Panama Papers: Iceland’s Prime Minister resigns following public outcry April 5, 2016 Iceland's Prime Minister Sigmundur David Gunnlaugsson has resigned following the Panama Papers scandal, local media has reported. Earlier suggestions that Gunnlaugsson would dissolve parliament and call a new election were blocked by the country's president. The country's opposition party yesterday demanded a vote of confidence, after huge protests across the country. It was revealed in leaked documents from Panamanian law firm Mossack Fonseca on [...]
The financial regulator is set to focus on technology and culture in the coming year, though only one new review will be brought in April 5, 2016 The use of technology and culture within banks are set to be the big focus for the UK's financial watchdog over the next 12 months, the Financial Conduct Authority (FCA) revealed today in its yearly business plan. The only new review that the FCA will kick off over the coming 12 months will look into pension [...]
Card Factory share price climbs as profits lifted by online sales though the retailer is warning over living wage costs April 5, 2016 Online shopping sales and personalised presents have pushed retailer Card Factory to a 25 per cent increase in profits for the last year. The company's share price has jumped on the numbers climbing over three per cent by early afternoon trading. Underlying profit before tax hit £82m last year, up 25.2 per cent from £65.5m the year before. [...]
BoAML merchant services opens Europe branch to meet demand April 4, 2016 Bank of America Merrill Lynch has expanded its merchant services to Europe, looking to break into a market dominated by Worldpay and Barclaycard in the UK. BofA Merchant Services is targetting its exiting US customers who are looking for international payment services. “BofAML Merchant Services’ largest clients have complex global payments needs, and our presence [...]
Steel unions to hand Javid Port Talbot demands at key meeting tomorrow April 4, 2016 Community, the union which represents British steelworkers, will meet with business secretary Sajid Javid tomorrow to discuss the steel crisis and present Javid with a list of demands for the industry. The demands, which include the government preventing Tata and potential buyers from cherry-picking assets, were formulated at a meeting in London today. “There needs to [...]
Bankers prepare for job losses as optimism falls to lows not seen since the Eurozone sovereign debt crisis April 4, 2016 ​British bankers are bracing themselves for the largest round of job cuts since the height of the Eurozone sovereign debt crisis as banks struggle to find their way back to profitability and optimism over future earnings shrinks. Bankers fear the axe is set to fall mostly on bloated back office operations, IT departments and in [...]
Oil price hits one month low as production freeze deal begins to show cracks April 4, 2016 The price of oil has dropped to its lowest in a month as investors fret over the increasingly shaky looking deal between Russia and the Organization of the Petroleum Exporting Countries (Opec) to freeze production at January levels and clear a global supply glut. In mid afternoon trading a barrel of international benchmark Brent crude was going for [...]
Pay of Reckitt Benckiser chief executive doubles after share price rise pushes up value of stock options April 4, 2016 The pay of consumer goods giant Reckitt Benckiser's chief executive has doubled in the past year to a whopping £23m, after the firm's share price boosted the value of his stock options. The swelling pay packet makes CEO Rakesh Kapoor one of the best paid chief executives in the FTSE 100, though even his £23m haul pales in comparison to [...]
Santander eyes job cuts to free up cash for digital expansion plans as online-only challengers prepare for launch April 3, 2016 High street challenger bank Santander UK is considering axing some senior staff to free up cash for its digital expansion plans. The bid to cut costs follows similar moves from the bank’s Spanish parent company to hollow out the ranks of senior managers. The Spanish lender is also planning to cut down its branch numbers [...]
Moneycorp hails milestone with banking licence, preparing the forex firm for further expansion April 3, 2016 Foreign exchange firm Moneycorp has had it’s application for a banking licence granted, which will be used to fuel expansion into European markets. The licence will allow Moneycorp to offer currency deposits from Gibraltar under the name Moneycorp Bank to customers trading foreign exchange. The bank doesn’t currently have plans to branch out into more traditional [...]
