Sanjeev Gupta’s GFG Alliance faces bankruptcy fight after Credit Suisse leaves the table May 10, 2022 Sanjeev Gupta’s GFG Alliance faces the prospect of bankruptcy after its main creditor, Credit Suisse, exited negotiations with the steel business over repayment of its debts. GFG Alliance is set to face an insolvency hearing next week after Credit Suisse, pulled out of settlement negotiations, the Financial Times first reported. Under UK laws, creditors can [...]
EU mulls plans to ban insurers from insuring ships carrying Russian oil May 9, 2022 The European Union is considering banning insurers from insuring ships carrying Russian oil, as another means of draining Russia of the financial resources it needs to continue bankrolling its war in Ukraine. If brought into force, the new sanctions would come as another blow to Russia’s energy export industry, as the EU also weighs up [...]
Audit giant Mazars ups size of London offices with new City premises next to Old Bailey court May 9, 2022 French auditor Mazars is set to move into new City of London premises after setting out plans to expand the size of its office space by 10 per cent. The accountancy firm is set to move from its current offices in Tower Bridge House to new, larger City of London premises at 30 Old Bailey. [...]
London’s elite Magic Circle law firms promote record number of partners as talent war rages on May 9, 2022 London’s prestigious Magic Circle law firms have promoted a record number of partners this year, in a sign the battle for talent is raging on at the most senior levels of the UK’s top firms. London’s five Magic Circle law firms – Clifford Chance, Freshfields, Slaughter and May, Linklaters, and Allen & Overy – promoted [...]
Law Society calls for ‘change of culture’ to fix legal sector’s mental health crisis May 9, 2022 The head of the Law Society has said law firms have a “collective responsibility” to fix the legal sector’s mental health crisis. Law Society president I. Stephanie Boyce has called for a “change of culture” in the legal sector, to prioritise mental health in the workplace. The comments come amid concerns over poor mental health [...]
Cost of Ukraine crisis akin to ‘mid-sized natural catastrophe,’ Axa finance chief says May 9, 2022 French insurance giant Axa has said it expects the costs it will incur the Ukraine crisis will be similar to the financial hit posed by a “mid-sized natural catastrophe”. Speaking to reporters, Axa chief financial officer Alban de Mailly Nesle said: “We currently expect the net underwriting losses from the crisis to be akin to [...]
Law firms face moral dilemma over Russia exit as Ukraine crisis reveals widening split May 9, 2022 Following Vladimir Putin’s decision to send Russian troops into Ukraine on 24 February 2022, major companies from across the globe began cutting their links to Russia. As multinationals from across Western world, including McDonald’s and Coca Cola, piled out of Russia, a number of high-profile law firms also sought to distance themselves from the country, [...]
UK watchdog blacklists five pensions advisors after high-risk scheme lost £50m May 9, 2022 The UK’s financial watchdog has blacklisted five pensions advisors and fined them more than £1m after their advice saw customers lose a combined sum of more than £50m. The UK’s Financial Conduct Authority (FCA) banned and fined the five men after they convinced more than 2,000 customers to put their pensions in high-risk funds, which [...]
Litigation funders seek to bankroll intellectual property disputes against big tech firms, new research shows May 9, 2022 Eight of the UK’s ten biggest litigation funders are now seeking to bankroll intellectual property (IP) disputes, according to new research from IP specialists Mathys & Squire. Litigation funders, whose business sees them finance lawsuits with a view to taking a cut of any winnings, are increasingly looking at IP disputes as a means of [...]
Exclusive: Six-in-ten UK small businesses forced to borrow to pay insurance premiums, new figures show May 9, 2022 Almost six out of ten (59 per cent) UK small and medium enterprises (SMEs) are relying on credit to pay their insurance costs, due to rising premiums and lower incomes linked to the impacts of Covid-19. On average, UK SMEs have borrowed £1,105 to pay for insurance costs, while nearly one in ten have borrowed [...]