Grant Thornton settles £200m lawsuit with Patisserie Valerie’s administrators June 27, 2022 Grant Thornton has settled a £200m lawsuit with Patisserie Valerie’s bankruptcy administrators over its role in the café chain’s collapse. The London headquartered accountancy giant has reached agreement to settle its case with Patisserie Valerie’s administrators out of court, according to the Sunday Telegraph who broke the news. In a statement sent to City A.M., [...]
Cake Box plans to swell to 200 stores after e-commerce boost gives profits a 83 per cent jump June 27, 2022 Cream cake retailer Cake Box has outlined plans to open more stores as it reported a pre-tax profit of £7.7m for the latest financial year. This marked a 83.3 per cent jump from the previous years as it continued its post-pandemic recovery. Revenue rose by 50.7 per cent from £21.9m to £33m. Neil Sachdev, non-executive [...]
City exclusive: Fear and uncertainty present opportunities in credit markets, argues fund grandee June 27, 2022 War in Europe, a supply-chain squeeze, and the shift to monetary tightening have created fresh uncertainty in credit markets. Irrational exuberance seems to have been replaced by irrational pessimism. And, as a result, the market has become far more opportunistic. According to City insider and fund manager Daniel Dolan, portfolio manager of the iMGP US [...]
Newly minted: Challenger bank Kroo is just second to be granted BoE licence since August 2016 June 27, 2022 There’s a new bank on the block with digital company Kroo receiving the first licence issued by the Bank of England since early 2021. The FinTech firm becomes just the second to get a green light since 2016, after completing a number of tasks to prove its robustness, compliance, risk management and leadership. Kroo was [...]
Google hit with new EU antitrust complaint as internet giant is accused of abusing market power June 27, 2022 A Danish online job-search rival has filed an antitrust complaint against Google with EU regulators, alleging the online search giant had allegedly used its market power to push its own service, Google for Jobs. Watch the full video report.
Polar Capital sees profits plunge amid market turbulence June 27, 2022 London asset manager Polar Capital reported a plunge in profits today after market turbulence saw its performance fees fall nearly 80 per cent.
UK’s audit watchdog says it ‘strongly supports’ global ESG reporting standards June 27, 2022 The UK’s audit watchdog has said it “strongly supports” the development of high-quality, global standards for reporting on climate and sustainability data. The UK’s Financial Reporting Council (FRC) said it backs plans put forward by the International Sustainability Standard Board’s (ISSB’s) for new worldwide ESG reporting rules. The comments come after the International Financial Reporting [...]
Shapps warns RMT the country ‘coped’ with three strikes due to ‘collapse of commuting’ June 27, 2022 Grant Shapps has warned most of the country “coped” during last week’s strikes due to the “collapse of commuting” and increasingly hybrid working culture. Commenting after the third day of industrial action by tens-of-thousands of RMT union members, he said they had struck to “ defend indefensible working practices” which needed an update. Writing in [...]
Hedge funds short Tether after Terra crash June 27, 2022 Hedge funds have Tether in their crosshairs as they keep betting against the stablecoin following TerraUSD’s collapse last month. Larger numbers of traditional hedge funds are shorting Tether, the world’s biggest stablecoin, through major crypto brokerage Genesis Global Trading Inc., the Wall Street Journal said. “There has been a real spike in the interest from [...]
Here we go again: EU regulator investigates Google for Jobs antitrust complaint from Danish rival Jobindex June 27, 2022 Another day, another European crack down on Big Tech, after the Danish online job-search site Jobindex told regulators that Google unfairly favoured its own service, Google for Jobs.