes it likely that Lloyds will see a pre-tax loss [...]
Comet launches clearance sale on stock as shop closures loom November 7, 2012 COMET’S administrator has today begun slashing prices on selected stock across the retailer’s 236 stores, as talks to sell all or parts of the business continue. A spokesperson from Deloitte said it had launched “a gentle” clearance sale today on certain items but said it would not hold a full blown fire sale at this [...]
FTSE 100 up on Obama victory November 7, 2012 US President Barack Obama’s victory pushed up the blue chip index in early trading. His win is expected to mark the continuation of loose monetary policy and low interest rates at the Federal Reserve. Miners and engineering firms led the FTSE All-Share higher, with boiler and valve maker Spirax-Sarco adding 6.76 per cent in early [...]
City facing new jobs bloodbath November 5, 2012 THE NUMBER of jobs in the City is set to hit a 20-year low as London firms continue to lay off staff in the face of ongoing economic turmoil. City A.M. has been given exclusive access to figures from the Centre for Economics and Business Research (CEBR) – and the prognosis for London’s financial services industry [...]
City jobs bloodbath shows that backlash has gone too far November 5, 2012 IT is time to start worrying about London’s financial and business services industry. The City is in crisis, with job cuts spiralling out of control. As we report on our front page, City-style jobs – investment banking, securities, corporate finance, trading, research, derivatives and forex, fund management (including hedge funds and private equity), insurance and [...]