H&M dives into the red and rules out dividend payment March 31, 2021 Retail giant H&M reported a loss for the December-February period this morning and confirmed it will not propose a divided at its upcoming annual general meeting. However, the Stockholm-based clothing giant did not rule out a divided later in the year. The world’s second-biggest fashion retailer pre-tax loss during the fiscal first quarter was $159m, [...]
The final countdown: Are businesses prepared for the Libor transition? March 31, 2021 The countdown to the end of Libor has begun but the scale of the work involved in transitioning to the new rate is immense. For 40 years Libor has been the key benchmark for setting interest rates on various loans and contracts, underpinning trillions of dollars of transactions, before controversy hit. From today no new [...]
UK house price rises slow down in March as demand softens: Nationwide March 31, 2021 House price growth slowed down this month with prices going up by 5.7 per cent compared to March of last year, mortgage lender Nationwide said this morning. Last month, property prices rose by an annual 6.9 per cent, while house prices edged down by 0.2 per cent month-on-month in March. Across the UK, the average [...]
Topps Tiles puts in resilient performance despite lockdown closing stores March 31, 2021 Topps Tiles saw revenue grow in the first half of its 2021 financial year despite the recent coronavirus lockdown closing its stores and halting its commercial work. In the 26 weeks ending 27 March, the tile specialist saw revenues of £103.6m, down slightly from £106m during the same period in 2020. In the first [...]
UK insurers have more work to do on environmental policies March 31, 2021 Insurers in the UK have more work to do on the environmental and social aspects of ESG, though they are global leaders in governance. The UK is underperforming many of its European peers on environmental processes and reporting across a number of areas, research by Big Four consultancy firm EY has found. EY carried out [...]
Financial Ombudsman Service branded ‘unfit for purpose’ March 31, 2021 The Financial Ombudsman Service (FOS) is “unfit for purpose” and needs “major reform”, according to a damning new report published by think tank the Institute of Economic Affairs (IEA). The IEA said the FOS is “failing to delivery on its primary objectives of ‘providing fair and reasonable resolution of disputes at speed’”, the think tank [...]
Hiring for bankers reaches three-year high March 31, 2021 Recruitment for bankers has hit a three-year high according to new data despite the double whammy of the pandemic and Brexit. Last month Britain’s top banks posted 1163 professional banking vacancies, according to research by Morgan McKinley and Vacancysoft, a 43.9 per cent rise on the same period last year. Overall vacancies in the sector [...]
Climate change remains top priority at LGIM as it piles pressure on boards March 31, 2021 Legal & General Investment Management (LGIM) increased its company engagements last year amid the pandemic and the looming threat of climate change, it said today. The asset manager’s Active Ownership report published today reveals engagements jumped 21 per cent and LGIM opposed the election of more than 4,700 company directors. There was a significant [...]
US regulatory scrutiny grows as Archegos collapse sparks losses March 30, 2021 US regulatory scrutiny mounted today as Wall Street began to count the cost of losses sparked by the collapse of hedge fund Archegos Capital Management. Shares in Credit Suisse fell a further three per cent, taking total losses to 16 per cent for the week, on fears about the losses linked to Archegos’ meltdown. The [...]
Greensill: What is the David Cameron lobbying row all about? March 30, 2021 Labour is calling for an inquiry amid reports former Prime Minister David Cameron used his contacts to lobby for support for Greensill Capital through the government’s Covid Corporate Financing Facility. Business secretary Kwasi Kwarteng insists Cameron “did absolutely nothing wrong” in his dealings, adding that “everything was above board” with the former prime minister’s connection [...]