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    British banks face fresh legal action in the US as authorities accuse them of helping destroy American lenders

    The Federal Deposit Insurance Corporation has begun action in the High CourtBritish banks are facing fresh legal action after US authorities accused them of helping destroy American lenders once worth 340billion.It s claimed Lloyds, Barclays, Royal Bank of Scotland and others helped ruin 39 firms across the Atlantic by rigging Libor interest rates.The US Federal Deposit Insurance Corporation (FDIC) has started action in the High Court to try to recover some of what it says was lost. It says nine banks sought to rig Libor a rate used to set around 270trillion of financial products alleging they kept borrowing rates ...

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    German stock exchange sees insider trading probe widen following failed London takeover

    Raid: Deutsche Boerse boss Carsten KengeterAn insider trading probe has hit the board of Germany s stock exchange following a failed 21billion takeover of its British rival.Deutsche Boerse sought to buy the London Stock Exchange last year, but competition authorities turned it down.The Frankfurt-based company s boss Carsten Kengeter raised hackles in Germany culminating in a criminal probe many see as politically motivated.Prosecutors raided his office and apartment, and news that 60,000 shares worth 4.9million which Kengeter bought days before the merger was made public. Investigators are examining claims he knew the deal was due to be announced and bought ...

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    Cuts on household spending reach a two-year high as consumer confidence plummets post-Brexit

    Cuts on household spending have reached a two-year high as consumer confidence continues to plummet following the Brexit vote, data suggested today.More than half of Britons admitted to resorting to cost-cutting measures when it came to groceries and energy bills in the second quarter of 2017, according to Nielsen's latest Global Survey of Consumer Confidence and Spending Intentions.The worries about the economy are so severe that almost half (45 per cent) of people in the UK think the country on the verge of a recession. The majority of these also believe the downturn will last for at least another year. ...

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    Borough council outs 13,000 tax-dodging landlords - which means 200m in income tax could be missing in the capital alone

    Almost half of the landlords in one east London borough have been outed for failing to declare their rental properties with thousands of pounds in taxes left unpaid.Newham Council said up to 13,000 out of 26,254 landlords had not registered for tax self-assessments, which are required for those receiving at least 2,500 a year from tenants.The revelations have prompted estimates that, if this trend applies to the rest of the capital, the taxpayer is losing out on up to 200million in unpaid revenue. Almost half of the landlords in one east London borough have been outed for failing to declare ...

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    Royal Bank of Scotland accused of planning to slash nearly 900 jobs in their IT department

    Cuts: Unite claim RBS is aiming to sack 650 permanent employees and 230 contractorsBosses at Royal Bank of Scotland have been accused of plotting to slash nearly 900 jobs in their IT department.Trade union Unite said the taxpayer-backed NatWest owner was aiming to sack 650 permanent employees and 230 contractors as part of a drive to save cash.This would reduce the size of the team by around 40 per cent, it said, further hitting morale at a time when it was already close to rock bottom. There were 2,200 IT staff at RBS last year but Unite said that ...

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    Pay back a friend with a WhatsApp message: Facebook-owned app 'trialling new payments service'

    Millions of families who use the popular messaging service WhatsApp to keep in touch may soon be able to use it to transfer money to each other.The app which is owned by Facebook and has around 700 million users across the globe is understood to be trialling a new payments service in India.The closely guarded plan emerged after a test version of an update was leaked. WhatsApp, which is owned by Facebook and has around 700 million users across the globe is understood to be trialling a new payments service in IndiaA similar tool already exists on Facebook's Messenger app ...

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    Pensioner who had to battle in court after debt collectors demanded 18k he didn't owe

    Wrong man: A demand for 18,327 shocked Ibrahim HusseinIbrahim Hussein was watching TV in his flat in Southport one evening last May when an unexpected visitor knocked on his door. He opened it to a man who asked him to confirm his name before thrusting a letter into his hand.As the man walked away, he wrote down the licence plate number of Ibrahim's car and stopped to chat briefly to his neighbours.Ibrahim, 62, opened the letter from a London law firm called Mishcon de Reya which wanted him to pay a debt of 18,327 to a large commercial property ...

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    The squeeze on household budgets tightens with inflation set to creep back up as the pound slumps

    Inflation is set to tighten its grasp on cash-strapped households, if predictions over a new set of official figures prove correct.The consumer prices index measure of inflation released tomorrow is forecast to hit 2.7 per cent for July - up from 2.6 per cent in June - according to consensus figures, while wage growth remains sluggish.Some of the sharpest climbs have been around rail fares and food, with prices on groceries rising seven out of the last eight months. Meanwhile, sterling has slumped to fresh lows against the euro and dollar this month, putting further pressure on the UK consumer. ...

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    Netflix loses its crown as online rivals muscle in with Amazon Prime boasting almost 2 million more viewers

    Online video company Netflix is facing an uphill battle to boost viewer numbers as rivals circle, analysts have warned.City insiders believe the company now has 6.1 million UK customers a figure thought to have been static since Christmas, despite bosses spending billions of pounds on a string of programmes.The company has succeeded in rattling rivals such as Virgin Media and Sky, but now faces the prospect of being dethroned by other companies muscling into its market. Online video company Netflix is facing an uphill battle to boost viewer numbers as rivals circle, analysts have warnedSubscription service Amazon Prime is thought ...

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    Corrupt corporate fixers targeted in international crackdown as new bribery laws come into play

    An international crackdown on using fixers who bribe government officials and firms to win foreign contracts has led to major shake-ups at some of Britain s biggest companies.The Serious Fraud Office and other law enforcement agencies are targeting the actions of middlemen who have been used by UK firms for decades to help set up deals in Asia and Africa.The use of agents who understand local business cultures and can introduce company representatives to key government figures has long been viewed as part and parcel of doing trade in some parts of the world. On the case: An international crackdown ...

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    Soaring profits at UK's biggest firms with food retailers cashing in more than 100bn in sales

    Britain's biggest businesses have posted their best profits since 2012 in a fresh sign of the economy s resilience.FTSE 350 firms reported 22.7 billion of annual profits in announcements made between April and June up 41.3 per cent on last year, according to analysis by The Share Centre.It was a particularly bright picture for food retailers, which saw sales climb above 100 billion for the first time in six years. Hey big spender: Britain's biggest businesses have posted their best profits since 2012 in a fresh sign of the economy s resilienceThis was partly from rising prices due to the ...

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    Top London hotels Claridge's, the Connaught and the Berkeley are boycotted by super-rich Saudis because of their Qatari ownership

    Super-rich dignitaries from the Gulf states are boycotting some of London s best-known hotels because of their Qatari ownership.The tiny Arab nation is locked in a bitter dispute with neighbours, including UAE, Bahrain, Egypt and Saudi Arabia, over allegations it supports terrorists.Now business leaders, politicians and diplomats have put together an unofficial blacklist of Qatari-owned hotels. Rich dignitaries from the Gulf state have made a blacklist of Qatari-owned hotels in London. They include Claridge s (pictured above), the Connaught and the BerkeleyThey include Claridge s, the Connaught and the Berkeley some of London s most prestigious lodgings where rooms can ...

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    Half of Bupa s care homes to be sold to Labour donor Chai Patel for 450m

    Controversial businessman and Labour party donor Chai Patel has signed a deal to buy half of Bupa s care homes to create Britain s biggest operator.City sources said Patel s company, HC-One, has agreed to pay up to 450 million for the 150-home portfolio. The deal will catapult HC-One from the third largest care home company in the country to the largest, potentially worth more than 1 billion.However, the agreement could collapse if Patel the former chief executive of upmarket healthcare provider The Priory fails to raise enough funds. The entrepreneur has a few weeks to come up with the ...

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    Philip Green s Arcadia facing court in new BHS twist: Legal action is filed by the liquidator of collapsed chain

    The liquidator of collapsed fashion group BHS has launched a legal action against Sir Philip Green s fashion empire.The action has been filed in the High Court by SHB Realisations, formerly BHS, and now being run by liquidator FRP Advisory.The issue at stake remains a mystery as the legal document, submitted at the end of July, gives no details other than to name SHB as the claimant and Arcadia Group Limited the parent company of Green s fashion empire as the defendant. The liquidator of BHS has launched a legal action against Sir Philip Green s fashion empireCity lawyers Jones ...

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    TGI Fridays serves up a recipe for more US-style diners

    Restaurant chain TGI Fridays is on the expansion trail as it seeks to add yet more outlets to its 82-strong chain.The private-equity owned company, which is headed by chief executive Karen Forrester, opened five new premises in 2016 and said they were performing in line with expectations. The company added that it was actively seeking more. TGI Fridays opened five new premises last year and says it is 'actively seeking' moreAccounts just filed for the American-style casual dining chain reveal TGI Fridays recorded a turnover of 211 million for the 52 weeks to January 1, 2017, compared to 190 million ...

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quotes

Everyone went outside to smoke cloves and bitch about having to stay after for the State.

Jon Stewart on events following Charles — January 19, 1999