British banks face landmark legal challenge over mis-selling of interest rate swaps January 24, 2016 Britain's biggest banks are set to face yet another legal challenge tomorrow, when a hearing relating to the mis-selling of rate swap products begins in the Royal Courts of Justice. The hearing, which is expected to last no more than three days, could have far-reaching implications for a multi-billion pound scheme to compensate victims of [...]
Cross-party report says BT should be forced to sell Openreach January 23, 2016 A report backed by 121 cross-party MPs says that BT should be forced to sell Openreach due to poor performance. The report, published by the cross-party British Infrastructure Group (BIG), said that Openreach, the country's leading broadband provider, had only partially extended superfast broadband, despite £1.7bn of government money. Read more: BT Openreach boss Joe Garner steps down [...]
IMF director Christine Lagarde says Brexit is one of two big concerns for the world economy January 23, 2016 The International Monetary Fund's director Christine Lagarde has warned that while the world economy is in better shape than a year ago, Brexit is one of the IMF's two big concerns. Speaking on a panel at Davos, Lagarde said the possibility that the United Kingdom votes to leave the European Union is a concern for the world economy. Read more: Lagarde [...]
The FTSE crash is not Armageddon – but investors should still be light on their feet January 23, 2016 We all know that "hindsight" is the most successful trader in the world. Its performance has always been exemplary since time immemorial. However, alarm bells should have started ringing after the Shanghai Composite had added 150 per cent in value between June 2014 and June 2015, just when it was becoming decidedly obvious that China’s economy [...]
Davos World Economic Forum: Swiss soldiers sent home for taking cocaine January 23, 2016 Some Swiss soldiers at the Davos World Economic Forum have been sent home after testing positive for cocaine and cannabis. Tests show that 12 soldiers who were meant to be guarding the gathering of world leaders tested positive for cannabis, while five of the 12 soldiers also tested positive for cocaine, army spokesman Stefan Hofer told the [...]
Unilever is going to make Magnum and Cornetto ice creams smaller to help consumers “make healthier choices” January 23, 2016 Unilever is going to cut the size of its ice cream products aimed at adults, just in time for spring and summer. The multinational firm, which produces Magnum and Cornetto, as well as Ben & Jerry's, said it would be shrinking its ice creams to help consumers "make healthier choices". Read more: I scream, you scream, which [...]
Google agrees to pay £130m in back taxes in deal with HMRC January 23, 2016 Google has agreed a deal with HMRC in which it will pay £130m in back taxes after an "open audit" of its accounts by the UK tax authorities. The £130m covers corporation tax owed since 2005, and senior figures at Google have said it would follow rules which will result in it paying more tax [...]
London mayor Boris Johnson presses ahead with plans for 3,000 new houses in Beam Park January 22, 2016 Mayor of London Boris Johnson is pressing ahead with plans to transform a derelict factory plant, which once formed the backdrop to popular film "Made in Dagenham", into 30,000 new homes. Johnson today announced that developer Countryside Properties with Quadrant Housing Trust will take forward the regeneration of Beam Park. This includes a new train station which will run [...]
FTSE 100 ends the week in a party mood as oil stocks jump January 22, 2016 After a week of turmoil, the FTSE 100 finished Friday on an upbeat note, closing 2.2 per cent higher, at 5,900 points. Other European stocks followed suit, with the French Cac finishing more than three per cent higher, and the German Dax ending almost two per cent higher. The news followed a bounce in oil prices, with [...]
Brent crude and WTI: Oil set to clock first weekly gain this year on cold weather January 22, 2016 Oil prices are set to clock their first weekly gain this year, as freezing weather and snowstorms in parts of the US and Europe boosts demand for heating oil. Brent crude, the global benchmark, jumped seven per cent to $31.30 per barrel, while West Texas Intermediate crude, the US benchmark, increased 6.26 per cent to $31.38. [...]
