Female founders face greater risk of equity dilution than men June 8, 2022 Female founders are significantly more vulnerable to the dilutive effects of equity funding than their male counterparts, according to new research from JP Morgan, which shows women, on average, give away much larger stakes in their businesses than men. The UK’s 10,647 female led businesses raised a record £5.05bn in equity investment in 2021, whilst [...]
London Metal Exchange faces second lawsuit this week after Jane Street sues over nickel trading fiasco June 7, 2022 New York trading firm Jane Street Capital has followed its Wall Street rival Elliot Management in filing a lawsuit against the London Metal Exchange (LME), over its decision to halt trading of nickel and cancel trades in March. The high-frequency trading firm is suing the LME for $15.3m (£12.2m), after the Hong Kong Exchanges and [...]
Venture capitalist Julie Meyer fails to overturn six-month suspended sentence May 28, 2022 Venture capitalist Julie Meyer has failed in her bid to overturn the six-month suspended sentence handed down to her in February, following her long-standing refusal to pay almost £200,000 in legal fees to London law firm Farrer & Co. At a hearing on Thursday, a Court of Appeals judge rejected the businesswoman’s appeal, as he [...]
Former executive suing UK branch of Canadian bank for £800,000 over discrimination claims May 27, 2022 The UK branch of a major Canadian bank is facing an £800,000 discrimination lawsuit from a former executive accusing it of discrimination. Zhuofang Wei is suing Canadian Imperial Bank of Commerce (CIBC) over claims it operated a hostile and discriminatory environment for women. The bank, which strongly denies all claims, dismissed her in Match 2020. [...]
Exclusive: KPMG to hire 3,500 tech workers to staff newly launched digital products business May 27, 2022 KPMG today launched a new digital solutions business which is set to see the firm more than double the size of its 3,000 strong technology focused workforce by hiring 3,500 new data scientists and engineers. The UK arm of the Big Four firm said it plans to create 1,000 London tech jobs, in its efforts [...]
Hong Kong stock exchange to open US and Europe offices May 23, 2022 The Hong Kong stock exchange is planning to set up two new international offices in the US and Europe, in an effort to draw overseas investors back to the City state. Speaking to the South China Morning Post (SCMP) at Davos, Nicolas Aguzin, the head of Asia’s third largest stock market, said the new offices [...]
‘Brexit is a mistake and London will be damaged’ warns Sir Howard Davies as NatWest chair claims ‘Boris Johnson hates the Treasury May 23, 2022 SIr Howard Davies, the chairman of banking giant NatWest, has called Brexit ‘a significant mistake’ as the City grandee said he is not very optimistic about the future of the UK. In fact, Sir Howard said he is concerned about the long-term impact Brexit will have on the City of London. In an interview with [...]
High Court rejects Greek bank’s claim against Lloyds insurer over ship detained in Venezuela May 18, 2022 A UK High Court has rejected a Greek bank’s $71m claim against Lloyd’s insurer Antares seeking a multi-million-dollar payout over a ship detained by Venezuelan authorities. The ruling is set to come as a relief to insurers in setting out that such situations are not covered by war risk policies. The case comes after Venezuelan [...]
TBC Bank’s profits soar as Georgia’s economy booms May 18, 2022 Georgia’s TBC Bank today said its pre-tax profits are up 45.8 per cent on last year on the back of fast paced growth in the Georgian economy. The FTSE 250 bank said Georgia’s economy had rebounded quickly from the pandemic to achieve annual growth of 10.4 per cent in 2021 following a 6.8 per cent [...]
Allianz told to pay $6bn after SEC charges three execs with fraud over Structured Alpha funds scandal May 17, 2022 The US financial watchdog has told German financial services behemoth Allianz to pay $6bn (£4.8bn) after charging three of its senior executives with fraud in relation to the $11bn collapse of the firm’s Structured Alpha funds. Allianz agreed to pay $1bn to the US Securities and Exchanges Commission (SEC) and a further $5bn to investors, [...]