Opec agrees to extend oil supply cuts by nine months July 1, 2019 Oil cartel Opec agreed to extend supply cuts by nine months today, in an attempt to maintain the price of oil in face of soaring US production and fears of a global economic slowdown. Opec is meeting today in Vienna and is holding a further meeting tomorrow with Russia and other allies. Opec and its [...]
Senior women in finance call for female-led IPOs to triple July 1, 2019 Senior women from top financial institutions have called for the number of female-led businesses going public to triple by 2025. Leading women from major banks, law firms and insurance companies gathered at the opening of the London Stock Exchange this morning to call for change as part of a campaign by the WealthiHer Network. Read [...]
UK’s top 100 law firms report strong year despite final quarter slump July 1, 2019 The UK’s top 100 law firms grew fee income seven per cent in the year to 30 April, according to data published today. The strong performance is a slight dip on last year’s average fee income increase of 7.7 per cent, according to audit firm Deloitte’s quarterly legal sector survey. Jeremy Black, partner in Deloitte’s [...]
City watchdog ramps up enforcement as it faces political pressure to act July 1, 2019 The Financial Conduct Authority (FCA) has ramped up its investigations in the face of political pressure to crackdown on wrongdoing in the financial services sector, according to research published today. FCA investigations into individuals doubled in 2018, with the number of individuals being referred to the watchdog’s regulatory decisions committee (RDC) rising to 27 from [...]
PwC UK unveils bumper partner promotions round as it shakes up top team July 1, 2019 Audit firm PwC UK has promoted 69 to its equity partnership and shaken up its top management team, it said today. The number of promotions mark a 27 per cent increase on the previous year when the firm elevated 54 to its equity ranks. The firm also hired 13 partners during the course of the [...]
Former UN climate chief calls for fossil fuel database July 1, 2019 Investors should be given more information about energy companies’ fossil fuel usage so they can steer funding away from activities that contribute to climate change, former UN climate change chief Mary Robinson has said. Robinson proposed the creation of “comprehensive, transparent database of all existing fossil fuel assets and reserves” in a collection of essays [...]
Number of cyber incidents reported by financial services firms explodes July 1, 2019 The number of cyber incidents financial services firms reported to the Financial Conduct Authority (FCA) rocketed in 2018, data published today reveals. Financial services firms reported 819 cyber incidents to the FCA in 2018, up from 69 in 2017, according to data obtained in a freedom of information request by accountancy firm RSM. Retail banks [...]
Neil Woodford cuts stake in AI firm as suspension deadline approaches June 30, 2019 Neil Woodford cut his stake in artificial intelligence firm Sensyne Health as the deadline approached for the suspension of his flagship fund to be formally reviewed. The former star trader has been offloading assets to rebalance his Equity Income fund, which was suspended last month following a spike in withdrawals. Read more: Woodford trust cuts [...]
Trump makes history by stepping into North Korea June 30, 2019 Donald Trump has become the first sitting US president to set foot in North Korea, taking 20 steps into the country yesterday. After shaking hands with Kim Jong-un at the demilitarised zone (DMZ) between the two Koreas, Trump asked Kim if he wanted him to cross the border, saying: “I am OK with it.” Trump [...]
Jaguar to announce huge investment in UK electric car manufacturing June 30, 2019 Jaguar Land Rover (JLR) will plough hundreds of millions of pounds into the British car industry by preparing one of its factories to build electric cars, in a much-needed boost for the sector. JLR will modify its Castle Bromwich plant to build a series of three all-electric models, starting with an electric version of its [...]