German watchdog audits collapsed Wirecard’s financial accounts August 4, 2020 Germany’s financial watchdog today announced it will conduct an audit of accounts covering the past few years of collapsed payments fintech Wirecard. BaFin said it was carrying out the audit after Wirecard refused to accept it had produced an error, despite it folding last month after details of a €1.9bn accounting black hole came to [...]
No longer superheroes? Twilight of the bonds August 4, 2020 | City Talk Superman not only has the best superpowers – he is also handsome and humble. No-one can outmatch him, except perhaps someone who brings the proverbial gun to a knife fight. In this case, that gun is Kryptonite, Superman’s only known weakness. The substance renders his powers useless. In the investment world, fixed-income instruments have their [...]
Fintech review flags sector’s status as one to watch August 3, 2020 | City Talk Six figures from the business world have set sail on a six-month voyage to investigate and recommend priorities for the financial technology sector. Ron Kalifa is helmsman of the ‘Fintech Strategic Review’, announced in March’s Budget but – until now – stuck in the harbour as the coronavirus pandemic took hold. Sherry Coutu, Anne Glover, [...]
FCA proposes 180-day wait for property fund withdrawals August 3, 2020 The City regulator is planning to ask investors in open-ended property funds to give 180-day notice before they withdraw money. In a consultation paper released today, the Financial Conduct Authority said there was a “liquidity mismatch” between the underlying property held in the funds and the almost daily basis in which investors buy and sell [...]
Going back is not an option — so let’s go forwards to work August 3, 2020 For decades, working culture has been stuck in a rut. We have been at the mercy of inflexible antiquated systems, processes and policies which serve a few and don’t include everyone. So if lockdown has brought us one thing, it’s the opportunity to fix it. Excitingly, we are finally seeing conversations about who and what [...]
Ethical capitalism can rebuild the world for the better August 3, 2020 The time has come for ethical capitalism — not as an optional extra, but as something that is critically important for consumer trust in business to flourish in the wake of the Covid-19 pandemic. The public is brassed off with businesses not paying their dues to society, and their voices are getting louder. They are [...]
Microsoft shelves plans to buy US arm of Tiktok August 2, 2020 A potential sale of video platform Tiktok to Microsoft is reportedly on hold after US President Donald Trump vowed to ban the Chinese-owned app over national security concerns. Tiktok owner Bytedance yesterday told the White House it was seeking a sale of its US operations to Microsoft, in a bid to curb restrictions on the [...]
Monzo flags ‘significant doubt’ over ability to continue as losses double July 31, 2020 Disrupter bank Monzo has flagged “significant doubt” over its ability to continue as a going concern, after doubling its losses during the pandemic. The figures The bank’s losses widened from £47.2m to £113.8m amid a hiring spree, marketing and US expansion. This came even as revenues more than tripled to £67.2m from £19.7m. Monzo lent [...]
This pandemic has not spared our children — we face a youth mental health catastrophe July 31, 2020 The coronavirus crisis has changed us all. Whether through bereavement, job losses, isolation, or drastic changes to work and schooling, 2020 has radically altered the world as we know it. We are yet to know how long we will have to live with Covid-19 — the government oscillates between telling us things will be back [...]
Schroders profit dips in first half even as assets rise July 30, 2020 Schroders today posted a 10 per cent fall in profit before tax and exceptional items in the first half of the year amid rising outflows in mutual funds and a contraction in revenue margins. Britain’s largest-listed fund manager by market capitalisation reported £306.2m in profit before tax and exceptional items for the first half of [...]
