Bank of England keeps interest rates at 0.25%

Bank of England keeps interest rates at 0.25%

UK interest rates left unchanged at 0.25% 5 minutes ago From the BBC section Business Image copyrightREUTERS The Bank of England has left its main interest rate at 0.25%. The decision of the Monetary Policy Committee (MPC) to leave rates at their new, historically low, level was no surprise. Only last month the Bank cut its bank rate from 0.5% to 0.25%, as part of its attempts to ensure the stability of the UK’s banking system…

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Hinkley Point: UK approves nuclear plant deal

Hinkley Point: UK approves nuclear plant deal

Hinkley Point: UK approves nuclear plant deal 49 minutes ago From the BBC section on Business   Image copyrightPAImage captionArtist’s impression of Hinkley Point C building proposals The government has given the go ahead for a new £18bn nuclear power station in the UK after imposing “significant new safeguards” to protect national security. The new plant at Hinkley Point in Somerset is being financed by the French and the Chinese. In exchange, China wants to use…

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CMA sets out provisional concerns about ICE/Trayport merger

CMA sets out provisional concerns about ICE/Trayport merger

From: Competition and Markets Authority First published: 16 August 2016 Part of: Mergers The Competition and Markets Authority (CMA) has provisionally found that ICE’s acquisition of Trayport may give rise to competition concerns. Intercontinental Exchange, Inc. (ICE) is the largest operator of exchanges and clearinghouses in the trading of European utilities. It has its own proprietary software which allows trading of energy commodity and utility derivatives on its exchanges. Trayport’s software permits the trading of energy commodity and…

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Removal of property leads to prison term for company director

Removal of property leads to prison term for company director

From: The Insolvency Service First published: 3 August 2016 Company director Mr Ian Ellison has been imprisoned for 6 months following an initial investigation by the Insolvency Service. On 24 June 2016, the Preston Crown Court sentenced Mr Ian Ellison to immediate imprisonment for 6 months. Mr Ellison had pleaded guilty to one offence of Removal of Property under section 357(3) of the Insolvency Act 1986. Mr Ellison’s conviction follows an initial investigation by the…

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Pension liberation company shut down after Insolvency Service investigation

Pension liberation company shut down after Insolvency Service investigation

From: The Insolvency Service First published: 3 August 2016 Thames Trustees Ltd, a Preston-based company, which facilitated and operated a pension liberation scheme, has been wound up in the High Court following an investigation by the Insolvency Service. The company acted as trustee of the Westminster Pension Scheme (‘the Scheme’) which was established in December 2012. Clients were induced to move their existing pension funds into the Scheme on the basis that they would receive…

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Debt collector directors collect combined 22 years’ disqualification

Debt collector directors collect combined 22 years’ disqualification

From: The Insolvency Service First published: 3 August 2016 Two directors involved in a company providing debt collection services have been disqualified from acting as directors following an investigation by the Insolvency Service. Terence Mellor, 52, of Northumberland and Ross Alan Morton, 28,of Sunderland, have both been disqualified following an application to the court for a total period of 22 years. Terence Michael Mellor and Ross Alan Morton were both disqualified by the court on…

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Christine Lagarde Admits Failure of Greek Bailout Program

Christine Lagarde Admits Failure of Greek Bailout Program

Christine Lagarde noted that the International Monetary Fund (IMF) would continue to support its positions, while she admitted that Greece’s bailout was not successful, especially for the Greeks. “We still need to be rigorous and disciplined. On occasion we will still make recommendations that people are not happy with because it is hard,” Lagarde said. “But I would like the IMF to have that human face.” The managing director expressed the IMF’s intention to remain…

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Defence companies and MOD’s procurement agency ‘failing’ contract regulations

Defence companies and MOD’s procurement agency ‘failing’ contract regulations

From: Single Source Regulations Office First published: 14 July 2016 Defence companies are failing to comply with new regulations over non-competitive contracts, a report by the independent watchdog has shown. The Single Source Regulations Office has challenged £61 million of potentially non-allowable costs, whereby contractors charge unnecessarily for goods or services that could result in savings to the taxpayer. The independent regulator has examined a number of “single source” contracts, where the MOD chooses to…

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