London forex trader sues Citigroup for $112m over ‘malicious’ prosecution October 2, 2019 A London-based former Citigroup trader is suing the bank for over $112m (£91m), alleging the bank made materially false and malicious statements to US prosecutors which led to him being tried in New York on foreign exchange rigging-charges. Rohan Ramchandani, former European head of the US bank’s forex spot market trading desk, is alleging Citigroup [...]
Woodford Patient Capital Trust accused of stretching rules on unquoted holdings October 2, 2019 The biggest holding in Neil Woodford’s Patient Capital Trust (WPCT) is listed on an obscure stock exchange where its shares have only been traded once since it listed in February, it has emerged. Investec analysts have questioned whether Rutherford Health should be treated as a listed holding by WPCT, given that its shares have only [...]
Premier League appoints Guardian boss as new chief executive October 2, 2019 The Premier League has appointed David Pemsel, head of Guardian Media Group (GMG), as its new chief executive. Pemsel’s candidacy was approved unanimously by Premier League shareholders at a special meeting held today. His appointment follows a 14-month search to fill the position after the departure of former head Richard Scudamore. Read more: Crystal Palace [...]
Wework downgraded by Fitch after IPO troubles leave hole in finances October 2, 2019 Global ratings agency Fitch has downgraded WeWork’s credit rating two notches to “CCC+”, pushing the office space giant into junk territory following the official withdrawing of its initial public offering (IPO) filing. Wework had hoped to raise at least $3bn (£2.4bn) from the floatation as well as borrowing a further $6bn in a loan contingent [...]
London’s economy resilient despite political turmoil October 2, 2019 London’s economy performed better than expected during the third quarter but a squeezed labour market troubled businesses trying to recruit staff, new figures show. Sales and orders reached their highest levels for at least a year during the period, according to a survey by the London Chamber of Commerce and Industry (LCCI). Read more: UK [...]
Some of world’s biggest asset managers ‘paying lip service’ to ESG October 2, 2019 There is a “significant discrepancy” between the pledges made by the world’s 50 largest asset managers on environmental, social and governance (ESG) and the action managers have actually taken on these issues, new research has found. Although the vast majority of the world’s 50 biggest asset managers – who manage a combined $50.6 trillion (£41.3 [...]
Augmentum Fintech backs German tech rental platform October 1, 2019 London-listed investment fund Augmentum Fintech has led an €11m (£9.8m) funding round backing German technology rental firm Grover. Augmentum invested €6m in Grover – which offers consumers flexible subscriptions to products including smartphones and laptops – the fund’s first investment in Germany. Read more: Augmentum Fintech to double in size as it seeks £150m fundraise [...]
Ranked: The best and worst London boroughs for broadband October 1, 2019 Broadband speeds in the City are the lowest of any London borough, according to new data on internet speeds across the capital. The data, compiled by Broadband Choices, shows massive disparities in average download speeds, with the fastest borough clocking up an average speed over three times quicker than the slowest. Read more: Boris Johnson [...]
Watchdog calls for clearer investor warnings in wake of Woodford saga September 30, 2019 The Financial Conduct Authority (FCA) will introduce tougher rules for funds that invest in hard-to-sell assets following the suspension of Neil Woodford’s flagship fund. In a policy statement published today, the financial regulator also said investors should be given better warnings about the risks they face if they want to be able to withdraw their [...]
Neil Woodford’s role at risk as listed fund suffers £232m loss September 30, 2019 Woodford Patient Capital Trust (WPCT) is considering the position of beleaguered fund manager Neil Woodford after the fund reported a £232m loss and a significant writedown in the value of its portfolio. WPCT said its assets dropped a further 21 per cent in value during the past three months, with chairman Susan Searle describing the [...]
