April 2013 Archive

Shares in Lloyds fall despite higher Q1 profits

Lloyds banking Group announced a £2bn profit for the first quarter of 2013

Lloyds Banking Group made £2bn in the first three months of 2013 raising the prospect that the government could sell its stake in the bank before the next election.

Commerzbank loses appeal over £44m banker bonus payments

German bank Commerzbank has lost an appeal over paying banker bonuses

Commerzbank has lost its appeal over having to pay 104 bankers a total of £44 million at a Court of Appeal hearing in London.

Investors mixed views over future price of gold

Gold has lost around 15% of its value in April

A survey by Barclays Stockbrokers reveals that its clients are mixed over whether gold will regain the value lost over the past month.

MPs say "big four" abuse position to help rich pay less tax

Margaret Hodge, Chairwoman of the Public Accounts Committee

The Public Accounts Committee has called for an end to the "big four" accountancy firms working for government claiming that they use inside information to help clients avoid tax.

Barclays profit slump tempered by investment bank performance

Barclays profits fell by 25% in the first quarter of 2013

Barclays has seen profits drop by 25 per cent in the first quarter of 2013, down to £1.8 billion as it incurs extra restructuring costs as it tries to change its culture.

Osborne launches legal challenge against EU over Tobin tax

George Osborne says London will be unfairly penalised

George Osborne confirmed that the UK is planning to launch a legal challenge against the European Union over its proposed financial transaction tax.

Barclays draws line under the past as Rich Ricci retires

Rich Ricci has left Barclays

The head of Barclays investment banking division, Rich Ricci has retired just weeks after cashing in £17.5 million of shares awarded to him as a bonus for 2009 to 2011.

UK's top regulator Bailey asks why no bank bosses convicted?

The UK's top financial regulator says it is surprising no senior bankers have been convicted

Andrew Bailey, the man in charge of the new financial watchdog, the Prudential Regulatory Authority has asked why no senior bankers have faced convictions for their role in causing the financial crisis.

Business confidence improves to highest level for five years

UK boardrooms are optimistic, according to a new survey

A new survey of finance directors by accountants Deloitte shows that business confidence is improving and firms increasingly believe now is a good time to borrow and invest.

Former HBOS directors slammed for rewards for failure

HBOS directors received "payments for failure"

Seven former directors of HBOS have been criticised after it emerged they received special payments after the bank went bust and had to be bailed out by the taxpayer.

OECD says UK will return to normal growth of 2% this year

The OECD says the UK economy is recovering

The Organisation for Economic Co-operation and Development (OECD) expects the UK to recover and reach its long term growth rate of two per cent later this year.

Industrial output up raising hopes UK will avoid recession

Industrial output grew by 1% in February

There were mixed signals for the UK economy today as the trade deficit widened but industrial output grew in February.

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