Financial Reporting Council to be scrapped in shake-up of audit sector March 11, 2019 The Financial Reporting Council (FRC) will be scrapped and replaced with a new beefed-up watchdog following a review into the audit sector by Sir John Kingman, the government announced today. The new regulator will have stronger statutory powers, including the ability to make direct changes to accounts and powers to require rapid explanations from companies [...]
Barclays, Lloyds and Natwest launch business hubs as branch closures hit small firms March 11, 2019 Three of the UK’s largest banks have unveiled plans for joint business hubs amid fears small firms are being hit by branch closures. Natwest, Lloyds Bank and Barclays have announced the pilot, which will see six business banking hubs launched across the country. Read more: Digital bank Monzo in discussion with Post Office over cash [...]
Greystar, PSP and Allianz buy Shoreditch student housing scheme for £160m March 11, 2019 Property giant Greystar has led a consortium of buyers that has snapped up a student accommodation project in Shoreditch from investment firm Apache Capital for £160m. Greystar, alongside partners Public Sector Pension (PSP) Investments and Allianz Real Estate, has exchanged contracts to acquire the Paul St. East development. Read more: Greystar and Henderson Park snap [...]
Car manufacturers would suffer under no-deal Brexit, Moody’s warns March 11, 2019 The profits of British, Japanese and German car manufacturers would suffer in the event of a no-deal Brexit due to tariff increases, the credit ratings agency Moody’s has said today. Jaguar Land Rover, Nissan, Toyota and BMW are among the companies with sizeable production capacity in the UK that would face a 10 per cent [...]
Boeing shares plunge as airlines ground planes following fatal Ethiopian Airlines crash March 11, 2019 Shares in Boeing fell more than 11 per cent as the New York Stock Exchange opened as airlines grounded planes following yesterday’s fatal Ethiopian Airlines crash. China’s airline regulator called for all Boeing 787 Max 8 domestic flights to be suspended, while Ethiopian Airlines and Cayman Airways have also grounded the model after one of the [...]
Thousands of customers left in limbo as Brilliant Energy becomes the latest supplier to go bust March 11, 2019 Brilliant Energy Supply has become the third provider to go bust so far this year, as companies struggle with rising wholesale costs, and Ofgem’s new price cap. The regulator will now have to step in to find a new supplier for the company’s 17,000 customers, a process it has been forced to go through nearly [...]
MPs urge Ofcom to hold mobile operators to account on rural 4G March 11, 2019 MPs have written to Ofcom calling on the regulator to ensure mobile operators fulfil their obligations to boost 4G coverage in rural areas. The all-party parliamentary group (APPG) on rural business welcomed Ofcom’s commitments for 90 per cent geographic coverage by all four networks across the UK. Read more: Customers can walk out of slow [...]
Law firm DWF raises £95m in first-ever main market legal listing March 11, 2019 Law firm DWF has today raised £95m in the first main market float for a law firm, valuing the business at £366m. DWF is by far the largest of the handful of law firms to have listed on the stock market and is the first firm with a large international footprint to have gone public. [...]
Telecom Italia investor Elliott calls for shareholder support amid row with Vivendi March 11, 2019 The bitter dispute between two Telecom Italia shareholders deepened today as activist investor Elliott urged shareholders to back its plan ahead of a crucial meeting this month. US investment fund Elliott is locked in a power struggle with fellow investor Vivendi over the future of the struggling Italian telecoms firm. Read more: Telecom Italia warns [...]
Bank of America Merrill Lynch creates new UK investment banking top job March 11, 2019 Bank of America Merrill Lynch has created a head of UK investment banking role in a vote of confidence in the country amid political uncertainty. Former UBS head of UK advisory James Robertson and Peter Luck, who joined the company in 2013, have been appointed to the role. Read more: Bank of America Merrill Lynch edges [...]