Regulators to review financial sector levy in the wake of “unacceptable” IT failures March 13, 2020 Regulators have welcomed a number of reforms to the financial services sector after the Treasury Committee called its IT failures “unacceptable”. The Treasury Committee’s report, which was published last October, called on the regulators to address the growing number of tech issues in the financial services sector. As part of the proposed reforms, the committee [...]
John Lewis tumbles down ranking of best high street employer March 13, 2020 Struggling department store John Lewis has tumbled down the rankings of high street employers after a tough year in which the retailer has suffered a drop in profit and slashed worker’s bonuses. John Lewis & Partners held the top spot in 2018, but fell to eight last year and has tumbled a further three places [...]
Corona Crash: Global markets suffer worst day since 1987 as virus spreads March 13, 2020 The FTSE 100 yesterday chalked up its biggest one-day fall since the Black Monday crash in 1987, plunging 10.87 per cent as the scale and likely impact of the coronavirus pandemic became clear. After a sea of dire corporate warnings across the globe, US stocks also suffered their biggest fall since 1987 before the New [...]
BT chief executive diagnosed with coronavirus but will “work remotely” March 12, 2020 BT boss Philip Jansen has been diagnosed with coronavirus but will continue to work remotely. The telecoms group confirmed that Jansen had tested positive for Covid-19 this afternoon and as a result is in self-isolation. BT said it is now working closely with Public Health England to undertake a full deep clean of relevant parts [...]
Dame Jayne-Anne Gadhia to quit as Salesforce UK boss March 12, 2020 Former Virgin Money boss Dame Jayne-Anne Gadhia is set to quit Salesforce as its executive after just six months at the helm. Salesforce will announce tomorrow morning that Gadhia, who only joined the company last August, will step down as boss of the British business to become an adviser, according to Sky News. A Sky [...]
H20’s Alpha 10 fund suffers huge losses amid market rout March 12, 2020 A hedge fund run by H2O Asset Management reportedly suffered a large loss during this week’s market turmoil. The fund lost 15.8 per cent in one of its share classes on Monday, according to the Financial Times. Another share class of the fund reportedly lost 10.5 per cent in the same day. The $900m fund [...]
Transglobe Energy reports loss as oil turmoil continues March 12, 2020 Transglobe Energy was the latest company to post a difficult set of results today as turmoil on the world oil market continues. The Canadian company, which also has extensive operations in Egypt, reported a net loss of $4m (£3.1m) for 2019 swinging from a $15m profit in 2018. That included a $7.9m non-cash impairment loss [...]
Sunak and Carney hold banking summit to discuss coronavirus outbreak March 12, 2020 The Chancellor and the Governor of the Bank of England held a banking summit today to discuss a coordinated response to support small and medium sized businesses affected by coronavirus. Mark Carney and incoming BoE Governor Andrew Bailey outlined the measures that the Bank announced yesterday morning to help mitigate the economic impact of the [...]
Housing White Paper reforms will ‘accelerate’ planning process March 12, 2020 The government will release its housing White Paper in the spring to outline an overhaul of the country’s planning rules. The Ministry of Housing, Communities and Local Government (MHCLG) said it would “propose measures to accelerate planning” and “maximise the potential of new technologies to modernise the system”. Housing secretary Robert Jenrick said this would [...]
Tube passenger numbers fall during UK coronavirus outbreak March 12, 2020 The amount of passengers on the Tube has declined in the past four weeks during the coronavirus outbreak. The number of London Underground journeys has dropped by 1.6 per cent in the past four weeks compared to a year ago, while trips in the past 12 weeks are down 1 per cent compared to a [...]