South Korea launches raid on Samsung subsidiary amid fraud probe December 13, 2018 South Korean prosecutors investigating alleged accounting fraud yesterday raided the offices of Samsung’s biopharma unit and its two auditors, KPMG and Deloitte. The Financial Services Commission, which last month suspended trading in Samsung Biologics shares, claims the company intentionally breached accounting rules before listing in 2016. Biologics, which denies wrongdoing, said today that investigators had [...]
Legal Q&A: I live outside the UK and I am considering buying a pied-a-terre in London. Would it save UK tax if I bought it through a company, or should I buy it in my name? December 13, 2018 Until a few years ago, the general advice for a non-UK resident buying UK residential property was often to buy through a non-UK company. A key benefit was that it would provide a shelter from inheritance tax (IHT). Non-domiciliaries only pay IHT on UK assets and if the property was held by a company, the [...]
Bombardier China venture wins second high-speed train carriage contract despite diplomatic tensions December 13, 2018 Bombardier’s shares were down today as it announced it is to supply high-speed train cars to China’s state-owned railway company for $453m (£358.6m) as part of a joint venture (JV). The Canadian manufacturer’s 20-year-old Chinese JV, Bombardier Sifang (Qingdao) Transportation (BST), today said China Railway Corp (CRC) had awarded it the contract to supply 168 [...]
Theresa May delays crunch Brexit vote until January December 13, 2018 MPs won’t get a vote on Theresa May’s Brexit deal until January, Downing Street have confirmed. The withdrawal agreement was set to be put before Parliament on Tuesday, but was pulled the day before as May faced a growing rebellion within her own party. The Prime Minister has been in conversations with EU leaders since [...]
Renault keeps Ghosn as chief executive and chairman December 13, 2018 Renault will keep Carlos Ghosn as its chairman and chief executive after an initial internal investigation found no evidence of wrongdoing, the company said today. Renault said the executive’s compensation was “in compliance with applicable law” and said it would maintain its current governing structure. Under this structure Ghosn retains his positions as chairman and [...]
Sports Direct takes profit hit from ‘challenging’ House of Fraser acquisition December 13, 2018 Sports Direct has posted a 27 per cent drop in half-year profits today, as costs from the acquisition of beleaguered department store chain House of Fraser weighed on the group’s balance books. Shares in Sports Direct slumped 12.7 per cent this afternoon, with the retailer rushing out an urgent clarification this afternoon after Mike Ashley said [...]
Mike Ashley’s high street gamble raises more questions than it answers December 13, 2018 Ten years ago in a Mayfair casino Mike Ashley made £1.3m on a single spin of the roulette wheel. His betting exploits, like those of fellow retail mogul Sir Philip Green, have highlighted the brash billionaire’s propensity to take risks. But over the course of 2018 Ashley has been making another type of gamble, not [...]
Luton airport gears up for boosted passenger numbers as it unveils £160m upgraded terminal December 13, 2018 Luton airport has unveiled its upgraded terminal after its three-year £160m redevelopment. The redevelopment has been the biggest in the airport’s 80-year history and has seen the terminal expanded to increase capacity in London and the south east, a task levelled to airports by the government. The new terminal features 30 new new high street and high-end stores including [...]
Truffle hustle: Courts shut down scammers in £9m high-value truffle farm investment racket December 13, 2018 Courts have shut down five companies behind a £9m scam which promised unwitting investors a share of the proceeds from fictional high-value truffle farms all over the globe. The companies told investors their savings were funding oak and hazel tree saplings inoculated with truffle spores. The truffles would then be cultivated and sold, with investors and [...]
Train delays hit 10-year highs for Square Mile commuters December 13, 2018 Punctuality rates for three London train operators – including two that take commuters directly into the Square Mile – fell to decade-lows in the second quarter of this year. The percentage of Chiltern Railways, c2c, and Greater Anglia trains arriving late between July and September were at their highest in over 10 years, according to [...]