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Customers still suffering after TSB's IT woes

Customers still suffering after TSB's IT woes

Business
It has been a month since TSB began a long-planned IT upgrade to move 1.3 billion customer records away from its old parent company Lloyds and on to a platform created by its new Spanish owners Sabadell.  But the move went disastrously wrong, with up to 1.9 million customers locked out of their accounts. And weeks later, Sky News has found the problems are far from over - with fraudsters exploiting the confusion to access customers' money.Ewan Monaghan, a teacher from St Albans, says he and his wife were among those locked out four weeks ago, for a few days - but then all appeared resolved. Until last week, when an overdraft letter alerted him to the fact that fraudsters had emptied his account, taking £20,000."It felt almost like a body blow really. I was very co...
Tycoon Hands plots £2.5bn takeover of Quintain

Tycoon Hands plots £2.5bn takeover of Quintain

Business
Guy Hands, the private equity tycoon, is exploring a £2.5bn bid for Quintain, the London-based property group, in an effort to establish an £8bn UK-wide real estate empire. Sky News has learnt that Mr Hands' buyout firm, Terra Firma Capital Partners, is examining an offer for Quintain‎ through Annington, the giant residential property group it has controlled since 2012.Initial bids are due for Quintain, which is owned by Lone Star Funds, another private equity firm, early next month, and City sources expect a deluge of interest in it.The company has planning permission ‎for thousands of rental homes in the area around Wembley Stadium, with the development scheduled to be completed by 2024.Buying Quintain would give Mr Hands a natural merger partner f...
Raytheon contracted for ballistic radar systems for Romania

Raytheon contracted for ballistic radar systems for Romania

Business
May 25 (UPI) -- Raytheon has been awarded a contract from the Defense Department for ballistic radar tracking. The deal, from U.S. Army Contracting Command, was announced Thursday in a Pentagon press release and is valued at more than $ 395.8 million, enabling Raytheon to provide "phased array tracking on radar to intercept option fire unit." Phased array radar systems are used to scan, identify and track both enemy planes and incoming ballistic missiles from the ground level, extending to the air. Work on the contract will occur in multiple locations in Massachusetts, along with Texas, Rhode Island and Pennsylvania. The contract is expected to be complete in April 2020. More than $ 289.6 million will be obligated to Raytheon at time of award from fiscal 2018 foreign military sales fund,...
Chairman McBride to exit Asos's catwalk

Chairman McBride to exit Asos's catwalk

Business
Asos, the online fashion retailer, is seeking a new chairman as Brian McBride prepares to step off the catwalk after nearly six years at the helm.‎ Sky News has learnt that the company, which is now Britain's biggest listed internet start-up, is interviewing candidates to replace Mr McBride.The search, which is said to have been under way for some time, is thought to be being led by headhunting firm Russell Reynolds.The chairmanship of Asos has become one of the most prestigious roles in the British fashion industry as a result of its stellar stock market performance.Set up just 18 years ago, the company had a market value of £5.45bn at its closing price on Friday of 6632p.That makes it more valuable than Marks & Spencer, the best-known clothing retailer in Britain...
U.S. energy sector braces for hurricane season

U.S. energy sector braces for hurricane season

Business
May 25 (UPI) -- While offshore segments were spared, the U.S. energy sector could be in for a rough year with forecasters expecting an above-normal hurricane season. Climate forecasters at the National Ocean and Atmospheric Administration, a division of the Commerce Department, predict a 40 percent chance of an average 2018 hurricane season and a 35 percent chance of an above-normal season. There's a 70 percent chance that as many as four hurricanes of category 3 or stronger will come from this year's Atlantic hurricane season. An average hurricane season produces one to three major hurricanes, characterized by winds stronger than 111 miles per hour. "It only takes one storm to devastate a community so now is the time to prepare," Daniel Kaniewski, the acting deputy administration at the...