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World - Controversial lender Wonga posts first loss

The British lender Wonga, widely attacked for the high interest it has charged for short term loans, posted its first annual loss Tuesday after the industry faced a clampdown. Wonga reported a net loss of £42.8 million ($63.8 million, 59.6 million euros) in 2014 compared with a net profit of £30.6 million a year earlier, the company said in a statement. One year ago meanwhile, regulators ordered Wonga to pay £2.6 million in compensation after sending fake legal letters to pressure customers into repayments.

Tuesday, April 21, 2015  16:24


World - Rich get richer in UK index of wealthiest people

Ukrainian businessman Len Blavatnik has been named the wealthiest man in Britain in a rich list being released Sunday studded with members of the international jet set living in London. Blavatnik, an investor in a range of industries including oil, petrochemicals and media, is worth £13.17 billion (18 billion euros, $20 billion), according to the respected Sunday Times Rich List. The index found that the combined wealth of Britain`s 1,000 richest people had more than doubled in the last ten years to over £547 billion. Blavatnik knocked Indian-born brothers Sri and Gopi Hinduja, who run the multinational conglomerate of the same name, off the top spot.

Saturday, April 25, 2015  22:47


World - England cruise to nine-wicket triumph

St. George`s (Grenada) (AFP) - England ended a wait of two-and-a-half years and 10 matches for Test success away from home with a nine-wicket win over the West Indies in the second Test on Saturday. Set a modest target of 143 after the home side folded for 307 in their second innings just after lunch, Gary Ballance (81 not out) and skipper Alastair Cook (59 not out) eased to the target with an unbroken 142-run second-wicket partnership after Jonathan Trott fell without scoring to Shannon Gabriel. This first away win since a series-clinching seven-wicket triumph over India in Kolkata in December, 2012 means that England have retained the Wisden Trophy -‚ the symbol of supremacy in Test series between the two nations since 1963 ‚ - going into the final Test in Barbados starting next Friday. James Anderson starred with the ball and in the field at Grenada`s National Stadium on Saturday.

Saturday, April 25, 2015  22:11


World - Tesco reports £5.74bn annual net loss

Supermarket group Tesco, announced Wednesday that it had plunged massively into the red last year as it took a hit on the value of its property. Tesco, which was hit by a major crisis last October after accounting errors that overstated profits, reported a loss after tax of £5.74 billion in the 12 months to the end of February. `It has been a very difficult year for Tesco,` chief executive Dave Lewis said in the statement. Tesco announced £7.0 billion of one-off charges, mostly linked to a writedown on the value of its property.

Wednesday, April 22, 2015  08:35


Business - 3 Dirty Secrets Your Marketing Agency Hides From You

You may love your marketing agency, but I`ll let you in on a secret. If you`re a business owner or director of marketing that`s paid 5, 6 or even 7 figures for a `marketing rebrand` lately call your accountant! Your marketing agency is cheating on you.

Friday, April 24, 2015  20:56


World - China`s biggest auto show opens amid growth slowdown

Global car makers showed off hundreds of vehicles in China`s commercial hub Shanghai on Monday, as the world`s biggest auto market continues to attract despite a sharp deceleration in sales growth. At China`s premier auto show, foreign car makers admitted an economic slowdown in the world`s second largest economy had taken its toll, but said the market was simply too big -- and important -- to ignore. China`s economy expanded 7.4 percent last year, the slowest in nearly a quarter of a century. `The market will increase less than in former years, but still much higher than in any other relevant automotive market in the world,` President and CEO of Volkswagen Group China, Jochem Heizmann, told reporters on the eve of the show.

Monday, April 20, 2015  04:32


Business - Taurus revamp debuts in China as Ford counters U.S. sedan slump

By Norihiko Shirouzu and Joseph White SHANGHAI/DETROIT (Reuters) - Ford Motor Co`s global premiere of its redesigned Taurus sedan in China underscores a shift in its U.S. home market from the big sedan to roomier, utilitarian crossover SUVs. There`s a similar trend in China, the world`s biggest car market, but there is still a decent appetite among Chinese buyers for large sedans while, in the United States, demand has stagnated. According to research firm IHS Automotive, China`s market for large sedans has overtaken the United States, with sales of around 4 million last year, topping the 3.6 million sold in the U.S. By 2020, IHS expects that gap to have widened to 5.3 million large sedans in China and 3.7 million in the U.S. Ford unveiled the Taurus redesign, which it says is aimed specifically for the Chinese market and won`t be for sale in the U.S., at a media event on Saturday ahead of the Shanghai autoshow.

Saturday, April 18, 2015  15:46


Personel Finance - 7 quirky luxury products for the super rich

Take a look at some of the most unusual luxury products being marketed to the top 1% in Monaco, including a rotating sunbed, hand-made wooden skis and fur coats for dogs.

Friday, April 24, 2015  14:21


Business - Flash crash charges garner increasing skepticism in high-speed world

The U.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several†years in a fraudulent scheme that helped cause the stock market rout. The U.S. Department of Justice alleges that Sarao used souped-up, off-the-shelf software to trick other market participants into thinking massive sell orders were about to hit, causing the so-called E-mini S&P futures prices to drop so he could buy at cheaper levels. Linking Sarao to the flash crash `smacks of sensationalism,` said Manoj Narang, founder of Tradeworx, a firm that supplies data for regulators. So far, at least 194 people have signed up to an online message saying `One man with a single broadband connection cannot bring down an entire market.`† Sarao, who court documents show pushed around millions of dollars between banks in the Caribbean, Switzerland and the Middle East, has been granted bail in London on conditions including a 5 million-pound ($7.5 million) bond. †His lawyer, Joel Smith, declined to comment on whether Sarao had yet raised the bail and been released, but said he opposes extradition to the United States. ††† CANCEL IF CLOSE The view held by some in the market that Sarao is a scapegoat for the flash crash may not help his case much.

Friday, April 24, 2015  23:58


Business - Soft U.S. economic data suggests mild second-quarter growth rebound

By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment aid edged up last week for a third straight week, but the underlying trend continued to point to solid momentum in the labor market. Still, the rise in jobless claims and other data on Thursday showing weak new home sales in March and factory activity this month could heighten concerns about the economy`s ability to rebound strongly after stumbling at the start of the year. `Overall, the level of claims remains low and is consistent with a healthy labor market,` said Michael Feroli, an economist at JPMorgan in New York. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, increased 1,750 last week to 284,500.

Thursday, April 23, 2015  18:45

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