Credit Suisse gets $385m from bankruptcy claim against failed Lehman Brothers June 13, 2018 Credit Suisse will get $385m (£288.4m) from its claim against failed investment bank Lehman Brothers, which falls well below the $1.2bn the firm originally set out to win. The Swiss firm claimed it was owed the money from Lehman over terminated derivatives transactions following the company folding a decade ago. The payout still needs to [...]
Smash the stigma around MENtal health June 13, 2018 Let’s be honest, mental health is still taboo in corporate environments, particularly at the top. From the investment banker struggling with depression to the lawyer battling an eating disorder, countless professionals live in fear of being “outed” at work. I know all too well – I was one of them. The logic goes something like [...]
Stale wage growth should warn the Tories away from any new tax hikes June 13, 2018 As reliable as the chiming clock that wakes you for work each morning, the UK’s latest labour market figures sounded a familiar alarm yesterday. On the one hand, Britain’s so called jobs miracle showed no sign of fading. With 32.39m people in work – up nearly half a million from a year ago – the [...]
Brexit: Tory party divisions resurface as Brexiters accuse Remainers of “grossest hypocrisy” over EU Withdrawal Bill amendments June 13, 2018 Theresa May escaped a crunch vote bruised but not beaten tonight as backbench MPs flexed their muscles over the EU Withdrawal Bill. The Prime Minister avoided losing any of the 15 votes on amendments sent down from the Lords. A standoff over Dominic Grieve’s meaningful vote amendment ended with would-be rebels backing down – but [...]
DEBATE: Is the G7 relevant for global governance in the future? June 13, 2018 Is the G7 relevant for global governance in the future? Matthew Oxenford, a research associate in global economy and finance at Chatham House, says YES. Unlike international institutions such as the IMF, the World Bank or the WTO, the G7 has no permanent bureaucracy, nor is it enshrined in international treaties. And unlike the G20, [...]
Without ethics at its core, big tech will provoke its own destruction June 13, 2018 Don’t be evil. In 2000, this Google mantra made us smile, smirk, and print a T-shirt or two. These were headier days, when our love of tech was still in the early bloom of romance. At the time, the three-word maxim was so important to Google that it entered the company’s official code of conduct [...]
Anyone for England? The World Cup and business stardom are both games of luck June 13, 2018 The 2018 World Cup in Russia kicks off tomorrow. This time, at least, there is little feeling that our boys will emerge victorious. And yet. There is a great deal more randomness in the outcome of soccer games than is generally appreciated. Read more: Allez le Bleus! Lloyd’s of London tips France for world cup [...]
Financial regulator publishes new principles for private companies in wake of high-profile collapses such as BHS June 13, 2018 The Financial Reporting Council (FRC) has today published a set of principles intended to improve governance at private companies in the wake of scandals such as the BHS collapse. The FRC, which regulates accountants, has published the proposed principles today after an extensive review led by construction boss James Wates. Read more: BHS and Carillion [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing retailer BHS prior to its sale for £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating to his work [...]
Tesla (TSLA.O) cuts nine per cent of staff as Elon Musk aims at profitability June 12, 2018 Electric car maker Tesla is cutting several thousand jobs across its workforce in a bid to reduce its costs as it ramps up production on the Model 3, chief executive Elon Musk confirmed in a tweet last night. In an email sent to staff, Musk said the cuts, equivalent to about nine per cent of [...]