JohnnyD

JohnnyD

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M&S must hope Ocado will turn its food problems into trifles

Shareholders in Marks & Spencer might be forgiven for starting this week with a sense of scepticism. The stalwart of the British high street is set to announce its full-year results on Thursday, and expectations are already low.

Fundraising call by Metro Bank raises £375m in three hours

Metro Bank has raised £375m from a fundraising call that will strengthen its balance sheet. The bank hopes the move will quash rumours about its financial health that led to customers withdrawing cash last weekend.
A Metro Bank spokeswoman confirmed the lender had closed its share placing early on Thursday evening, less than three hours after it started.

Thomas Cook shares 'worthless' after Citigroup warning

Thomas Cook’s shares plunged by 40% on Friday, their biggest drop since the firm nearly collapsed in 2011, after a high-profile City analyst said the company’s shares were worthless.

BT staff to gain £500 a year in shares handout

BT is to give its 100,000 employees £50m in shares each year as part of a new scheme to boost morale and rebuild the telecom’s image following a troubled couple of years.
BT’s new chief executive, Philip Jansen, who took over from Gavin Patterson in February, said the “yourshare” scheme forms part of his plans to create a “new, re-energised” BT that includes changing the logo.

Greggs' vegan sausage rolls fuel profit boom

Greggs has raised its profit guidance for the third time this year, boosted by demand for its vegan sausage rolls and an increase in customers.
The bakery chain said a strong start to 2019 had continued in recent weeks after it ramped up production of its best-selling Quorn-filled roll following a failure to keep up with demand when it first launched in January.

KPMG 'severely reprimanded' for audit failings at Co-op Bank

KPMG has been fined £5m and “severely reprimanded” by the financial regulator for a series of failings in its audit of the Co-operative Bank at the height of the financial crisis a decade ago.

Major shareholder cuts Metro Bank stake by almost a third

The second largest shareholder in Metro Bank has cut its stake in the lender by nearly a third, in the latest sign that investors are jumping ship in the wake of an accounting blunder.
Fidelity slashed its stake from 7.6% to 5.4% on Friday, according to a market filing.

Uber goes into reverse as first day stock price disappoints.....

Uber’s hopes of a surge in the price of its shares have fallen flat, as investors gave the taxi-hailing app’s eagerly anticipated stock market float a frosty reception by sending the shares below their launch price.

TSB expected to cut at least 100 jobs at head office

TSB is expected to cull at least 100 head office jobs as the bank attempts to move on from last year’s IT debacle.

Bank fraud victims likely to be offered fairer treatment

Bank customers who fall victim to frauds after 28 May will have a greater chance of being refunded. On that date, a new code of conduct comes into play that will require the banks to treat fraud victims better.

Energy switchers to receive compensation for delayed refunds

Gas and electricity customers are set to automatically receive compensation if their supplier fails to hand back their final credit balance within 10 working days.
Under the new Ofgem rules, which started on 1 May, customers will also be entitled to compensation of up to £120 for so-called “erroneous switches”, where they are mistakenly switched to the wrong supplier.

UK's free ATMs under threat as operators levy charges, says Which?

Free cash machines could become a thing of the past, according to consumer group Which? after it emerged that 1,700 ATMs switched to charging in the first three months of this year alone.

Lloyds launches review of HBOS fraud compensation scheme......

Lloyds has appointed a former high court judge to run an independent review of its compensation scheme for victims of fraud that took place at an HBOS branch in Reading, amid claims that the scheme treated customers unfairly and worked in the bank’s own interests.

Metro Bank profits plunge drags shares to all-time low

Metro Bank shares plunged to all-time lows on Thursday after it revealed an accounting error contributed to a 50% drop in quarterly profits and the loss of some of its bigger customers.

Police Scotland warns of rise in teens targeted as money mules

Police Scotland has written to secondary schools across the country warning parents and teachers that criminal gangs are targeting teenagers to act as “money mules”, as a senior officer warned youngsters are increasingly recruited online to move the proceeds of fraud through their own bank accounts.

Green gas reaches milestone as it supplies 1m UK homes

One million homes in Britain are now using “green gas” for heating and cooking after a surge in energy produced from farm and food waste.
Biomethane plants – there are now 60 in the UK – use food leftovers, cattle and chicken manure as well as grass silage and hybrid rye to create gas.

Deutsche Bank and Commerzbank merger talks collapse......

Germany’s two biggest banks, Deutsche and Commerzbank, have scrapped their plans to merge – a deal that would have created the eurozone’s second biggest bank – saying the risks and costs were too great......

Sainsbury's-Asda merger blocked by competition watchdog....

The merger between Sainsbury’s and Asda has been torpedoed by Britain’s competition watchdog, which ruled the £7bn deal threatened to push up prices and reduce the choice and quality of products on sale in stores......

Britons without a bank account 'pay a £485 poverty premium'

Britons who do not have a bank account face paying up to £485 extra each year for bills and basic services, according to a report.
The 1.2 million so-called unbanked individuals are said to pay a “banking poverty premium” because they are missing out on preferential deals and discounts on utility bills, mobile phone contracts, broadband and personal loans.

'Costs are crippling': more than 900 British pubs vanished in 2018

About 76 pubs vanished each month during the year, although this represents a slowdown in decline from 2017. The total number of pubs in England and Wales, liable for business rates, was 41,536 on 1 January 2019, representing a fall of 1,530 since a controversial revaluation came into force in April 2017.

Uber's self-driving car unit valued at $7.3bn as it gears up for IPO

Uber’s self-driving car unit has been valued at $7.3bn (£5.6bn), after receiving $1bn of investment by a consortium including Toyota and Saudi Arabia’s sovereign wealth fund.
With weeks to go until the loss-making San Francisco firm’s stock market float, expected to value the company at up to $100bn, Uber said it had secured new financial backing for its plans to develop autonomous vehicles.

An Isa with 8.24% fixed interest a year. Is that simply too good to be true?.......

It’s an advert that’s been popping up in many people’s Facebook newsfeeds during the last few weeks, for a “Platinum Isa” that pays a fixed 8.24% a year.
That’s certainly an eye-catching rate, and it prompted one of those who contacted Guardian Money to say: “It looks too good to be true.” There have also been discussions about the product on the forums of sites such as MoneySavingExpert.com, with one poster this month asking if anyone knew whether it was “legit”.

TSB to unveil refund guarantee for fraud victims

TSB is poised to unveil a “fraud refund guarantee” to ensure its 5.2 million customers are reimbursed in full if they are an innocent victim of a scam.

Mastercard ruling: almost every UK adult could receive payout.....

Almost every adult in the UK could receive a payout of up to £300 from Mastercard after a court ruling paved the way for a £14bn class action lawsuit.

Fines and a frantic life on the road – the lot of Amazon’s harried staff......

This year Amazon overtook Microsoft to became the world’s most valuable company, worth £634bn, and its founder, Jeff Bezos, is the world’s richest man with a fortune of more than £76.5bn. However, the online giant is accused of profiting on the back of its depot workers, who complain of poor pay, long hours and risky conditions with no employment benefits.
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