Barclays squares up for latest legal battle as £1.5bn Staveley suit hits High Court June 8, 2020 Financier Amanda Staveley’s private equity firm today told the High Court it had received a “substantially worse” deal than Qatar when its syndicate invested billions of pounds in Barclays during the financial crisis in 2008, as it launched a civil case against the bank. PCP Capital Partners is claiming damages of up to £1.5bn for [...]
Businesses urge Treasury to incentivise private investors to protect SMEs from collapse June 8, 2020 British businesses have called on the Treasury to incentivise private investors to invest in SMEs that have been badly affected by the coronavirus crisis. In a letter to the Chancellor, law firm Buckworths has asked the government to incentivise so-called angel investors to invest in startups to help them repay the debt that has mounted [...]
Ride-hailing giant Gett chases $60m raise ahead of stock market debut June 8, 2020 Gett, the ride-hailing company part-owned by car giant Volkswagen, is close to raising a $60m (£47m) funding injection as it gears up to go public. The Uber rival is finalising the round which would be its first external fundraise since it secured $200m from investors last year. Sources told Sky News that the new funding [...]
Number 10 pours cold water on speculation UK pubs will open on 22 June June 8, 2020 Downing Street has poured cold water on reports that parts of the hospitality industry will be re-opened two weeks ahead of schedule on 22 June. Reports in the Financial Times and The Times today said ministers were looking at re-opening the sector on 22 June for venues that can serve patrons in outdoor spaces. However, [...]
The quarantine isn’t just absurd – it could be unlawful too June 8, 2020 Priti Patel’s new quarantine, which comes into force today, has sparked fresh fury from Britons who brand the measures as “too little too late”. I believe that the tardiness of these restrictions is by no means a clumsy error — it looks like a pricey, harmful stunt. Back in March, the UK blindly followed other [...]
Decision looms on second arrest of Samsung boss on fraud allegations June 8, 2020 A South Korean court is expected to rule today on whether to arrest Samsung Group leader Jay Y. Lee on new allegations including accounting fraud and stock manipulation, two years after completing his last jail sentence. Prosecutors requested an arrest warrant for Lee last week as part of a probe into a controversial 2015 merger [...]
Honda investigating suspected cyber attack after IT issues June 8, 2020 Japanese carmaker Honda is investigating a suspected cyber attack after experiencing issues with its IT network. Honda began to experience issues with its IT networks in Japan and Europe on Monday, Sky News reported, citing sources who said the company believed this was due to unauthorised attempts to breach its systems. Honda confirmed there was [...]
Plus 500 shares fall as lucky customers dent coronavirus revenue June 8, 2020 Online trading platform Plus 500 has reported record levels of customer activity in the second quarter and welcomed more than 100,000 new traders amid market volatility caused by the coronavirus crisis. The spreadbetting platform, which allows customers to bet on whether a share price will rise or fall, today announced record revenue from customer income [...]
BT auditor highlights new accounting weaknesses June 8, 2020 The external auditor of BT has highlighted “material weaknesses” within the company’s financial reporting controls, in the latest upset to its accounting credibility. In a letter to the telecoms firm KPMG noted that BT “did not maintain effective internal control over financial reporting as of 31 March, 2020 because of… material weaknesses related to general [...]
Ocean Outdoor revenue drops as coronavirus hits advertising industry June 8, 2020 Digital advertising group Ocean Outdoor today reported a dip in revenue for the first quarter of 2020 as demand for advertising continues to nosedive amid the coronavirus crisis. The figures The billboard giant announced that group revenue sank four per cent to £27.4m in the first quarter of 2020 on a pro-forma basis, down from [...]