Claims globalisation has ‘had its heyday’ are premature, Lloyd’s chief executive says August 2, 2022 Claims the dual shocks of Covid and the war in Ukraine have halted the “all conquering forces of globalisation” are “premature,” Lloyd’s of London chief executive John Neal told City A.M. In an op-ed in this newspaper, the insurance chief said that while we will “rightly see a degree of retreat and retrenchment” in [...]
UK small businesses scrap hiring plans in face of mounting economic uncertainty August 2, 2022 The proportion of UK small businesses seeking to expand their headcounts has plummeted over the previous quarter, according to new figures from the Association of Chartered Certified Accountants (ACCA). Just 12 per cent of UK small and medium enterprises (SME’s) are currently looking recruit new staff, compared to 37 per cent in March, figures from [...]
UK financial watchdog cracks down on marketing of ‘high-risk’ financial products August 1, 2022 The UK’s financial watchdog has vowed to crack down on those using “unclear” and “misleading” information to sell risky investments after bringing in tough new rules around the marketing of high-risk financial products. The Financial Conduct Authority’s (FCA’s) “stronger” rules require firms to use clearer and more prominent risk warnings, and ban companies from [...]
UK launches register of overseas property owners in clampdown on ‘corrupt elites’ August 1, 2022 Individuals that own UK properties via chains of “secretive” shell companies will from today be forced to reveal their true identities, after the UK government launched a new register of UK property owners today. The first-of-its-kind register will require those seeking to buy or own UK property via offshore entities to list the identities of [...]
‘The Great Resignation could be followed by a Great Redundancy,’ DWF chief says July 29, 2022 A downturn in the legal market could see widespread layoffs in the City’s top-ranking law firms, the head of London listed law firm DWF told City A.M. The lawyers that jumped ship in “big numbers” in pursuit of six-figure salaries in London’s most prestigious firms could soon be laid off, as the top firms make [...]
French asset manager Amundi takes hit from turbulent European markets July 29, 2022 French asset manager Amundi today said the value of the assets it manages has dropped by 4.75 per cent compared to three months ago, due to “unfavourable” market conditions. The Paris headquartered firm said net incomes for the first half of the year were 16 per cent lower than a year ago, as it said [...]
Hefty £1.5bn trading error legal charge erodes Barclays profits July 28, 2022 A £1.5bn legal charge for a trading error has eroded British bank Barclays’s profits, it announced today. Hefty litigation and regulatory costs to deal with selling too many financial products dealt a major blow to Barclays’s first half earnings. Pre-tax profits dropped by a quarter to £3.7bn in the six months to June, down from [...]
Money launderer jailed for nine years over scheme to smuggle £104m to Dubai July 28, 2022 The head of a money laundering operation, that saw millions smuggled out of Heathrow airport in suitcases and sent to Dubai, has been jailed for nine years. Emirati national Abdullah Mohammed Ali Bin Beyat Alfalasi, 47, ran a scheme that saw cash believed to be profits from drug dealing, collected from criminal groups across Britain [...]
UK’s financial watchdog fines three Carillion executives over misleading statements July 28, 2022 The UK’s financial watchdog today fined three former Carillion executives for “recklessly” publishing misleading statements prior to the construction firm’s collapse in 2018. The Financial Conduct Authority (FCA) said it would have also fined the company itself a sum of £37.8m if it were not for the firm’s 2018 bankruptcy. The FCA’s sanctions saw Carillion’s [...]
Legal history: First-ever televised sentencing at Old Bailey hailed a ‘landmark moment’ as Ben Oliver gets life July 28, 2022 Judge Sarah Munro QC made legal history today as she sentenced 25-year-old Ben Oliver to life imprisonment with a minimum term of 10 years and eight months. It was the first televised sentencing to take place at the Old Bailey ever. The footage was being broadcast on news channels and being made available online through [...]