Home Office threatens to name and shame 17,000 companies not complying with modern slavery laws October 18, 2018 The Home Office has today promised to name and shame businesses which do not live up to its rules to combat modern slavery. Civil servants will be writing to 17,000 chief executives, calling on them to publish annual transparency statements on their supply chains. Under current regulations, businesses turning over more than £36m have to [...]
US regulator threatens retaliation over EU’s Brexit derivatives plans October 18, 2018 A US regulator yesterday warned it will retaliate if the EU pushes ahead with “irresponsible” regulations to let European authorities supervise US clearing houses. The proposals, which would also limit the City of London’s function as a clearing hub, were put into motion after the UK voted for Brexit. Christopher Giancarlo, chair of the US [...]
Digital banking challenger Monese launches business accounts October 18, 2018 Digital banking app Monese will today announce its expansion into the world of business banking, as it launches accounts for young companies and entrepreneurs across the UK and Europe. The accounts will be released to UK-registered businesses first, available in 11 languages in a bid to tap the UK's growing multicultural industry base. The firm told City [...]
Rics: Construction industry grows amid buoyant workload levels October 18, 2018 The UK’s construction sector remains buoyant in the wake of rising workloads and a renewed growth in infrastructure activity, according to a closely-followed survey from the Royal Institution of Chartered Surveyors (Rics) out today. In the last three months 20 per cent more chartered surveyors reported a rise rather than a fall in their workloads, [...]
Labour: Liam Fox is ‘vacillating on the sidelines’ over suspected murder of Saudi journalist October 17, 2018 Labour has hit out at international trade secretary Liam Fox for not picking sides in an escalating conflict over the disappearance of Saudi journalist Jamal Khashoggi. Shadow international trade secretary Barry Gardiner told City A.M. the UK must show it acts ethically. He criticised Fox, who has so far not said whether he will join [...]
Hamleys replaces finance chief with House of Fraser executive after disappointing results October 17, 2018 Hamleys’ finance chief will be replaced by a former House of Fraser executive after the toymaker posted a massive drop in profits last week. Alex Jablonowski will step down with immediate effect according to an internal memo seen by City A.M. He will be replaced by a former House of Fraser executive, Yong Shen, who [...]
Fujifilm scores big win against US activist investors blocking Xerox merger October 17, 2018 Fujifilm has won a court battle in its doomed bid for Xerox after an investor blocked a merger between the two companies. A New York court overturned preliminary injunctions requested by Darwin Deason, an investor who sold his Affiliated Computer Services to Xerox for $6.4bn in 2010. Deason and activist investor Carl Icahn, who between [...]
There’s nothing to fear from the latest easing back of Dodd-Frank’s reach October 17, 2018 Shortly after his inauguration as President, Donald Trump pledged to do “a big number” on Dodd-Frank regulations, labelling the post-crisis measures “a disaster” and promising to “kill” parts of the legislation. While the rhetoric was typically Trumpian, the reality has proven to be somewhat more modest. Nonetheless, a change in the White House's direction of [...]
Dominic Raab seeks to scupper MPs’ ‘meaningful vote’ on Brexit October 17, 2018 MPs will face a straight 'deal or no deal' vote on any agreement struck with the EU, Brexit secretary Dominic Raab has claimed in a blow to those hoping to reopen negotiations. In a letter to the Commons procedural committee, Raab spelled out that any motion relating to the Brexit agreement must deliver an “unequivocal [...]
Theresa May to hold conference call with 150 business leaders October 17, 2018 Theresa May will hold a conference call with 150 CEOs on Friday to brief them on the state of the Brexit talks. The call is part of a charm offensive of the business community following a fractious period – summed up by former foreign secretary Boris Johnson claiming “f*** business” when it came to the [...]