Fledgling competition tribunal refuses to allow claim relating to 16 years of alleged overcharging to proceedA £14bn class-action lawsuit against MasterCard for allegedly overcharging more than 45 million people in Britain over a 16-year period was blocked by a British court on Friday. The competition appeal tribunal (CAT), a newly empowered court that oversees Britain’s fledgling class action regime, ruled that it would not grant the necessary collective proceedings order for the case to continue to trial. Continue reading...
Government borrowing rises by more than expected to £6.9bn in June – almost 50% higher than in the same month last yearThe government was forced to borrow more than expected in June after a jump in the UK’s budget deficit to £6.9bn – almost 50% higher than the same month last year.The sharp rise followed a spike in the cost of financing the UK’s debt, a drop in corporation tax receipts and a larger than forecast contribution to the EU in June. Continue reading...
On the UK’s big summer holiday getaway weekend, airports have offered very poor rates for sterling after difficult week on forex markets British holidaymakers heading to Europe for this weekend’s big getaway are being offered what may be the worst ever foreign exchange rates at British airports – in one case, just 88 euro cents for every pound they hand over. Continue reading...
US investment bank Morgan Stanley is latest to choose city as it vies to become EU’s principle financial centre and win back jobs lost in banking crisisSeveral hundred banks and companies have contacted German authorities about expanding in Frankfurt, as the city vies to become the EU’s principal financial centre after Brexit.Lucia Puttrich, Europe minister in the government of the state of Hesse, told the Guardian she had been in talks with several banks about expanding their presence in Frankfurt or the Rhine-Main area. Continue reading...
Javier Martin-Artajo and Julien Grout have had charges dropped after testimony of trader Bruno Iksil ruled unreliableUS prosecutors have decided to drop criminal charges against two former JP Morgan Chase & Co derivatives traders implicated in the “London Whale” trading scandal that caused $6.2bn (£4.7bn) of losses in 2012. In seeking the dismissal of charges against Javier Martin-Artajo and Julien Grout, the Department of Justice said it “no longer believes that it can rely on the testimony” of Bruno Iksil, the trader dubbed the London Whale, based on recent statements and writings he made th[...]
Eaton Square upper school offers neoclassical classrooms in a Grade 1-listed building, and fees to suit London’s bankers and aristocratsSchool assemblies will be held in a state-room hung with original 1761 green silk wallpaper. History will be taught in neoclassical rooms designed by Robert Adam, and chemistry experiments will be carried out in basement laboratories being converted from what are amusingly described as “Mrs Patmore’s kitchens”.This is Eaton Square upper school, the first new co-ed private school in central London for decades, which is preparing to open its doors to the childre[...]
Tesco and Superdrug halve price of emergency contraceptive after charity campaign, but Boots retains higher priceThere have been calls for a boycott of Boots after the chemist refused to lower the cost of the morning-after pill for fear it would encourage over-use. Rivals Tesco and Superdrug halved the price of the emergency contraceptive following a campaign from the British Pregnancy Advisory Service (BPAS), a leading provider of abortion care. Continue reading...
Blackstone and CVC hope to gain access to fast-growing sector with bid for FTSE 250 company based on Isle of ManThe scramble to capitalise on the growing trend to shop online is continuing after the payments processor Paysafe received a near-£3bn bid from a private equity consortium eager to gain access to the fast-growing sector.Shares in Paysafe shot to record highs after the announcement of the 590p-a-share offer from the private equity houses Blackstone and CVC, a consortium that has made four approaches for the company since May. Continue reading...
Some of 67 business owners left penniless by Reading scam threaten legal action as bank fails to meet deadline for offersLloyds Banking Group has paid compensation to only five of the 67 victims of the HBOS Reading fraud scandal almost a month after its own deadline for making redress offers for the “utterly corrupt scheme” that left small business owners “cheated, defeated and penniless”.The bank, which was until recently part-owned by the government, said on Friday that just five of its customers had accepted its offers of compensation. It has failed to make any offer to more than half of th[...]
Ramzans aim to stay ‘grounded and focused’ after selling £92m stake in firm that investors hope will become the new BoohooThe Glaswegian family behind the fast-growing fashion chain Quiz are now among Scotland’s richest after selling a £92m stake in a business investors hope will be the next Boohoo.The high street fashion chain is set to be valued at £200m when it floats on Aim, the junior London stock market, later in July. The retailer was founded by entrepreneur Tarak Ramzan in the early 1990s but the windfall is being shared among nine family members including sons Sheraz and Haris, who wi[...]
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