Venture capital trusts (VCT) firms prepare for Hammond to close loopholes in next week’s Budget November 13, 2017 Investment firms which offer venture capital trusts (VCTs) and Enterprise Investment Schemes (EISs) are preparing for changes in next week’s Budget which could further regulate what they can invest in. In the government’s Patient Capital Review earlier this year, concerns were raised that VCTs and EISs – which give investors tax breaks to combat the [...]
Former Provident Financial boss John van Kuffeler attacks doorstep lender’s shift towards fintech November 13, 2017 The board of downtrodden doorstep lender Provident Financial has been blasted by its former boss for a lack of experience in home credit and a flawed decision to turn the business into a fintech firm. John van Kuffeler, who presided over Provident’s expansion from a small cap to a FTSE 100 giant, told City A.M. [...]
Fears of a nightmare before Christmas for UK retailers as footfall and spending dip November 13, 2017 Retail analysts fear a nightmare before Christmas for British shops as figures published today show weakness ahead of the crucial holiday spending spree. Footfall in UK retailers fell by two per cent year-on-year in October, according to figures from the British Retail Consortium (BRC) and Springboard. The decline in the number of shop visits was [...]
Brexit talks: Lord Mayor Charles Bowman presses UK Prime Minister Theresa May to start EU trade talks November 13, 2017 The City’s new Lord Mayor Charles Bowman will this evening make a direct appeal to Theresa May, asking her to kick-start trade talks with the European Union. In his speech at the Lord Mayor’s Banquet, which will be attended by the Prime Minister, Bowman will press the government to enter phase two of the Brexit [...]
Fraud costs the UK economy £190bn as incidents soar | City A.M. November 13, 2017 Fraud has become the most common criminal offence in the UK, as the country foots a £190bn bill for the crime every year. This includes a cost to the economy of £140bn resulting from fraud in the private sector, according to a study by Crowe Clark Whitehill, Experian and the Centre for Counter Fraud Studies. [...]
Switzerland 0, Northern Ireland 0: Michael O’Neill hails “magnificent” display after his team push Swiss all the way November 12, 2017 Northern Ireland manager Michael O’Neill declared himself proud after his side’s dream of reaching a first World Cup since 1986 ran aground with a hugely courageous performance against Switzerland in Basel. Defender Jonny Evans came within inches of earning a victory that would have levelled the tie, following a contentious Swiss win in Belfast last [...]
RBS investors forced to wait longer for pay-out amid legal dispute November 12, 2017 Shareholders who won a landmark legal action against Royal Bank of Scotland (RBS) in the summer face a further wait for their money because of a dispute over costs. Thousands of RBS investors, gathered together by the the RBoS Shareholder Action Group, won £200m in June from the bank, which settled claims that it misled [...]
HSBC chairman Mark Tucker said to be eyeing shopping spree November 12, 2017 HSBC chairman Mark Tucker is on the lookout for potential acquisition targets, according to shareholders quoted by the Sunday Times. Tucker reportedly told shareholders that he has an “optimistic view” that expansion could add to profits. American credit card firm Synchrony Financial could be one target, according to unnamed sources cited by the Sunday Times. [...]
Petrol station firm MRH eyes £1.5bn float November 12, 2017 Petrol station firm MRH has appointed bankers to pursue a £1.5bn stock market flotation next year, according to reports. Citi, JP Morgan and Numis Securities will advise the firm, which runs over 450 service stations portfolio, Sky News reported tonight. The majority of MRH’s stations are branded as Esso and BP. The firm also working [...]
Co-op awaits approval of Nisa members for its £140m takeover November 12, 2017 Members are gearing up to vote on the proposed buyout of convenience chain Nisa by the Co-operative. Shopkeeper members will vote tomorrow at about 11am in an emergency general meeting. Co-op needs 75 per cent of votes cast to approve for its bid of almost £140m. It is expected that the vote will have a [...]