Broker TP Icap is in talks with European regulators to potentially shift from London post-Brexit, as shares sink on weak results March 13, 2018 TP Icap, the world’s largest interdealer broker, has revealed today that it is in talks with a number of European financial regulators about moving its “EU trading hub” from London post-Brexit. The firm, which matches buyers and sellers in financial, energy and commodities markets, promised in its full-year results that it would “do what is [...]
Serious Fraud Office (SFO) angling for increase in annual budget to take on “blockbuster cases” March 13, 2018 The Serious Fraud Office (SFO) is having “ongoing conversations” about the way it is funded after questions have been raised regarding its current arrangements. The BBC reported that the prosecutor was in talks with the Treasury to increase its annual budget, which currently sits at £31m. The body often asks the Treasury for an extra [...]
Spring Statement: OBR reveals the UK will be paying Brexit divorce bill until 2064 March 13, 2018 The Office for Budget Responsibility estimates the UK will be paying its Brexit divorce bill until 2064. Published to coincide with Philip Hammond’s Spring Statement today, the OBR puts the final figure at £37.1bn – squarely in the middle of government estimates of £35bn-£39bn. The body estimates that for the years 2019 and 2020 the [...]
Provident Financial moved into the crosshairs of activist giant Elliott Advisors March 13, 2018 Elliott Advisors, the world’s biggest activist hedge fund, has quietly built up a major stake in troubled doorstep lender Provident Financial. Fresh from sparring with the likes of mining giant BHP Billiton and Dulux-owner Akzo Nobel, Elliott owns a 4.01 per cent stake in the Bradford-based sub-prime lender, according to filings made by Provident in [...]
These are the companies with the best corporate reputations in the US for 2018 March 13, 2018 Amazon has held on to the top spot among businesses with the best corporate reputation, according to an annual poll from the US. Elon Musk’s Tesla meanwhile climbed the rankings and came in third for 2018, just below supermarket chain Wegmans which held onto second place. Aldi and the Walt Disney Company also made the [...]
Spring Statement: Here’s how economists reacted to Philip Hammond’s economic update March 13, 2018 Chancellor Philip Hammond today gave Parliament an update on the British economy based on new forecasts which show slightly lower government borrowing this year. The Office for Budget Responsibility said borrowing will hit £45.2bn in the 2017-18 fiscal year, falling steadily to £21.4bn by 2022-23, the end of the forecast period, although the cyclically adjusted [...]
Rex Tillerson backs UK but Russian foreign minister Sergei Lavrov rejects Theresa May’s Skripal claims as “nonsense” March 13, 2018 Russia’s foreign minister has rejected the UK’s claims that Moscow was behind the attack on former spy Sergei Skripal and his daughter Yulia as “nonsense”, saying his country had “no relation” with the attempted murder. Sergei Lavrov this morning claimed the UK had blocked him from accessing materials relevant to the case, and said Russia [...]
Spring Statement: Chancellor Philip Hammond reveals stronger borrowing forecasts March 13, 2018 Chancellor Philip Hammond today unveiled lower government borrowing forecasts as slightly stronger growth and higher tax receipts boosted the public finances. The government will borrow £45.2bn in the 2017-18 fiscal year, £4.7bn lower than previously thought, he told Parliament during his Spring Statement, according to forecasts from the Office for Budget Responsibility (OBR). Borrowing will [...]
Volkswagen’s CEO Matthias Müller took home €10.14m in 2017 March 13, 2018 Volkswagen’s (VW) CEO Matthias Müller took home €10.14m in 2017, a near 40 per cent increase in what he was paid the previous year. Müller received a basic remuneration of €9m plus “fringe benefits” such as company cars, taking his total pay to over €10m, despite the company bringing in a €10m cap on top [...]
Game changer: Meet the women tasked by the FA to unlock the commercial power of women’s football March 13, 2018 A 4-1 win over France in Phil Neville’s first game as head coach at this month’s She Believes Cup pointed to a positive future for the England women’s team in the coming years. It was England’s second win in 44 years over France and only their second win after two previous visits to the annual [...]