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Pound Sterling tumbles to 37-year low against US Dollar after poor UK retail sales figures September 16, 2022 Pound Sterling tumbled to a 37-year low against the dollar this morning, pushed further down by disappointing retail sales figures. It plummeted to by more than one per cent to 1.1351, its lowest against the dollar since 1985, while continuing its 17-month poor run against the Euro also. The Euro rose to 87.66 pence, its [...]
London hedge fund trader hiding in Dubai told to pay staggering £1.1bn to Danish taxman September 16, 2022 A British hedge fund manager and financier was slapped with a tax bill of more than £1bn. The man, accused by Denmark of masterminding a massive tax fraud, has been ordered by a Dubai court to pay Copenhagen’s tax authority £1.1bn, court filings show. The order by the Dubai Court of Appeal against Sanjay Shah [...]
Naked Wines founder turns advisor in bid to weather financial storm September 16, 2022 Naked Wines’ founder and former chief executive Rowan Gormley has been appointed to an advisory role as the winemaker weathers the current financial storm. The company, which connects shoppers and wine makers, recently said it was “reviewing potential operational and financial plans for the next 18 months.” It will publish an update during the week [...]
Retail sales continue year-long downward spiral amid cost of living crisis September 16, 2022 Retail sales fell last month, according to official figures, as the cost of living crisis prompts Brits to dial back spending. Sale volumes fell by 1.6 per cent in August, continuing a downward trend since summer 2021. Both food and non-food stores, as well as non-store retailing and fuel forecourts all saw lower sales over [...]
City Moves: Who’s switching jobs in the Square Mile? September 16, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Bovill Financial regulation consultancy Bovill has appointed a Big Four director to head its wealth practice, covering financial planning, regulatory compliance and prudential obligations. Based in London, Matt Browne joins from PwC, where he was a director [...]
Barclays faces £40m lawsuit over breast implant scandal September 16, 2022 Barclays is facing a £40m High Court lawsuit over claims it dishonestly transferred assets, owned by one of Britain’s largest cosmetic surgery providers, to prevent women who were given dangerous breast implants from receiving compensation. The High Court lawsuit, which is scheduled to be heard this October, claims Barclays’ Business Support Unit helped restructure Hospital [...]
Brexit onslaught deepens as a third of all UK exporters to EU vanish due to red tape knockout September 15, 2022 The number of UK businesses exporting goods to the EU fell 33 per cent to 18,357 in 2021, from 27,321 in 2020, according to data from HMRC. Discussing the figures with City A.M., Michelle Dale, a senior manager at accountancy firm UHY Hacker Young, pointed out the fall is due to the extra red tape [...]
Auditor to Sanjeev Gupta’s metals empires cuts ties to at least two key firms September 15, 2022 The little-known firm responsible for audits the accounts of Sanjeev Gupta’s metals empire has resigned from at least two of the embattled magnate’s core firms, following the launch of a probe in May. Two-office accounting firm King & King has resigned as auditor from Liberty Specialty Steels and Liberty Steel Dalzell, Companies House filings show. [...]
Lloyd’s of London closes underwriting room to remember Queen Elizabeth II September 15, 2022 Lloyd’s of London today closed its underwriting room to hold a memorial to Queen Elizabeth II and mark the accession of King Charles III. The centuries-old insurance marketplace closed the underwriting room in its iconic City headquarters, as it held a ceremony to remember Her Majesty and express support for the new King. The ceremony [...]