London forex trader sues Citigroup for $112m over ‘malicious’ prosecution October 2, 2019 A London-based former Citigroup trader is suing the bank for over $112m (£91m), alleging the bank made materially false and malicious statements to US prosecutors which led to him being tried in New York on foreign exchange rigging-charges. Rohan Ramchandani, former European head of the US bank’s forex spot market trading desk, is alleging Citigroup [...]
UK house prices: Brexit clouds lift, but coronavirus threat looms March 6, 2020 UK house prices rose 2.8 per cent in February compared to the same month last year, Halifax data showed today. Homes’ values increased 0.3 per cent month on month and 2.9 per cent on a quarterly basis, Halifax’s House Price Index found. That left the average UK house price at £240,677 in February. But while [...]
Aviva shares rise on record profit but insurer takes £500,000 coronavirus hit March 5, 2020 Insurance giant Aviva this morning reported a jump in profit but said it had taken a £500,000 hit from coronavirus claims. Shares rose 3.42 per cent as the company announced record profit, but it also warned that the outbreak of coronavirus had exacerbated the “significant uncertainty” at the beginning of the year. So far Aviva has [...]
The City highlights its importance ahead of key Brexit talks January 21, 2020 The City has outlined its importance to international finance ahead of crunch EU talks with a report that shows it continues to outperform other financial sectors in helping firms tackle risk. It comes as a debate rages over how close the UK should stay to the EU after Brexit. Chancellor Sajid Javid at the weekend [...]
National Grid profits take a battering from stormy weather as UK restructure rolls on November 8, 2018 Utilities provider National Grid reported a six per cent fall in profits for the six months to 30 September today, partially attributed to storm-related costs and the cancellation of a new pipeline in Avonmouth. Underlying operating profit was £1.3bn, down £83m from the same period last year and of which £4m was attributed to foreign exchange [...]
PMI data picks up the pound February 21, 2020 Manufacturing output grew at its fastest pace for 10 months, giving sterling a boost against other major currencies this morning. Recovering losses against EUR & USD, the latest flash Purchasing Manufacturing Index (PMI) data today announced that UK output rose 51.9, up from 50.0 in January. The question for many investors is whether the post-election [...]
Apple shares drop as tech titan loses $1 trillion valuation November 2, 2018 Apple shares dived over five per cent as US markets opened today, causing the Californian company to fall below its $1 trillion valuation as investors reacted to its prediction of a Christmas slump. The tech giant yesterday warned shareholders that festive sales could fall below expectations, even as it recorded double-digit growth for the fifth consecutive [...]
Apple slides as Christmas sales forecast falters November 1, 2018 Californian tech giant Apple said its sales over the festive period could slip below consensus expectations, despite achieving its fifth consecutive quarter of double-digit revenue growth and its best September quarter to date. The company’s outlook on revenue for the rest of the year, which gives an indication on how well its latest products are [...]
T-Mobile owner Deutsche Telekom forecasts slower core earnings growth February 19, 2020 Deutsche Telekom has forecast that growth in its core earnings will slow to three per cent this year after a strong end to last year, as the T-Mobile owner looks to complete a merger to create the third largest wireless carrier in the US. The telecoms firm said it expected adjusted earnings before interest, taxation, [...]
Swiss bank UBS ahead of market expectations in third quarter results October 25, 2018 Swiss banking giant UBS unveiled net profit of 1.246bn Swiss francs (£970m) for the third quarter of 2018, beating analysts expectations. The results amounted to a 32 per cent jump in third quarter earnings, beating the consensus expectation of 993m Swiss francs. Read more: Former UBS trader Adoboli nears deportation as judge denies judicial review [...]