Payday lender Wonga loses another chief executive as Tim Weller steps down after just six months November 20, 2014 Embattled payday lender Wonga has lost another boss. Tim Weller, who had been the company's interim chief exec since May, has stepped down, according to filings at Companies House. Weller was brought in as interim after Niall Wass left this May. The company's founder, Errol Damelin, stepped down in November 2013. Chairman Andy Haste, who [...]
Banker bonus cap row: Lawyers react to the European Court of Justice bonus cap rebuffal November 20, 2014 The European Court of Justice (ECJ) has rebuffed George Osborne's battle against banker bonus caps – but what do the City's lawyers think of it? To recap, today Niilo Jääskinen, an advocate general at the European Court of Justice's (ECJ), said the bonus caps – which limit bankers' bonuses at 100 per cent of [...]
The European Court of Justice has dealt a blow to George Osborne’s banker bonus cap challenge November 20, 2014 The European court should reject George Osborne's challenge to the EU's cap on banker bonuses, according to one of its senior advisors. Niilo Jääskinen, an advocate general at the European Court of Justice's (ECJ), has said that all the UK’s pleas should be dismissed and that the action should be scrapped. He said that the [...]
London’s New Bond Street one of world’s 10 most expensive streets: Will Oxford Street catch up? November 19, 2014 New Bond Street has once again been named as London's most expensive street with its luxury retailers paying some of the highest rents in the capital – though it has got some competition coming from Oxford Street. The upmarket shopping street, which is home to the likes of Burberry and Louis Vuitton, saw prime retail [...]
Icap share price sinks over nine per cent as first-half profit tumbles on rising investment and light trading November 19, 2014 Shares in ICAP had sunk over nine per cent in mid-afternoon trade on Wednesday, making it one of the largest fallers on the FTSE 250. The group, which is one of the world's largest interdearler brokers, said profit before tax for the six months to September was £86m, down from £139m pounds a year earlier. [...]
Pub chain shares battered after MP vote to end beer tie: Enterprise Inns, Punch Taverns suffer November 19, 2014 Shares in pub chains plummeted after MPs voted to let landlords buy their beer on the open market, as investors heeded industry warnings that the legislation would have a "hugely damaging" effect. Enterprise Inns led the fall, losing 15.3 per cent in mid-morning trade. Punch Taverns also shed 12. 5 per cent. Shares in Marston's and [...]
Bank of England MPC minutes: Policymakers defy expectations to stay firm on interest rate hike vote November 19, 2014 The Bank of England's monetary policy committee (MPC) voted 7-2 against raising rates in November, unchanged from last month's vote – despite speculation there might be a stronger vote in favour of keeping rates low. However, the minutes did reveal that there was a "material spread of views" amongst policy makers over the future outlook. [...]
Snapchat moves into mobile banking with the launch of Snapcash: Will it rival Facebook, Twitter? November 18, 2014 Snapchat is taking the plunge into the mobile payments market, with the announcement of a new app that lets users transfer cash at the hit of a button. The photo messaging service, which lets users send photos vanish after a maximum of 10 seconds, unveiled Snapcash in a blog post yesterday: The product you’re [...]
Uber executive under fire after threatening to ‘dig dirt’ on journalists November 18, 2014 An executive at taxi app Uber has hit headlines after threatening to dig up dirt on journalists that had provided negative media coverage of the taxi app. Emil Michael, a senior vice president, said that Uber should spend a million dollars on a team of researchers and journalists to help Uber fight back against negative [...]
