The big banks are to set aside more than �1bn next week for new PPI mis-selling compensation, Sky News learns. 12:00pm UK, Tuesday 22 July 2014.
... * FTSE 100 up 1 pct. * ARM surges after posting higher profits. * Tesco hit by brokers' price target cuts. * Cautious parcel unit outlook hits Royal Mail.
Credit Suisse Group AG said it will abandon commodities trading as a $2.6 billion fine to settle a U.S. tax investigation pushed the Swiss bank to its biggest quarterly loss since 2008.
Cath Kidston, the British designer famed for her eponymous chintzy prints and accessories, has sold down some of her personal stake in the brand to finance expansion in Asia, targeting 100 stores in China.
ARM, the British microchip designer responsible for the architecture of the processor in almost every smartphone, benefitted from a boost in licensing revenues in the second quarter as manufacturers bought into its latest technology.