US ambassador says letting Huawei access the UK’s 5G network would be like ‘letting a kleptomaniac into your house’ June 25, 2019 US ambassador Woody Johnson took an apparent swipe at Chinese tech firm Huawei today, saying that inviting the company into key sectors of the UK’s economy would be “like letting a kleptomaniac into your house”. “If we let untrustworthy countries in the heart of our economies, and infrastructure, what could they do? We have to [...]
Oxford Street discounts signal a troubling start to the summer for retailers June 25, 2019 The crucial summer selling season is finally upon us, but for retailers on London’s most celebrated high street, all is not well. Big red discounts in shop windows line the parade on Oxford Street, where many of the country’s flagship fashion stores are offering major price reductions in a desperate bid to boost their sales. [...]
FCA chief says ‘evidence not there’ to take action on RBS GRG unit June 25, 2019 The head of the Financial Conduct Authority (FCA) Andrew Bailey has defended his organisation’s report into RBS’s disgraced turnaround unit, saying “the evidence is just not there” to support action against the managers involved. Read more: MPs brand watchdog’s RBS GRG report a ‘complete whitewash’ Yet he insisted that the rules on whether or not [...]
Regulators place heightened check on Facebook’s libra cryptocurrency June 25, 2019 Authorities in the UK and worldwide have ramped up calls for increased scrutiny on new digital currencies and financial disruption, in the wake of Facebook attempting to enter the space. G20 regulatory group the Financial Stability Board (FSB) said today the trend set by Facebook’s libra coin will cause regulators to take a deeper look [...]
Petrofac loses out on $10bn in contracts amid SFO probe June 25, 2019 A Serious Fraud Office investigation into Petrofac has made the company lose out on $10bn (£7.8bn) of contracts, its chief financial officer said today. Alastair Cochran said that a guilty please from its former head of sales, David Lufkin, came just as Petrofac was bidding for contracts. The oilfield servicer lost about $2bn to $3bn [...]
Boris Johnson challenges Jeremy Hunt to commit to 31 October Brexit date June 25, 2019 Boris Johnson has challenged his leadership rival Jeremy Hunt to commit to bringing the UK out of the EU on 31 October – regardless of whether a deal has been agreed. In a letter published on his Twitter feed, Johnson argues Brexit must take place by the end of the extension period – or the [...]
London exchanges tell clients they may have to delist Swiss stocks in EU equivalence row June 25, 2019 London-based exchanges have warned clients that they will be unable to trade Swiss stocks after 30 June because of a spat between Switzerland and the European Union. Cboe Europe, Aquis Exchange and UBS have all told clients they will be unable to trade Swiss stocks in London starting next week. In a note to clients [...]
Car crash for Lookers: Motor dealer’s shares dive as FCA launch probe June 25, 2019 Motor retail giant Lookers suffered a crash in its share price this afternoon after revealing that the City watchdog is probing its sales practices. The car dealership chain’s share price dived 25 per cent this afternoon as the firm said that the Financial Conduct Authority (FCA) “intents to carry out an investigation into the company’s [...]
First Group chairman resigns after defeating Coast Capital’s boardroom coup June 25, 2019 First Group’s chairman has resigned despite defeating an attempt by activist investor Coast Capital to oust him from the board. Wolfhart Hauser has stepped down and will not stand for re-election at the company’s next annual shareholder meeting. Around one in four shareholders, excluding Coast, voted against the New York Hedge fund’s 13 resolutions, Press [...]
Sandfire takes MOD Resources private in £91m deal June 25, 2019 An Australian miner will pay AU$167m (£91m) for London-listed MOD Resources, it said today, in a deal back by at least one major shareholder. Sydney-listed Sandfire said the deal gives it a chance to take on the “under-explored” Kalahari copper belt in Botswana. Read more: Shareholder Barrick ‘undermined’ our efforts to negotiate $190bn tax bill, [...]