Uber to pay millions to settle US dispute over background checks for drivers April 8, 2016 Uber's in the thick of it again, this time having to pay $25m in a settlement to end a lawsuit in America over claims it made on background checks for drivers. The ride-hailing app had been accused of misleading customers over the strength of its background checks on drivers, prosecutors in Los Angeles and San [...]
Panama Papers: Prime Minister David Cameron accused by Labour of hypocrisy after he confirms he did have a stake in his father’s offshore trust April 8, 2016 Prime Minister David Cameron has been accused of hypocrisy by Labour after he confirmed that he had a stake in his father's offshore trust. Questions had been raised over his links to the huge data leak from a Panamanian law firm last weekend. Cameron's late father Ian Cameron was among the thousands of names contained [...]
“I’m the luckiest man in the world” – The brokers bid farewell to Brian Winterflood, stepping down from Winterflood Securities after 60 years of market service April 8, 2016 Brian Winterflood is stepping down from the eponymous brokerage he co-founded, but the soon-to-be octogenarian has no intention of slowing down. The former jobber tells us he's no huge sports fan, so won't be using his free time to attend the races like many City grandees, but Winterflood is a regular fixture on the City's [...]
City A.M. Unregulated: Episode 1 – Panama Papers, Pfizer and Allergan, and London vs New York April 8, 2016 Unlicensed and off-the-leash, this is City A.M. Unregulated. A no-holds-barred, uncensored look at the stories breaking the news and the markets across the globe. In the first episode, presenters Zak Mir and Emma Haslett talk about the Panama Papers' 1930s roots, look at what the collapse of Pfizer's deal with Allergan means for big pharma – [...]
City Moves for 8 April 2016 | Who’s switching jobs April 8, 2016 Acadian Asset Management Acadian Asset Management (UK) the London based subsidiary of Acadian Asset Management LLC, the specialist quantitative active global equity investor headquartered in Boston, has announced the appointment of Ian Shea as director of Middle East sales and client service. Ian will be based in Acadian’s London office, and joins Acadian from bfinance, [...]
EU referendum: City of London Corporation chief in Brexit warning to the capital’s fintech sector April 8, 2016 London's multi-billion pound fintech sector is being urged by the City of London Corporation to speak up in favour of Britain staying in the European Union. In a speech to be delivered on Monday, the Corporation's policy chairman Mark Boleat will say: “It is far better to have ‘entrepreneurs for Europe’ than ‘bankers for Brussels’ [...]
Legislation is now too long for parliament to read properly, and it’s threatening the status of the rule of law April 8, 2016 A fundamental principle of law could be under threat because of the increasing length of new legislation. A report out today by the Centre for Policy Studies (CPS) warns that the number of clauses in new legislation has doubled since the 1960s, putting the rule of law – essentially the idea that nobody is above the law [...]
Shiver me timbers: Architects propose plans for London’s first wooden skyscraper April 8, 2016 Forget steel and concrete. Wood is poised to take over as the construction material of the 21st century according to architects at the University of Cambridge and PLP Architecture, who have revealed plans for what London's first timber skyscraper could look like. Researchers at the university will today present London mayor Boris Johnson with conceptual [...]
Bank worries over fintech and an approaching “Uber moment” are subsiding, new research finds April 7, 2016 Bank worries over fintech and an approaching "Uber moment" are subsiding, a new study suggests. A survey of 127 finance industry professionals by Autonomous Research found that while fintech is seen to matter more, the perceived “Uber risk” is receding. Read more: Fintech is coming to take your banking job Nine per cent of those surveyed said [...]
Liberty set to choose a financial adviser ahead of Tata sale opening on Monday, details of the adviser will be announced next week April 7, 2016 One of the potential bidders for the Port Talbot steelworks, Liberty House, is expected to finalise a deal with a financial adviser tomorrow ahead of the official sales process for the plant starting on Monday. City A.M. understands details of the adviser will be released once Liberty engages with India based Tata next week. Liberty House [...]