Government told to publish Govia’s profit cap amid concerns over taxpayers’ money February 26, 2019 The public spending watchdog has urged the government to publish details of Govia's profit cap, citing fears taxpayers' money is not being "adequately protected" after last year's rail chaos. The Public Accounts Committee (PAC), chaired by MP Meg Hillier, said there was a lack of transparency around the profit rate that Govia earns from its [...]
Wonga compensation claimants ‘fending for themselves’ following controversial payday lender’s collapse February 26, 2019 Wonga compensation claimants have been left to “fend for themselves” after the controversial payday lender went bust and the government may have to intervene, MPs have warned. The lender went into administration in August after a barrage of compensation claims caused it to collapse. Read more: Lending firm Wonga closes doors to new loan applications [...]
Shop workers facing highest risk of redundancy of any sector February 26, 2019 Britain's title as "a nation of shopkeepers" is under greater threat than ever before, according to a new study that shows a dramatic shrinking of the sector’s workforce in recent years. Retail employees as a share of Britain’s workers has dived by 12 per cent since 2003, with the embattled sector now suffering a higher rate [...]
Employer confidence slips amid lack of Brexit clarity February 26, 2019 Confidence among UK employers has plunged to "an all-time low", according to a new survey that brings to light the current concerns among businesses in the run-up to Britain’s departure from the EU. Employers’ confidence in the prospects for the UK economy fell by six percentage points last month to a net -20, marking the lowest [...]
City Moves for 27 February – who’s switching jobs at JP Morgan, Exiger and Arkle Finance? February 26, 2019 Who’s on the move today? JP Morgan JP Morgan Asset Management has hired Jennifer Wu as global head of sustainable investing. She joins from Blackrock, where she was a member of its sustainable investing team. She will also lead JP Morgan’s sustainable investing leadership team, a global team of senior leaders focused on sharing best [...]
US Court of Appeals backs AT&T takeover of Time Warner February 26, 2019 US telecoms giant AT&T’s takeover with Time Warner was given the green light today by a federal appeals judge that ruled in favour of the acquisition. An appeals court rejected the Justice Department's bid to overturn a ruling that approved the $80bn (£60bn) merger, which has led to one of the largest US anti-trust lawsuits in [...]
In for a Penny: Direct Line promotes finance chief to top job February 26, 2019 Insurer Direct Line said today it had appointed its chief financial officer Penny James to succeed Paul Geddes as chief executive with effect from 9 May. James was appointed to Direct Line’s board in November 2017 and became finance boss in March. Previous roles include director of group finance at Prudential, group chief finance officer [...]
Barclays banker says she knew nothing of £322m services deal with Qatar February 26, 2019 Evidence from a former vice-chairman of Barclays Capital was read to a London court today, revealing she was not aware of two services agreements the bank struck with Qatar in 2008. Gay Huey Evans, who is currently deputy chairman of the Financial Reporting Council, said Barclays’ former executive chairman of investment banking Roger Jenkins was [...]
Metrobank shares plunge as cash call spooks investors February 26, 2019 A fresh wave of investor concern loomed over Metro Bank tonight after an emergency cash call and news of a regulator probe spooked the City. The dog-friendly challenger bank made a shock move to rush out its full-year results this evening in a bid to quell concerns after announcing a plan to tap up investors [...]
Barclays and Bank of Ireland sued over film finance tax evasion scheme February 26, 2019 Barclays and Bank of Ireland are being sued as part of a £180m lawsuit brought by investors in a film finance scheme the pair were involved in. Investors in the Eclipse film financing scheme lost out after tax authorities ruled the vehicle, which purported to invest in Disney films, was actually a tax avoidance scheme. [...]