J.P Morgan put money aside for foreign exchange probe
Banking giant J.P. Morgan Chase join the long list of banks who have set aside money to cover legal costs which could arise as it faces a probe into its foreign exchange practice.
J.P. Morgan Chase have allocated almost $6bn (£3.8bn) for the matter.
Previously, the bank had put aside $4.6 billion. It raised the loss estimate as it was revealed the probe will focus on its spot foreign-exchange trading activities and controls.
RBS, Lloyds and HSBC have all recently put large sums aside in order to cope with investigations.
It is alleged that foreign exchange traders colluded through online chatrooms to set foreign exchange rates.
Greene King in good spirits after £774m takeover
Brewer Greene King is buying Spirit Pub Company, owner of the Chef & Brewer and Flaming Grill chain. The deal which values Spirit at £773.6 million.
Greene King has 1,900 pubs and restaurants and counts the Hungry Horse and Loch Fyne chains in its portfolio. The Spirit takeover comes as part of Greene King’s move into restaurants and pubs which serve food.
The group have been cutting the number of traditional pubs they own under Rooney Anand. In May, it sold 275 of it’s traditional holdings to Hawthorn Leisure.
The offer from Greene King to Spirit came as a mix of cash and shares.
Primark profits up £4.95bn
Associated British Foods, owner of Primark, announced that the clothes retailer had “another magnificent year", with total sales up 16% to £4.95 billion.
AB Foods credited the profit jump to the increased number of Primark stores and the popularity of its autumn/winter and spring/summer ranges. They added 21 new shops to the chain, taking the total to 278.