Bank of England governor Mark Carney to face grilling on future after Downing Street intervention September 3, 2018 Mark Carney faces a grilling on his departure from the Bank of England tomorrow after 10 Downing Street today insisted he is still on track to leave Threadneedle Street in 2019. Carney is currently set to lead the Bank until the end of June 2019, three months after the UK leaves the EU, but 10 [...]
Hobs Repro swallows Call Print’s assets to create UK-wide network of printing branches September 3, 2018 Hobs Repro has swallowed most of struggling competitor Call Print's assets, creating a UK-wide network of 24 printing branches, the company announced on Monday. Cash flow problems forced the scanning, stationery and printing firm into administration on Friday. It was sold the same day in a pre-pack transaction that had been marketed for several weeks. [...]
Former UBS trader Kweku Adoboli detained by police ahead of deportation to Ghana September 3, 2018 Former UBS trader Kweku Adoboli, who was jailed for fraud in 2012 after causing a $2.3bn (£1.8bn) loss at the Swiss bank, was detained by police today in advance of his deportation to Ghana. Adoboli, who has lived in the UK since he was 12 but is not a British citizen, was detained by police [...]
Libor replacement to be given first bond issue test September 3, 2018 The Bank of England’s replacement for the scandal-hit Libor interest rate is to take a major step forward as Lloyds Banking Group prepares to issue the first bonds tied to it. Lloyds will become the first commercial lender to use Sonia, a three-year sterling benchmark floating rate covered bond with is tied to the Sterling [...]
Property bosses vent frustration in wake of Crossrail delays September 3, 2018 Senior property executives expressed anger and frustration today at the delay in the opening of Crossrail, as it emerged the postponement of the new line could result in substantial house price falls along its route. Emoov research carried out for City A.M. suggests property values could sink as much as £10,000 in the short-term, with [...]
Influential advisory group slams Sports Direct and Webuyanycar.com owner ahead of investor meetings September 3, 2018 Shareholder advisory group Pirc has published reports recommending investors vote against key proposals at the annual general meetings (AGM) of retailers Sports Direct and Webuyanycar.com owner BCA Marketplace. Pirc came out strongly against Sports Direct chief executive and 61 per cent shareholder Mike Ashley, recommending that investors vote against his re-appointment. Read more: Sports Direct [...]
House of Fraser administrator faces complaint over Sports Direct sale September 3, 2018 House of Fraser's administrator is facing a complaint over its handling of the department store's collapse and sale to Sports Direct. In a letter seen by City A.M., businessman Paul Mckie claimed he was told by Ernst & Young on the morning of the administration that the firm had not been appointed. The official complaint, [...]
Number 10 slaps down Boris Johnson after criticism of Brexit plan September 3, 2018 Prime Minister Theresa May has kicked off the new political season with a pointed put-down of rival Boris Johnson, with Downing Street saying the former foreign secretary offered “no new ideas” in the Brexit debate. As rumours grow that he is preparing to challenge May over her control of the Conservative party, Johnson used his [...]
Argentina announces austerity measures to deal with currency crisis September 3, 2018 Argentina will implement austerity measures in a bid to stabilise the struggling peso, as the president announced that the country is facing an emergency. Taxes on exports will rise and "about half" of the government ministries will be abolished, President Mauricio Macri said in a televised address. Read more: Argentina to make fresh cuts in bid to save [...]
JD.com boss returns to China after being put under US arrest for sexual misconduct September 3, 2018 The top boss of Chinese retail giant JD.com has been allowed to travel back to China after his arrest in the US on suspicion of criminal sexual misconduct. Richard Liu was arrested in Minneapolis on Friday evening and released "pending complaint" the following afternoon, according to police records. JD.com said in a statement today that Liu [...]