VCs shun new startups as coronavirus slowdown hits investors April 29, 2020 Venture capitalists are prioritising their portfolio companies over new startups as they anticipate a slowdown in investment during the coronavirus pandemic. According to new research by Plexal and Beauhurst, investment since lockdown began grew 34 per cent to reach £663m. However, the drop in the number of deals, down 39 per cent, indicates investor confidence [...]
R3 boss: Coronavirus is exposing cracks in banking tech April 28, 2020 As banking sectors across the globe grapple with the fallout from the coronavirus pandemic, a Wall Street veteran suggests the crisis may expose the need for new technology. David Rutter, who had a decade-long stint at interdealer Icap and now heads up financial tech firm R3, believes issues like the lending of coronavirus loans have [...]
Lenders grant 1.6m mortgage payment holidays to homeowners April 28, 2020 Lenders have granted 1.6m mortgage payment holidays to homeowners facing financial difficulties due to the coronavirus outbreak. Chancellor Rishi Sunak announced in March that households with mortgages would be entitled to three-month payment holidays. Over a third of payment holidays approved so far were done in the first week of the UK’s lockdown. One in [...]
Wirecard says KPMG could not obtain all data for audit April 28, 2020 Wirecard has said an independent audit by KPMG uncovered no need to restate earnings but added that all the data could not be obtained. Wirecard hired KPMG last October to conduct an independent audit, in a bid to address claims its finance team had tried to inflate its reported sales and profits. In a statement [...]
UBS profit jumps 40 per cent despite coronavirus disruption April 28, 2020 UBS reported a sharp rise in first-quarter net profit, helped by higher trading volumes as clients reacted to market volatility. Net profit rose 40 per cent year on year to £1.6bn. UBS had said earlier this month it expected a net profit for the period around $1.5bn. Market volatility helped UBS’s investment bank post a [...]
NMC Health requests delisting from London Stock Exchange April 27, 2020 Embattled hospital operator NMC Health has requested for its shares to be delisted from the London Stock Exchange after they were suspended two months ago. Shares in the healthcare operator were suspended in February. It was placed into administration this month following an application from lender Abu Dhabi Commercial Bank. It came after the hospital [...]
China’s industrial profits nosedive in the first quarter April 27, 2020 China’s industrial profits improved modestly in March but the near 35 per cent fall indicates the country is still grappling with the effects of the coronavirus on the economy. China’s industrial profits dropped 34.9 per cent in March, compared with a 38.3 per cent drop in the first two months, according to the National Bureau [...]
Deutsche Bank might temporarily miss capital target as impact of coronavirus hits April 27, 2020 Deutsche Bank announced first-quarter results were above market expectations, but warned it might temporarily miss its capital requirement target in light of the coronavirus crisis. In an unscheduled update on Sunday, the German lender said it expects to report group profit before tax of €206m (£179.6m)and net income of €66m (£57.54m). Revenue is expected to [...]
UK contact-tracing app launching ‘within weeks’ as RAF begins trials April 24, 2020 The RAF is testing a contact-tracing app which the NHS will launch in the coming weeks, as part of efforts to ease the nationwide lockdown. The contact-tracing app is part of a wider approach to track and test coronavirus. The government plans to recruit 18,000 people, including 3,000 health workers and specialists, to build and [...]
ISS recommends re-election of Barclays boss Staley in further blow to Sherborne April 24, 2020 ISS has joined Glass Lewis in recommending Barclays shareholders vote to re-elect chief executive Jes Staley, in another blow to Edward Bramson’s vehicle Sherborne Investments. The Barclays boss has faced pressure from Bramson and Sherborne Investments over his relationship with convicted sex offender Jeffrey Epstein. The Financial Conduct Authority (FCA) and Prudential Regulation Authority are [...]
