Consumers hurt by lack of tech giant regulation, independent review finds March 13, 2019 Tech giants do not face enough competition and new laws are required to increase consumer choice in the digital sector, an independent review has found. The report, which was commissioned by chancellor Philip Hammond, states tech firms have become increasingly dominant in the market, limiting the control consumers have over their personal data. Read more: [...]
City Moves for 13 March 2019 – Who’s switching jobs at CMC Markets, TP ICAP and Newgate Communications? March 12, 2019 Today's City Moves include CMC Markets, TP ICAP and Newgate Communications. CMC Markets CMC Markets has announced the appointment of Ahmed Soliman as senior relationship manager. Growing the company’s Dubai presence and working with the global institutional team located in London, Ahmed will be responsible both for new sales and ongoing relationship management in the [...]
Four Seasons Health Care ticks on with a £40m injection from H/2 Capital Partners March 12, 2019 One of the UK’s largest care home operators has won an extra £40m funding to help it tick over as the group prepares for a sale. US hedge fund H/2 Capital Partners, a major shareholder in the group, will increase its financing for Four Seasons Health Care from £70m to £110m and extend it until 3 [...]
Brexiteers have imperilled their own project March 12, 2019 The fact that 40 Tory MPs who previously voted against the deal swung behind the PM is significant – and will be seized upon by Downing Street strategists as evidence that there is life in her deal yet. Some big beasts are among the pro-Brexit Tories who voted last night in favour of the deal, [...]
Theresa May suffers second Brexit deal defeat as MPs take control of the next steps March 12, 2019 Theresa May has lost control of Brexit after suffering a second humiliating defeat on her withdrawal deal. The PM’s plan was voted down by a majority of 149 MPs after she failed to win changes to the treaty that would allow UK to unilaterally exit the controversial Irish border backstop arrangement. MPs will now vote on [...]
Regulators for accountants and lawyers slammed for weak money laundering supervision March 12, 2019 Most regulators for accountants and lawyers are not doing enough to scrutinise money laundering, a senior regulator said today. A review of the Office for Professional Body Anti Money Laundering Supervision (OPBAS) which was set up a year ago to monitor the performance of regulators, found many were not doing the job satisfactorily. Alison Barker, [...]
Working groups established to help finance sector deal with climate change March 12, 2019 Four working groups have been set up to deal with the risks climate change poses to the UK’s financial system, the Bank of England and the Financial Conduct Authority (FCA) said. The groups will focus on risk management, scenario analysis, disclosure and innovation, the groups said. The decision was made at the first meeting of the Climate [...]
Private jet hub Biggin Hill to slash airport charges and simplify fees from April March 12, 2019 Private jet airport Biggin Hill Airport will slash its airport charges and simplify fees for customers from April. Landing, handling and parking fees will be simplified under a new system that will go live from 1 April. Biggin Hill has also removed charges during shoulder hours – the extended operating hours that were introduced in May 2017 [...]
How the arrival of the World Wide Web has changed the mortgage market March 12, 2019 In 1989, the Swiss physics laboratory, CERN, was buzzing with information but it had one big problem: ideas, data and knowledge held by the lab was stored across incompatible computers. A young scientist, Tim Berners-Lee, envisioned creating a unifying structure for sharing information across its computer systems. He wrote a proposal for a linked information [...]
‘Serious First Amendment issues’: Tesla CEO Elon Musk’s lawyers slam SEC’s latest attack on tweets March 12, 2019 Lawyers for Elon Musk say that the US financial regulator's claims that the Tesla chief executive violated a previous settlement by posting a tweet has serious implications for First Amendment issues. Read more: Regulator accuses Elon Musk of misleading investors with new Tesla tweet The Securities and Exchange Commission (SEC) had asked a New York [...]