GBP http://www.globalpost.com/taxonomy/term/27388/all en Soccer-Tottenham post 4.3 mln pounds loss in 2011/12 http://www.globalpost.com/dispatch/news/thomson-reuters/130122/soccer-tottenham-post-43-mln-pounds-loss-201112 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Ken Ferris</p> <p>LONDON, Jan 23 (Reuters) - Tottenham Hotspur posted a loss of 4.3 million pounds ($6.82 million) last season mainly because they did not play in the Champions League, the Premier League club said on Tuesday.</p> <p>Revenue was 144 million pounds, a 12 percent decline from the record level of 163 million posted in the previous period "primarily due to the absence of Champions League football".</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130122/soccer-tottenham-post-43-mln-pounds-loss-201112" target="_blank">read more</a></p> Association football Football in England Football in the United Kingdom GBP Thomson Reuters Wed, 23 Jan 2013 01:30:29 +0000 5738109 at http://www.globalpost.com URGENT ¥¥¥ Barclays bank takes extra £1.0-bn charge for mis-selling http://www.globalpost.com/dispatch/news/afp/130205/urgent-barclays-bank-takes-extra-10-bn-charge-mis-selling <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>British bank Barclays said Tuesday that it will set aside another £1.0 billion ($1.6 billion, 1.2 billion euros) to cover redress for the mis-selling of both credit insurance and interest rate hedging products.</p> <p>Barclays, rocked last year by the Libor scandal, said in a statement that it will set aside another £400 million to cover the mis-selling of interest rate swap products, and another £600 million to cover the mis-selling of payment protection insurance.</p> <p>rfj/rl</p> Barclays Business Finance Financial economics GBP AFP Tue, 05 Feb 2013 08:00:26 +0000 5746106 at http://www.globalpost.com New blow for Barclays with £1.0-bn mis-selling hit http://www.globalpost.com/dispatch/news/afp/130205/new-blow-barclays-10-bn-mis-selling-hit <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Barclays bank set aside another £1.0 billion on Tuesday to cover compensation for mis-selling credit insurance and interest rate hedging products, adding to its problems after the Libor rate-rigging crisis.</p> <p>The British bank has decided to increase its provisions by the equivalent of $1.6 billion or 1.2 billion euros following a review.</p> <p>Barclays said in a statement that it had decided to put aside a further £600 million for the mis-selling of payment protection insurance (PPI), taking the total bill to £2.6 billion.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130205/new-blow-barclays-10-bn-mis-selling-hit" target="_blank">read more</a></p> Banking Finance Financial services GBP AFP Tue, 05 Feb 2013 11:46:41 +0000 5746268 at http://www.globalpost.com Modigliani lover portrait sells for £26.9 mn in London http://www.globalpost.com/dispatch/news/afp/130206/modigliani-lover-portrait-sells-269-mn-london <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>A portrait by Italian artist Amedeo Modigliani of his lover Jeanne Hebuterne went under the hammer in London on Wednesday for £26.9 million ($42.3 million, 31.2 million euros), Christie's auction house said.</p> <p>The final price for the 1919 portrait, "Jeanne Hebuterne (Au chapeau)" (Jeanne Hebuterne wearing a hat) was well over the pre-sale estimate of between £16 million and £22 million.</p> <p>A Christie's spokeswoman declined to say who had bought the painting, which shows Modigliani's French muse wearing a black hat and with the swan-like neck typical of his style.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130206/modigliani-lover-portrait-sells-269-mn-london" target="_blank">read more</a></p> Amedeo Modigliani Entertainment GBP Modern painters School of Paris Visual arts AFP Wed, 06 Feb 2013 22:31:14 +0000 5748237 at http://www.globalpost.com Security firm G4S loses £70 mn over Olympics fiasco http://www.globalpost.com/dispatch/news/afp/130212/security-firm-g4s-loses-70-mn-over-olympics-fiasco <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>British security giant G4S is to lose £70 million ($110 million, 82 million euros) over its failure to provide enough guards for the London Olympics, the company said on Tuesday.</p> <p>The firm had previously estimated that it would lose £50 million over the fiasco, which forced the British government to draft in 4,700 troops at the last minute to help guard the Games.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130212/security-firm-g4s-loses-70-mn-over-olympics-fiasco" target="_blank">read more</a></p> Buckles G4S G4S GBP AFP Tue, 12 Feb 2013 13:15:57 +0000 5753506 at http://www.globalpost.com Barclays to cut pay by $890 mln over scandals-source http://www.globalpost.com/dispatch/news/thomson-reuters/130227/barclays-cut-pay-890-mln-over-scandals-source <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Steve Slater</p> <p>LONDON, Feb 27 (Reuters) - Britain's Barclays plans to cut or claw back about 450 million pounds ($680 million) of pay from its staff over a rate-rigging scandal that last year forced out its chief executive and chairman, a person close to the matter said on Wednesday.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130227/barclays-cut-pay-890-mln-over-scandals-source" target="_blank">read more</a></p> Barclays Business Economics GBP Human Interest Labor Law Thomson Reuters Wed, 27 Feb 2013 15:45:43 +0000 5768580 at http://www.globalpost.com Britain's MoD under fire for 'wasting' £1.5 billion http://www.globalpost.com/dispatch/news/afp/130227/britains-mod-under-fire-wasting-15-billion <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Lawmakers slammed Britain's Ministry of Defence on Thursday after it was revealed that between 2009 and 2011 it bought £1.5 billion worth of equipment more than it used.</p> <p>A report by a cross-party committee of MPs identified £3.4 billion ($5.1 billion, 3.9 billion euros) worth of supplies which it said could be sold.</p> <p>The report accused the department of "wasting significant amounts of public money" on accruing consumable supplies such as uniforms and ammunition which have not been used.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130227/britains-mod-under-fire-wasting-15-billion" target="_blank">read more</a></p> Business GBP AFP Thu, 28 Feb 2013 00:45:48 +0000 5769149 at http://www.globalpost.com URGENT ¥¥¥ Royal Bank of Scotland posts 2012 net loss of £5.971 billion http://www.globalpost.com/dispatch/news/afp/130228/urgent-royal-bank-scotland-posts-2012-net-loss-5971-billion <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>State-rescued Royal Bank of Scotland said Thursday that net losses almost tripled to £5.97 billion ($9.05 billion, 6.89 billion euros) in 2012, when it was hit by compensation payouts and a Libor fine.</p> <p>The vast loss after taxation compared with a shortfall of £1.997 billion in 2011, the lender announced in a results statement, adding that 2012 had been a "chastening" year during which it sought to "put right past mistakes".</p> <p>rfj/yad</p> GBP AFP Thu, 28 Feb 2013 07:46:01 +0000 5769377 at http://www.globalpost.com Soccer-Bottom club QPR's debt soars to 89 million pounds http://www.globalpost.com/dispatch/news/thomson-reuters/130307/soccer-bottom-club-qprs-debt-soars-89-million-pounds <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, March 7 (Reuters) - Queens Park Rangers' debts have increased to almost 89 million pounds ($133.99 million), according to the latest financial results published for the Premier League's bottom club.</p> <p>The accounts, which cover the 2011-12 season and do not include the last two transfer windows when QPR invested heavily on new players, show debts rose by almost 33 million pounds.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130307/soccer-bottom-club-qprs-debt-soars-89-million-pounds" target="_blank">read more</a></p> Football in England Football in the United Kingdom GBP The Football League Thomson Reuters Thu, 07 Mar 2013 12:30:46 +0000 5776016 at http://www.globalpost.com Britain's "bad bank" repays 4 billion pounds to taxpayer http://www.globalpost.com/dispatch/news/thomson-reuters/130325/uk-bad-bank-repays-4-billion-pounds-taxpayer <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Matt Scuffham</p> <p>LONDON (Reuters) - Britain's 'bad bank' running down the loans of two bailed-out lenders repaid 4 billion pounds to the government last year, chipping away at a total owed of more than ten times that amount.</p> <p>UK Asset Resolution (UKAR), a 'zombie bank' that does not take new business, owes the government 43.4 billion pounds, down from 48.7 billion when it was created in October 2010.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130325/uk-bad-bank-repays-4-billion-pounds-taxpayer" target="_blank">read more</a></p> Bank failures Bingley Debt GBP Northern Rock Thomson Reuters Mon, 25 Mar 2013 09:15:04 +0000 5793042 at http://www.globalpost.com Lloyds pays 25 staff more than 1 million pounds each http://www.globalpost.com/dispatch/news/thomson-reuters/130325/lloyds-pays-25-staff-more-1-million-pounds-2012 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Matt Scuffham</p> <p>LONDON (Reuters) - Britain's part-nationalised Lloyds Banking Group paid 25 staff more than 1 million pounds each in 2012, a year in which it set aside billions of pounds to compensate customers mis-sold loan insurance.</p> <p>The bank, which is 39 percent owned by the UK taxpayer, said on Monday it paid bonuses worth a total of 365 million pounds in 2012, down 3 percent on the previous year and the lowest of the big four British lenders.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130325/lloyds-pays-25-staff-more-1-million-pounds-2012" target="_blank">read more</a></p> Banking in the United Kingdom Business Economy of the United Kingdom GBP Labor Law Lloyds Banking Group Lloyds Banking Group Payment protection insurance Social Issues United Kingdom Thomson Reuters Mon, 25 Mar 2013 13:30:45 +0000 5793219 at http://www.globalpost.com L&G buys rest of Cofunds for 131 million pounds http://www.globalpost.com/dispatch/news/thomson-reuters/130326/lg-buys-rest-cofunds-131-million-pounds <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON (Reuters) - British insurer Legal &amp; General &lt;LGEN.L&gt; has agreed to buy the 75 percent of Cofunds Holdings it does not already own, in a deal valuing the investment fund supermarket at 175 million pounds.</p> <p>Buying the rest of Cofunds using 131 million pounds of L&amp;G's cash reserves will help it reach a goal to expand in the investment platform business, the company said in statement on Tuesday.</p> <p>It expects the deal to conclude within the first half of the year and to boost its own profits by the end of 2014.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130326/lg-buys-rest-cofunds-131-million-pounds" target="_blank">read more</a></p> Currency GBP Legal & General Thomson Reuters Tue, 26 Mar 2013 08:30:36 +0000 5793975 at http://www.globalpost.com Thatcher funeral cost £3.6m: Downing Street http://www.globalpost.com/dispatch/news/afp/130425/thatcher-funeral-cost-36m-downing-street <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Margaret Thatcher's funeral cost British taxpayers an estimated £1.6 million ($2.5 million 1.9 million euros), with a further £2 million spent on police who would have been on duty anyway, Downing Street said Thursday.</p> <p>Though never likely, back-of-an-envelope newspaper guesses in the run-up to the former prime minister's funeral last week estimated the cost at £10 million.</p> <p>That inflamed far-left activists, angry at the expenditure on the Conservative titan amid the public spending cuts aimed at reining in Britain's budget deficit.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130425/thatcher-funeral-cost-36m-downing-street" target="_blank">read more</a></p> British people Business GBP Politics of Europe Politics of the United Kingdom AFP Thu, 25 Apr 2013 18:16:07 +0000 5825351 at http://www.globalpost.com British monarchy costs taxpayer £1 million more http://www.globalpost.com/dispatch/news/afp/130627/british-monarchy-costs-taxpayer-1-million-more <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The public cost of the British monarchy rose by just under £1 million last year to £33.3 million ($51 million, 39 million euros) but fell in real terms, palace accounts revealed on Thursday.</p> <p>Diamond jubilee celebrations marking Queen Elizabeth II's 60th year on the throne made the 2012/13 financial year "challenging", Buckingham Palace said.</p> <p>But it added that the British taxpayer was paying £3 million less for the monarchy than five years ago once the figures were adjusted for inflation, due to falling travel costs and a rise in royal incomes.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130627/british-monarchy-costs-taxpayer-1-million-more" target="_blank">read more</a></p> British monarchy GBP Government Politics AFP Thu, 27 Jun 2013 14:01:56 +0000 5869256 at http://www.globalpost.com Barclays forced into huge rights issue, shares plunge http://www.globalpost.com/dispatch/news/afp/130730/barclays-forced-huge-rights-issue-shares-plunge <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Barclays set out on Tuesday to raise £5.8 billion by offering shares at a massive discount to shareholders so as to fall into line with demands from regulators.</p> <p>The issue, worth $8.9 billion or 6.7 billion euros, will be offered at almost half price and is part of a far bigger effort to plug a vast hole of £12.8 billion in the balance sheet.</p> <p>Barclays made the announcement as it reported first-half results which showed a quadrupling of net profit, but the scale and terms of the rights issue drove the price of the shares down by 5.50 percent.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130730/barclays-forced-huge-rights-issue-shares-plunge" target="_blank">read more</a></p> Barclays Barclays Capital Business GBP Investment Primary dealers AFP Tue, 30 Jul 2013 11:09:38 +0000 5897637 at http://www.globalpost.com