Co-op Bank says it is on track to meet Bank of England targets May 20, 2015 The Co-operative Bank said in a first-quarter trading statement yesterday that its turnaround plan is on track. The bank is undergoing changes to de-risk its balance sheet and meet revised deleveraging targets as set by regulators after the Bank of England stress tests last year. The bank completed a £1.5bn residential mortgage securitisation earlier this [...]
London’s property boom lifts value of Great Portland’s estate May 20, 2015 Great Portland Estates (GPE) yesterday reported an 18 per cent surge in the value of its portfolio over the year, thanks to London’s booming property market. The developer’s net asset value per share rose by 24.6 per cent to 709p over the year to 31 March while profit before tax was up 17.4 per cent [...]
UK Mail Group share price dips as firm delivers more packages but less profit May 20, 2015 Shares in UK Mail Group slipped yesterday after the package delivery firm’s pre-tax profits fell despite a rise in overall volumes. While delivery numbers for both mail and parcels rose 4.7 and 7.4 per cent respectively, the firm’s operating profits for both sectors declined as margins were squeezed. UK Mail particularly benefited from [...]
Spotify launches new platform, which includes videos and podcasts May 20, 2015 Spotify has taken a huge leap forward and added videos to its streaming service. At an event in New York, the company showed how its new platform will serve up content pertinent at every time of day – from music and podcasts to videos and news. Spotify’s chief executive, Daniel Ek, called the company’s new [...]
Mumsnet pulls Thomas Cook adverts over Corfu deaths compensation scandal May 20, 2015 Mumsnet has pulled Thomas Cook adverts from its website after its users protested. The travel company was embroiled in a scandal after it claimed a payout from a hotel in Corfu where two children died in 2006. Mumsnet said Thomas Cook was also keen for the adverts to be taken down, as they were inspiring [...]
US officials hand down multi-billion forex-rigging fine to UBS, JPMorgan, RBS, Citicorp and Barclays May 20, 2015 US officials have confirmed the multi-billion-dollar bill being paid by five of the world's biggest banks for their involvement in the forex-rigging scandal. JPMorgan Chase, Royal Bank of Scotland, Citicorp and Barclays will plead guilty to US criminal charges, paying a total of $5.6bn to settle the allegations that date back to 2007. UBS is [...]
Forex-rigging scandal: Barclays given largest fine in FCA history May 20, 2015 Barclays has been fined £284.4m by the Financial Conduct Authority (FCA) for failing to control business practices in its London foreign exchange operations. The bank's "inadequate and ineffective" control over its forex floor led to the biggest fine ever handed out by the FCA. Last year the bank opted out of a mass settlement in [...]
Thomas Cook chief executive apologises for reaction to Corfu deaths as it trims losses with “substantially improved” performance May 20, 2015 The travel agent may have reported higher profits, but its reputation has taken a battering this week, after it emerged it had failed to apologise to the parents of Bobby and Christi Shepherd, the two children who died from carbon monoxide poisoning in a Corfu hotel in 2006. Read more: Thomas Cook donates £1.5m Corfu compensation [...]
Zoopla share price falls as it loses nearly a quarter of its agents May 20, 2015 The figures Shares in property listings site Zoopla fell 2.74 per cent to 223.7p in mid-morning trading, after it posted figures showing its membership fell 16 per cent to 16,076, in the six months to the end of March, down from 19,239 during the same period a year ago, while the number of estate agents signed with its website fell 23 per cent to 12,449, [...]
Hargreaves Lansdown share price falls as costs mount – although pensions savers aren’t buying Ferraris May 20, 2015 When the chancellor first announced plans to lift rules forcing pensions savers to buy annuities in 2014, much was made of the fact a generation of pensioners could go and splurge their pension pots on Ferraris. But two months after savers were given access to their pensions, Hargreaves Lansdown has said people are being eminently [...]