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 [...]
KPMG to cut back audit clients in bid to boost standards May 29, 2022 Big four firm KPMG will scale back its audit operation to focus on improving standards after being hit by a string of fines over audit failings in recent years.
EasyJet and Tui cancel flights ahead of school holidays and Jubilee Weekend May 28, 2022 Airlines EasyJet and Tui have said they plan to cancel hundreds of flights in the coming weeks, in disruption that threatens to cause chaos over Britain’s Jubilee Weekend. Budget airline EasyJet today said is set to cancel more than 200 flights over the next 10 days, just days after IT issues forced the firm to [...]
Venture capitalist Julie Meyer fails to overturn six-month suspended sentence May 28, 2022 Venture capitalist Julie Meyer has failed in her bid to overturn the six-month suspended sentence handed down to her in February, following her long-standing refusal to pay almost £200,000 in legal fees to London law firm Farrer & Co. At a hearing on Thursday, a Court of Appeals judge rejected the businesswoman’s appeal, as he [...]
US financial watchdog raises questions around Musk’s Twitter stake acquisition May 28, 2022 The US Securities and Exchanges Commission (SEC) has cast doubts over the legality of Elon Musk’s failure to properly disclose his acquisition of a 9.2 per cent stake in Twitter for $2.6bn, before launching his bid to takeover the social media firm. In an April 4 letter to the richest person in the world – [...]
Iran seizes Greek oil tankers in escalation of Tehran’s spat with Western powers May 28, 2022 Iran’s Revolutionary Guards have seized two Greek oil tankers, after the Iranian government said it would take “punitive action” against Greece over its seizure of an Iranian oil cargo last month. Iran’s Islamic Revolutionary Guard Corp (IRGC) said it had seized two Greek tankers sailing in international waters off the coast of Iran. The seizures [...]
Trading app Robinhood settles class action lawsuit over 2020 outages May 28, 2022 Stock market trading app Robinhood has agreed to settle a proposed class action lawsuit, over claims outages on its app cased investors to lose money during a period of pandemic-related stock market volatility. The lawsuit comes after retail investors flocked to the app in the midst of the pandemic, in their efforts to battle hedge [...]
EY faces $2.7bn lawsuit over NMC Health audit May 28, 2022 The administrators of collapsed healthcare group NMC Health’s bankruptcy proceedings have filed a $2.7bn (£2.1bn) lawsuit against Big Four accountancy firm EY, over claims the auditor failed to spot a multi-billion-dollar fraud at the former-FTSE 100 firm. The High Court lawsuit claims EY failed to spot NMC Health’s accounts had been fraudulently misstated, that the [...]