More than £27m lost in forex and crypto investment scams last year May 21, 2019 Over £27m was reported lost to cryptocurrency and forex investment scams in the last financial year, figures published today show. Victims lost an average of £14,600 according to the Financial Conduct Authority (FCA) and Action Fraud. Reports tripled compared to the previous year to over 1,800. The FCA said fraudsters use social media to promote [...]
Lloyd’s chair says misconduct cases may emerge as soon as this week May 21, 2019 Lloyd’s chairman Bruce Carnegie-Brown expects two or three cases of serious misconduct at the insurance marketplace to emerge as soon as this week as his organisation tackles reports of widespread sexual harassment. Read more: Lloyd's of London unveils 'robust plan' following sexual harassment claims “There are two or three quite big live issues out there [...]
Philip Hammond: No-deal Brexiters will cause deliberate harm to the economy May 20, 2019 Chancellor Philip Hammond is set to issue a stark warning over the dangers of a no-deal Brexit, stating those in favour of leaving without a deal are advocating a deliberate act of harm on the economy. In a speech to be made at the annual dinner of the Confederation of British Industry (CBI) tomorrow night, [...]
Consumers could save over £100m a year from unarranged overdraft shakeup, says watchdog chief May 20, 2019 Some of the most vulnerable consumers in society could save up to £100m a year under the watchdog's plans to change the pricing structures of unarranged overdrafts, its boss has said. Andrew Bailey, the boss of the Financial Conduct Authority (FCA), told MPs that the watchdog wants to bring the pricing of unarranged overdrafts more [...]
Stocks tumble as Google’s Huawei block stokes trade tensions May 20, 2019 Global stocks slumped today after Google blocked parts of its business with Huawei, sparking fears of an escalation in the trade war between the US and China. Google today confirmed it had suspended Huawei’s access to its Android operating system after US President Donald Trump blacklisted the Chinese company over fears it could be a [...]
Goldman Sachs taps Mazars for European audit in blow for Big Four May 20, 2019 Goldman Sachs has appointed Mazars to audit its London-based European operations, making it the first large bank in the UK to shun the Big Four. Read more: Big Four could force judicial review into proposed audit reforms The US investment bank has selected the Paris-headquartered auditor, which is the eighth-largest in the UK by fee [...]
Tencent backs top AI startup in $24m injection May 20, 2019 A host of major businesses and venture capital firms have joined in a $24m (£18.9m) funding round for a Prowler.io, valuing the Cambridge artificial intelligence (AI) startup at $100m. Chinese media giant Tencent led the round, with publishing house Pearson and Monzo-backer Passion Capital also joining. Other investors included Amadeus Capital Partners, Atlantic Bridge, Cambridge [...]
What will happen to the Eurozone when Mario Draghi steps down? May 20, 2019 Back in 2012, Mario Draghi committed to do “whatever it takes” to put the euro back on track. This influential statement brought the euro crisis to an end, and proved so powerful that precautions to safeguard the Eurozone, such as the Outright Monetary Transactions facility, did not need to be used. With Draghi’s term as [...]
City giant Martin Gilbert reveals which Tory leadership contender he thinks is ‘amazing’ May 20, 2019 City titan Martin Gilbert has talked up environment secretary Michael Gove as the next Conservative leader, dubbing him “amazing”. Gilbert, who co-founded Aberdeen Asset Management in 1983, was full of praise for the Brexit campaigner in an interview with City A.M. on the fringes of the City Week 2019 conference. “I think he’s amazing, I [...]
Campaigner and investor Helena Morrissey casts vote for Brexit party in upcoming Euro-election May 20, 2019 Investor and campaigner Dame Helena Morrissey has revealed she cast a postal vote for the Brexit party in the upcoming European elections, saying the Conservatives have not delivered on the result of the 2016 referendum. Read more: City 'must change everything' to improve diversity, says Helena Morrissey “I believe we should leave the EU and [...]