Ex-Barclays executives ‘made secret Qatar payments to avoid government bailout’, court told January 23, 2019 The ex-boss of Barclays and three former executives were accused today of committing fraud to avoid a government bailout at the height of the financial crisis. The case, filed by the Serious Fraud Office (SFO), says senior Barclays employees made secret payments to Qatar in exchange for substantial investment in the bank, in order to avoid [...]
This is the year for businesses to find their purpose in life January 22, 2019 One year ago, BlackRock chief executive Larry Fink called on businesses to define their societal purpose, sending a message to the corporate world that working towards profit alone was no longer good enough. Last week, Fink’s push towards purpose was in the papers again, when a hacker concocted an elaborate hoax in the form of [...]
London fintech Marketinvoice lands £56m in funding from Barclays and Santander January 21, 2019 London-based fintech business lender Marketinvoice has today closed a £56m round made up of equity and debt funding, led by Barclays and Santander's venture arm Innoventures. The series B-stage equity funding, which amounted to £26m, also received significant participation from European venture capital firm Northzone, which has previously backed the likes of Spotify, Trustpilot and fellow fintech lender Zopa. [...]
Employers to boost graduate jobs by record nine per cent in 2019 despite Brexit concerns January 21, 2019 The UK’s top employers are set to boost graduate jobs by a record nine per cent this year despite growing uncertainty over Brexit. The country’s leading 100 graduate employers have indicated a surge in recruitment could be on the horizon in 2019, according to a report conducted by research firm High Fliers. It comes after [...]
Case alleging Libor-rigging launched against raft of major banks January 20, 2019 A string of major banks have been accused of rigging the Libor benchmark again, five years on from a major scandal. A class action has been filed in the US against banks such as the Royal Bank of Scotland, Barclays, Lloyds Banking Group, HSBC, UBS, Bank of America, Citi and Deutsche Bank. The action, which [...]
Everyman cinemas on track as punters flock to picture palace January 17, 2019 Cinema chain Everyman Media today reported 2018 trading in line with expectations as it eyes a series of new openings. The boutique cinema group, which currently operates 26 venues across the country, said trading for the 52 weeks to 3 January was on track to hit forecasts. Read more: Chinese cinemas show bumper profits, but growth slows [...]
Activist shareholders step up pressure on UK boards January 13, 2019 Shareholder activism increased sharply in the UK last year as investors launched campaigns at 25 companies, spending $7.35bn (£5.72bn) on shares. Elliott Advisors was the most prolific activist investor, launching 22 new campaigns worldwide, according to research by the investment bank Lazard. Elliott led a campaign that prompted UK retailer Whitbread to offload Costa Coffee to Coca-Cola [...]
Government considers ban on credit card gambling in bid to tackle addiction January 12, 2019 The government is considering a ban on the use of credit cards for gambling as part of a wider crackdown aimed at tackling betting addiction. The culture secretary, Jeremy Wright, has called on retail banks and bookmakers to meet to discuss the issue of people betting with money they do not have. The statement comes [...]
Mark Kleinman’s big predictions for the Square Mile in 2019 January 11, 2019 Sir Martin Sorrell’s WPP exit, Unilever’s HQ U-turn, Melrose’s swoop for GKN: 2018 was a year full of surprises in the City. And while forecasting might be a fool’s errand, here are 10 predictions for the year ahead. •Theresa May will decisively lose next week’s “meaningful vote” on Brexit: that’s not a punt that will [...]
City firms draft in extra staff for crunch Brexit deal vote in preparation for market volatility and investor calls January 11, 2019 The City is bracing itself for next week’s crunch vote on Theresa May’s Brexit deal with banks drafting in extra staff to work through the night responding to market volatility and investor calls. MPs will finally vote on the Prime Minister’s withdrawal agreement on Tuesday after a month's delay, with traders, investors and analysts on [...]