News archive from 1 November 2017

Tchenguiz ends £2.2bn lawsuit with collapsed Icelandic bank over botched dawn raid by the SFO 

Vincent Tchenguiz has settled a £2.2billion lawsuit with a collapsed Icelandic bank linked to a botched raid by the Serious Fraud Office. The property magnate sued Kaupthing bank and accountants Grant Thornton claiming they provided misleading...

 

Lloyds tried to gag HBOS fraud victims: Bank demanded they sign secrecy deals to receive compensation

Victims of a huge fraud were pressured into signing gagging agreements by Lloyds Bank, fuelling claims of a cover-up. Criminal bankers led by Lynden Scourfield wrecked family businesses between 2002 and 2007, with the proceeds spent on prostitutes,...

 

CITY DIARY: FCA workers promised taxis home when they move to new Stratford offices amid safety concerns

Workers at the Financial Conduct Authority are nervous about their move from Canary Wharf to Stratford next year.  An employee survey says staff at the City regulator have expressed 'significant concerns' over Stratford's safety, particularly over...

 

RBS 'delayed report' into controversial business turnaround unit by objecting to its findings

Royal Bank of Scotland bosses delayed the release of a report into a controversial business turnaround unit by objecting to its findings. RBS’s global restructuring group was meant to help small firms but instead it has been accused of wrecking...

 

ALEX BRUMMER: Retailers fear rate rise shock could lead to a miserable Christmas

The result of this week’s Bank of England Monetary Policy Committee meeting is on a knife edge. After ten years of super-low interest rates, the Bank’s governor Mark Carney has hinted strongly of a change in direction. A leading retailer warned me...

 

Hedge funds demanding cost-cutting blamed for WPP advertising sales slump

Activist investors and consultants demanding cost cutting have hammered sales growth at WPP. The advertising giant was forced to roll back annual revenue targets, warning that revenue and net sales would come in broadly flat. WPP warned firms had been...

 

DAILY BRIEFING: Travelodge plan to team up with councils to develop hotels on disused land

HOTEL BOOST Budget hotel chain Travelodge wants to team up with 210 local authorities as part of a local regeneration scheme. The group is ramping up an initiative which sees it develop hotels on disused local authority land in a move the firm claims...

 

Now BP wants to start selling us electricity: Oil giant could supply commercial and industrial firms

BP has unveiled plans to become an electricity supplier for businesses. The oil giant is exploring plans to sell electricity to UK commercial and industrial firms – in a potentially major push into a new sector. It would mark a direct response to...

 

MARKET REPORT: Royal Mail posts a 5.6% share fall due to concerns over strikes and firms slashing the...

A bitter stand-off with unions and declining letter volumes hung over Royal Mail yesterday as its shares took a battering. The company sank by as much as 5.6 per cent after analysts at Credit Suisse downgraded it from 'neutral' to 'underperform'. They...

 

DAN HYDE: The taxman is robbing dilligent savers trying to boost their state pension

You'd have to be an automaton or a cold-hearted crook to pocket someone's life savings without showing any remorse or shame. Yet that is what tax officials are doing to diligent savers who try to boost their state pensions. As we reveal here ,...

 

Savers snared by state pension trap... and even an ex-minister slams the taxman's penny-pinching ways

Today, Money Mail lays bare the Government's shameful betrayal of savers who are desperate to boost their state pensions. We can reveal that the taxman is unfairly pocketing thousands of pounds from people approaching state pension age. Savers in...

 

Big five get behind our campaign to pay back fraud victims: They call on the Government to unlock £130m in...

Five banking giants have thrown their weight behind Money Mail's campaign to return stolen money to fraud victims. Industry representatives have asked the Government to free up £130 million of frozen criminal funds. Last week, we called for a change...

 

The poor fund poverty wages

LAST week’s report from the Union Bank of Switzerland on billionaire wealth calculated that there are just over 1,500 billionaires globally. Last year their wealth increased by 20 per cent and now amounts to just over six trillion dollars — that is,...

 

Anger at ombudsman 'bias': Report suggests majority of people don't trust the schemes set up to settle...

A damning report suggests the majority of people don't trust the independent schemes set up to settle disputes with companies. Customers can appeal to one of 14 different ombudsman schemes if they are unhappy with how a firm has dealt with their...

 

Now you need smart meter to get cheap energy deals: EDF and First Utility reserve their best rates for...

Energy suppliers are launching cheap tariffs that customers can only get if they agree to have a smart meter fitted. Experts say that this is a desperate attempt to encourage more households to get one of the new digital meters, which automatically...

 


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