RBS could hold AGM ‘in an empty room’ due to coronavirus outbreak March 12, 2020 Banking giant RBS is gearing up to hold a dramatically scaled-back physical annual general meeting (AGM) due to the coronavirus pandemic, with just core attendees present in person. RBS, like all listed companies with a financial year ending in December, has a legal obligation to hold a physical AGM by 30 June, with the meeting [...]
ECB to let eurozone banks breach key requirements due to coronavirus March 12, 2020 The European Central Bank said that eurozone banks will be allowed to fall short of some key capital and cash requirements as lenders grapple with the economic shock of the coronavirus pandemic. The announcement came soon after ECB monetary policymakers announced a new stimulus package, marking an unprecedented synchronised action by the central bank’s two [...]
Funding Circle to lay off 125 workers in Amsterdam and Berlin March 12, 2020 Funding Circle will lay off 125 workers in Amsterdam and Berlin as British the peer-to-peer lender retreats from Europe to its more profitable home market. The lender will maintain a staff of 25 based in London to run its German and Dutch businesses, chief executive Samir Desai told Reuters, with the divisions focusing on partnering [...]
Arrow Global shares tumble as profit slips at asset manager March 12, 2020 Shares in Arrow Global slid this morning after the asset manager failed to hit the bullseye with its annual results, reporting a five per cent drop in profit. The figures Arrow Global reported a 5.2 per cent drop in underlying profit before tax, which slipped to £78.1m in 2019 from £82.4m the previous year. The [...]
NMC Health finds evidence of fraud as shares in sister firm Finablr collapse March 12, 2020 Beleaguered hospital operator NMC Health said an investigation into its finances had uncovered evidence indicating suspected fraud in some of its previous financial activities. NMC Health launched an external review into allegations over its finances after coming under attack from US short-seller Muddy Waters in December. Read more: NMC Health identifies $2.7bn in additional debt [...]
Just Group swings to profit as chairman announces resignation March 12, 2020 Insurer Just Group has posted an annual profit for 2019, as the retirement services specialist’s turnaround measures began to take effect. The company also announced this morning that chairman Chris Gibson-Smith will retire from the group as soon as a suitable successor is appointed. The figures Just Group reported profit before tax of £369m for [...]
Betway hit with record £11.6m fine by UK gambling regulator March 12, 2020 Online betting firm Betway has been fined a record £11.6m by the gambling regulator over social responsibility and money-laundering failures linked to its treatment of high-spending customers. The Gambling Commission said that Betway had allowed £5.8m to flow through its business which “has been found, or could reasonably be suspected to be, proceeds of crime”. [...]
Coronavirus crisis wipes £59bn off FTSE 100 March 6, 2020 Coronavirus wiped £59bn off the FTSE 100 today to cap off another week of stock market turmoil. The blue-chip stock index sank by 3.6 per cent, or 242.88 points, to finish the week on 6,462.55 points – its lowest since July 2016. Meanwhile, the FTSE 250 was down 2.98 per cent, or 576.62 points to [...]
City watchdog outlines tougher climate change disclosures for top firms March 6, 2020 The UK’s top listed firms must disclose how their business is affected by climate change using globally-agreed guidance or explain why they cannot, under proposals outlined today by the Financial Conduct Authority (FCA). Under the plans, firms with a premium listing would have to either make climate-related disclosures in line with the approach set out [...]
BT ‘to slash executive pensions’ in pay shake up March 6, 2020 BT is reportedly set to cut its top executives’ pension allowances and link their bonuses to sustainability targets, as part of an executive pay shakeup by the telecoms giant. BT has started the latest phase of a shareholder consultation including a proposal to slash chief executive Philip Jansen’s maximum remuneration package from £8.3m to £5.6m, [...]
