Shadow business secretary slams ‘ivory tower’ financial regulators as takeover bids cripple UK stock market
Government’s Rwanda asylum policy is unlawful, Court of Appeal rules June 29, 2023 Government plans to deport asylum seekers to Rwanda are unlawful, the Court of Appeal has ruled. In a decision on Thursday, three judges overturned a High Court judgment that previously said the east African nation could be considered a “safe third country”. The Court of Appeal’s decision was announced by the Lord chief justice Lord Burnett during [...]
Inside Wimbledon’s first ever official off-court fashion range June 29, 2023 “There are worse places to work,” jokes David Hewitt, Wimbledon’s head of retail. We’re on Zoom and behind Hewitt’s head there is a smart grid of green rectangles, the outside courts at the All England Lawn Tennis and Croquet Club that are primed and ready for play, days away from the start of the 2023 [...]
Divergence forming between Bitcoin and Ethereum June 29, 2023 Bitcoin continues moving to a metronomic beat as it starts the morning around $30,400, as it’s done for much of the week.
Mortgages: Number of people securing a home shot up weeks before BoE hiked rates June 29, 2023 Mortgage approvals continued to show signs of improvement in May, rising to 55,500 for the month as a whole up across the UK – up from 49,000 for the month of April, new data shows. The data provided by the Bank of England (Boe) is a fresh kick in the teeth for prospective buyers, who [...]
KPMG and PwC slapped with fines of almost £3m for botched Eddie Stobart audits June 29, 2023 Big four accountancy firms PwC and KPMG have been fined a total of nearly £3m over botched audits of logistics giant Eddie Stobart in 2017 and 2018. The Financial Reporting Council (FRC) said this morning it would fine PwC £1.99m and partner Philip Storer £51,000, with both receiving a “severe reprimand.” KPMG received a fine [...]
Boohoo slams Revolution for ‘lack of transparency’ and demands it publishes share options after heated AGM June 29, 2023 Boohoo slammed Revolution Beauty for “a lack of transparency” this morning, while demanding the troubled makeup brand publishes full details of its share options. It claimed Revolution was burying details of its free share awards – a scheme which gives shares to employees of a listed company – as it laid out a set of demands [...]
Bank of England’s PRA sets out new post Brexit Solvency UK details in bid to unlock investment June 29, 2023 Britain’s main financial watchdog has set out a raft of changes to the EU’s Solvency II regime to improve the competitiveness of the UK insurance market and unlock investment in the economy. In an announcement this morning, the Prudential Regulation Authority (PRA) provided more detail on how it will make adapt the EU’s Solvency II [...]
B&M: Bargain hunting Brits help budget chain’s revenues top £1bn June 29, 2023 Brits seeking out bargains have continued to drive earnings at value retailer B&M as it reported a 13.5 per cent rise in group revenue in the first leg of the year. The news, however, failed to impress investors as its share price slumped over 6 per cent when markets opened this morning. The homeware to [...]
New CMA bill could undermine UK’s tech superpower ambitions, CPS report warns June 29, 2023 The government should scrap its new Digital Markets, Competitions and Consumers (DMCC) bill because it is already too old, the Centre for Policy Studies (CPS) has warned today. The report, titled ‘The Unregulated Regulator’, alleges that dynamic digital markets have “outpaced” the new legislation. What’s more, it would weaken investment and grant the CMA “extensive [...]
Revolution v Boohoo: A dummy’s guide to the beauty bust-up June 29, 2023 Why is Boohoo causing tears? Boohoo, which holds a 26.6 per cent stake in Revolution, wanted to boot out Revolution’s chief executive Bob Holt, chairman Derek Zissman and chief financial officer Elizabeth Lake. Boohoo wanted to replace them with three new people – New Look executive chairman Alistair McGeorge, Boohoo executive director Neil Catto and [...]