Payday lender Cash Genie folds after agreeing £20m redress deal with the Financial Conduct Authority January 6, 2016 Payday lender Cash Genie has collapsed into administration, just six months after it agreed to a £20m redress package for unfair practises with Britain's financial watchdog. The administration is being handled by liquidator RSM Restructuring Advisory LLP. However, with around £1.5m of funds remaining unclaimed, RSM is working to trace customers who are yet to redress [...]
Former Asda executive Paul Kelly faces prison over £180,000 flood victims fraud January 6, 2016 A former Asda executive could face time in prison after defrauding the supermarket's charity fund of £180,000. Paul Kelly, a former vice-president of corporate affairs at the Leeds-based firm, pleaded guilty to seven counts of fraud at Leeds Crown Court on Monday after diverting money that was intended for assisting flood victims to support his partner's ballet company, Murley Dance, [...]
London house prices: London has the highest construction costs in Europe January 6, 2016 London has the highest construction costs in Europe, and the second highest in the world, new research has shown. London came second only to New York in terms of construction costs in the annual Arcadis international construction costs index. And another financial centre, Hong Kong, took third place. It topped other European cities: Geneva (4th), Copenhagen [...]
FTSE 100 index trades lower on miners despite gains in Royal Mail’s share price, BAE Systems and Sainsbury’s January 6, 2016 The FTSE 100 index was trading lower in early afternoon trading as miners became lighter after gains made yesterday. The UK's blue-chip index fell 1.58 per cent to 6,040 points, despite a strong jump by Royal Mail. Royal Mail's share price rose 1.14 per cent to 442.2p, the day after its stock was upgraded to "buy" from "hold" by Cantor Fitzgerald, [...]
ECB chief economist Peter Praet: If you print enough money, you will always get inflation January 6, 2016 The European Central Bank's chief economist has staunchly defended its asset purchase programme, arguing that it will eventually increase inflation in the Eurozone. "If you print enough money, you will always get inflation. Always," Peter Praet said in an interview with Belgian magazine Knack. However, he added: But if oil and commodities prices tumble, it is [...]
UK house prices: Here’s one way to solve the housing crisis – build homes on rural estates January 6, 2016 Here's one the Granthams of Downton Abbey won't like: a major housing body has suggested one way to solve the housing crisis might be to build homes on large rural estates. There goes the neighbourhood… In a rural policy paper, the Royal Institute of Chartered Surveyors (Rics) suggested central and local government should introduce measures [...]
Markit PMI: The Eurozone recovery is getting into full swing January 6, 2016 The Eurozone economy is likely to have grown at its fastest rate in four and a half years toward the end of 2015, according to survey figures released this morning. The figures mark a swift turnaround in fortunes for the currency-bloc, which has been blighted by sluggish growth since it was struck by a second recession [...]
Markit PMI: UK services sector knocked in December by Living Wage fears and Brexit jitters January 6, 2016 Activity in the services sector fell slightly in December, new figures showed have shown, as businesses became increasingly nervous about the impact of the new National Living Wage and the outcome of the EU referendum. Figures by Markit showed the purchasing managers' index (PMI) stood at 55.5 in December – down from 55.9 in November, but above [...]
Apple iPhone 6s and 6s Plus: Production cut reports send shares lower January 6, 2016 Apple is to cut production of its newest handsets, the iPhone 6s and 6s Plus, by as much as 30 per cent, according to reports – which sent shares sliding. Production of the handsets will be reduced in the first quarter of the 2016, Nikkei reported, as inventory piles up in developed markets such as Europe and China [...]
Card Factory gets new chief executive Karen Hubbard from B&M to replace Richard Hayes January 6, 2016 Card Factory has appointed the current chief executive of bargain retail chain B&M, Karen Hubbard, to fill the shoes of its outgoing boss. Hubbard will take over from Card Factory's chief executive, Richard Hayes, in Mid-April. Hayes is due to leave at the end of June, after a four-month transition period. Hubbard held a number of senior [...]
