Metro Bank raises £375m of capital three hours after launching share placing May 16, 2019 Metro Bank raised £375m of capital just hours after launching a discounted funding round this evening. A spokeswoman confirmed that the embattled challenger bank, which has struggled after a major loans blunder in January, closed the share placing less than three hours after announcing the funding round. Read more: Metro Bank launches £350m share placing [...]
British Steel ‘grateful’ for government support as it signals it has funds to keep trading May 16, 2019 British Steel has insisted it has the liquidity to keep trading after days of speculation over whether it would receive a government loan needed to keep it afloat. Read more: Thyssenkrupp swings to second quarter loss On Tuesday, it emerged Britain’s second-largest steel manufacturer was looking to Whitehall for a support package, believed to be [...]
Metro Bank launches £350m share placing at discounted price May 16, 2019 Metro Bank has launched a discounted share placing as the troubled bank taps up investors to raise £350m of capital. The challenger bank, which has struggled following a major loans blunder in January, placed the shares at 500p, a discount on today’s closing price of 536.5p. Read more: Metro Bank shares soar ahead of £350m [...]
Canary Wharf Group in spat with Crossrail over station’s £80m safety bill May 16, 2019 The Canary Wharf Group has hit back at Crossrail over claims that an extra £80m has been spent to make the Elizabeth Line station comply with TfL safety standards. The group, which built the station and contributed £150m to the total cost, said it "categorically dismissed" comments made by Crossrail boss Mark Wild yesterday, in which he [...]
Former Apple retail head Angela Ahrendts appointed to Airbnb’s board May 16, 2019 Airbnb has beefed up its board of directors with the appointment of Angela Ahrendts, former head of retail at Apple. Ahrendts, who is also a former chief executive of luxury fashion house Burberry, will become an independent board member alongside ex-American Express boss Ken Chenault and former Pixar finance chief Ann Mather. She resigned from Apple [...]
Sterling hits three-month low with investors nervous about Theresa May’s successor May 16, 2019 Sterling fell to a three-month low against the dollar today as political turmoil intensified and investors worried about who will be Prime Minister Theresa May’s successor. Read more: Theresa May to set out departure date in June The pound fell for the fifth consecutive day to $1.279, a drop of 0.4 per cent, as the Brexit [...]
Why is the mortgage market strangely resistant to technological change? May 16, 2019 Technology is so pervasive that it is easy to forget just how fundamentally it has impacted our lives. In fact, it is hard to think of an area of life that hasn’t been made more accessible, faster or cheaper. Personal finance is no exception. Price comparison websites, mobile banking, and other innovations have all transformed the [...]
Lloyds Bank avoids shareholder revolt over pension pay but faces grilling from Noel Edmonds over HBOS fraud May 16, 2019 Lloyds Bank has avoided a shareholder revolt over pension pay despite MPs accusing bosses of “boundless greed.” Chief executive Antonio Horta-Osorio, Britain’s best-paid bank boss, took home £6.3m last year, which included a pension contribution of 46 per cent – compared to the maximum 13 per cent for other employees. Read more: Lloyds Bank unveils [...]
Goldman Sachs buys United Capital for $750m in wealth management expansion drive May 16, 2019 Goldman Sachs announced it will buy boutique wealth management firm United Capital Financial Partners for $750m (£585.54m) in a move to extend its offering to clients “across the wealth spectrum”. United Capital, which has $25bn of assets under management, will join Goldman Sachs’ $500bn wealth management business that is comprised of Private Wealth Management and Ayco, [...]
Keller Group struggles to shake difficult 2018 as it projects lower interim profits May 16, 2019 Keller Group shareholders headed into the engineering contractor’s annual meeting (AGM) this morning on the back of news the firm’s first half profits will be lower than last year. Read more: Steel giant Arcelor Mittal commits to Notre Dame rebuild The firm, which embarked on a major restructuring last year, warned investors it had experienced [...]