THE DAILY BRIEFING
TRADER BAIL Former City trader Kweku Adoboli, who gambled away £1.4bn in the UK’s biggest banking fraud, has been bailed from detention pending a decision over his deportation to Ghana.
The 38-year- old. was jailed for seven years in 2012 after bringing Swiss bank UBS to its knees by exceeding his trading limits.
Despite living in the UK since he was 12, as a foreign national sentenced to more than four years in jail Adoboli is subject to automatic deportation under UK immigration laws.
A group of friends appeared at Hatton Cross tribunal centre to provide a surety of £120,000.
OFFICES SHUT Struggling estate agent Foxtons has closed its flagship office on Park Lane in central London as well as its branch in Barnes, south-west London, amid a slowdown in the property market in the capital.
RULE WARNING Ross McEwan, the boss of bailed-out Royal Bank of
Scotland, has warned against restrictive regulations that could make Britain less competitive than other countries.
The 61-year-old said: ‘We need to be careful now that we stay competitive with other regulatory frameworks around the world.’
Natwest owner RBS brought the British economy to the brink of collapse in 2008 after years of reckless growth, forcing taxpayers to rescue it with £46bn.
STUDIO EXIT Broadcaster ITV is leaving its television studios on London’s Southbank after 40 years. The broadcaster moved out of the London Studios site temporarily last year so a redevelopment could take place, but now says it will be sold.
FIZZING WINE Investment group Cult Wines , which invests savers’ money in fine wines, has seen its revenue rocket by 54pc to £52m over the last year.
Founder Tom Gearing, a former finalist in the BBC’s The Apprentice, said the biggest increase in sales was in South East Asia. PROFITS SURGE Payments firm Wirecard expects an eightfold rise in profits over the next six years as contactless payments take off and consumers ditch cash.
WATCHDOG BACKED Fund manager Blackrock has backed tainted City watchdog the Financial Reporting Council, which is battling to avoid closure in a Government review of its future.