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  • CITY DIARY: Poundland owner Steinhoff puts its Gulfstream jet up for sale for £18m

    January 11, 2018 12:24 AM 42

    Poundland owner Steinhoff, whose ex-chief Markus Jooste, 56, I reported is offloading his collection of thoroughbred racehorses, is selling its Gulfstream G550 private jet for £18million. A recent accountancy scandal has left the once-mighty South African company struggling to stay liquid after £10billion was wiped off its value. The writer Robert Louis

  • Pay day for 22k fraud victims scammed after sending money with Western Union

    January 10, 2018 9:22 AM 38

    More than 22,000 people scammed after sending money through Western Union are being urged to claim compensation. Action Fraud, part of City of London Police, is writing to tell UK victims they have until February 12 to apply for part of a £437million fund secured by U.S. regulators. Anyone tricked into giving money to fraudsters via the international

  • Now Simon Cowell is hit by Netflix: Music mogul's entertainment firm sees profits drop despite boom for BGT

    January 8, 2018 9:51 PM 41

    Profits at the entertainment company owned by Simon Cowell slipped last year despite a boom for Britain’s Got Talent. The music mogul’s firm Simco said that lower income from its overseas business had caused its profits to drop from £18.1million to £17.1million in the year to March 31 because of the rise in streaming services such as Netflix and Spotify

  • Uber founder set for £1bn payday as he prepares to sell a third of his shares in the taxi app

    January 5, 2018 9:51 PM 38

    Uber founder Travis Kalanick is to sell his shares in the company for the first time in a deal which is set to net him £1billion. The 41-year-old is reducing his 10 per cent stake by just under a third as part of a funding agreement with Softbank. A deal announced earlier this month will see the Japanese tech giant take a 17.5pc stake in Uber, largely

  • UK tech sector smashed investment records in 2017, striking deals worth £3bn

    January 4, 2018 9:50 PM 33

    Britain's pioneering technology sector smashed investment records in 2017, striking deals worth £3billion. It was almost double the £1.6billion bagged in 2016, with most of it, or £2.5billion, raised in London. Big deals included a £391million investment into software firm Improbable, £364million raised by takeaway company Deliveroo and £255million by mobile

  • Mortgage lenders start the year with a flurry of rate cuts

    January 4, 2018 7:34 AM 42

    Mortgage lenders have opened the year with a flurry of rate cuts, with borrowers now able to secure a two-year fixed rate from as low as 1.28 per cent. Barclays, Yorkshire Building Society and Leeds Building Society have all launched new mortgage ranges this week with the 1.28 per cent two-year fixed rate from Barclays hitting top spot in the best buy tables

  • Competition from new banks pushes up rates on fixed accounts as top one-year fix pays 1.77%

    January 3, 2018 12:43 AM 44

    Al Rayan Bank pays 1.85% interest on its one-year fixed rate. This rate is the 'expected profit rate'. The bank monitors the target profit on a daily basis to ensure it is achievable. Minimum deposit of £1,000. Paragon Bank pays 2.05% AER variable interest on its two-year fixed rate savings account. The minimum deposit is £1,000. Halifax pays 4.5% AER fixed

  • Is Apple set to use £185bn cash pile from US tax amnesty to buy Netflix?

    January 3, 2018 12:26 AM 40

    Apple could use US tax reforms to swoop on video streaming firm Netflix. A tax amnesty could allow the American tech giant to repatriate its £185billion foreign cash pile, giving it a huge war chest to bankroll takeovers, say Citi analysts. They predicted its most likely target would be Netflix, which has a market capitalisation of £64billion. In a research

  • Welsh Gold mine that made Diana's ring reopens after nearly 20 years

    January 3, 2018 12:18 AM 28

    The Welsh gold mine that produced Princess Diana’s wedding ring is set to reopen after nearly 20 years. The Clogau St David’s mine in North Wales produced three generations of Royals’ rings but closed in 1998 as the gold ran out. Alba Mineral Resources has bought a 49 per cent stake in Gold Mines of Wales Limited, and hopes to reopen the mine. Alba chief

  • BP to pay one-off $1.5billion charge but expects long term US profit boost from Trump's corporate tax cut

    January 2, 2018 10:38 AM 28

    British energy giant BP is set to benefit from sweeping changes to US corporation tax but not before it pays a one off $1.5 billion charge. The US corporate tax rate will drop from 35 per cent to 21 per cent, after President Trump pushed through one of his key campaign promises. Long term, BP expects a positive impact on post-tax profits, caused by the most significant