LV= chief executive Mark Hartigan faces renewed pressure to stand down after MPs step in June 6, 2022 LV= chief executive Mark Hartigan is facing renewed pressure to step down from his role, after MP’s called on the exec to exit the mutual insurance firm. In an interview with the Mail on Sunday, Tory MP Kevin Hollinrake said: “It is high time Mark Hartigan left the company. Every day he stays he’s earning [...]
Binance hits back at claims it’s a ‘hub for hackers, fraudsters and drug traffickers’ June 6, 2022 Binance, the world’s largest cryptocurrency exchange, has brushed aside claims it is a “hub for hackers, fraudsters and drug traffickers,” after a Reuters investigation accused the Cayman Islands registered firm of serving as a “conduit for the laundering of at least $2.35bn in illicit funds”. In a blog post responding to Reuters’ article, the coin [...]
Exclusive: Co-working firm Second Home launches sale process amid battle for rescue cash June 6, 2022 Shared office firm Second Home has started scouting for a buyer in parallel with efforts to secure rescue cash, CityA.M. understands. The workspace provider has launched a sale process after administrators from FRP Advisory were called in to help fend off insolvency. Headed by a former aide to ex-Prime Minister David Cameron, Rohan Silva, Second [...]
Self-care: Quarter of office workers mull resignations in coming year June 6, 2022 Almost half of office workers do not think their firm is a good place to work, with many considering resigning in the coming year, fresh statistics have revealed. Some 24 per cent of workers are considering quitting their job in the months ahead, according to real estate consultancy JLL, which surveyed more than 4,000 office [...]
Exclusive: FCA not ‘selling out’ on premium listings, which could spur biotech sector, argues City lawyer May 31, 2022 The FCA’s proposed reforms to the UK’s listing regime, published last week, could help spur the biotech and technology sectors, a senior City lawyer has told City A.M. In the plans, the FCA has outlined how it plans to make the rules companies must follow in order to be allowed to list their shares in the [...]
Marine and aviation insurance premiums more double as policyholders feel hit from Ukraine war May 30, 2022 The cost of insuring certain marine and aviation businesses has more than doubled due to rising costs and the risks associated with the war in Ukraine. Global insurance premiums increased 11 per cent in the first quarter 2022, as conflict in Ukraine pushed up insurance costs worldwide, Reuters said. However, insurance costs have soared particularly [...]
Pendragon to face shareholder mutiny after Hedin Group hits out over executive pay May 30, 2022 Swedish car seller Hedin Group has vowed to vote down Pendragon’s executive pay policy, after slamming the UK’s second biggest car dealer over its plans to hand out bumper bonuses to its board. The Swedish group – which is currently Pendragon’s largest shareholder – hit out at the UK car seller over its decision to [...]
Chief executive pay at FTSE 100 firms bounces back to pre-pandemic levels May 30, 2022 The sums paid out to chief executives at the City’s major listed firms have bounced back to pre-pandemic levels, after jumping 30 per cent over the previous year to five year highs of £3.62m. The pay packages mark a return to levels last seen before the pandemic and a 30 per cent increase on the [...]
Billionaire activist investor exits Generali’s board in wake of failed shareholder coup May 30, 2022 Italian billionaire Francesco Gaetano Caltagirone has stepped down from the board of insurance giant Generali, following the collapse of his shareholder mutiny to oust the insurer’s management team. The exit comes after Caltagirone put forward a shareholder resolution to block Generali’s incumbent chief executive, Philippe Donnet, from taking on a third term leading the firm. [...]
Hogan Lovells readies itself for demolition of Holborn Viaduct HQ after taking up office space at 10 Fleet Place May 30, 2022 British-American law firm Hogan Lovells has struck a 10-year deal with private equity firm Addington Capital to rent out the seventh and eighth floors of the firm’s 10 Fleet Place office building. The legal sector giant is set to transfer its business services teams to the 10 Fleet Place premises, as it seeks to exit [...]