Macquarie plans to take full ownership of National Grid’s gas unit after increasing stake July 19, 2023 An investor-consortium led by Australia’s Macquarie Asset Management has upped its stake in the National Grid’s gas transmission business and plans to take full ownership “in due course”. Macquarie, along with British Columbia Investment Management Corporation, snapped up an additional 20 per cent in the gas business, the company said today. The investment takes the [...]
Financially weak energy suppliers could be penalised for paying out dividends, Ofgem boss warns July 16, 2023 Energy suppliers that are not financially resilient but continue to pay out dividends could be penalised by the UK’s energy regulator. Jonathan Brearley, the head of Ofgem, wrote to suppliers last week asking them to ensure that falling energy prices are passed onto consumers and that they step up their customer service levels. But he [...]
Allen & Overy profits dip as it battles headwinds ahead of Shearman & Sterling merger July 13, 2023 Law firm Allen & Overy has reported a slight dip in its annual pre-tax profits as it battled “intensifying headwinds” ahead of its merger with Shearman & Sterling. Pre-tax profits came in at £892m for the year ending 30 April, down from £900m the previous year. Average profit per equity partner came in at £1.82m. [...]
Quintessentially: Firm founded by Queen Camilla’s nephew switches auditor amid accounts delays June 27, 2023 Quintessentially, the members-only concierge service founded by the nephew of Queen Camilla, Ben Elliot, has switched its auditors amid severe delays to the company’s accounts. BDO officially resigned as the auditor for Quintessentially (UK), the parent company, yesterday, according to an update on Companies House. A spokesperson for Quintessentially confirmed the change to City A.M., but [...]
Labour now 25 points clear of Tories as mortgage rates batter Rishi Sunak’s party June 25, 2023 Labour has posted its biggest lead over the Conservatives since March, new polling data has revealed, as the public grows increasingly tired of the government’s perceived mismanagement of the economy. Labour’s vote share jumped four points to 47 per cent, giving the opposition party a 25 point lead over the Tories, according to fresh polling [...]
Stripe: It’s a mistake for tech firms to get too hung up on valuations June 25, 2023 Tech firms shouldn’t worry so much about valuations, the co-founder of Stripe has said, after the payments firm’s valuation was cut earlier this year. Stripe cut its valuation to $50bn (£39bn) in March this year, which is well below its peak of $95bn back in 2021. The valuation was slashed as it announced a new [...]
Privatbank’s $1.9bn UK fraud claim returns for trial after Russia’s invasion of Ukraine delays case June 5, 2023 One of the UK’s largest High Court claims in history is set to return to court next week as the trial commences in Privatbank’s $1.9bn (£1.54bn) fraud lawsuit against its former owners. Ukrainian lender Privatbank is suing the bank’s founders Igor Kolomoisky and Gennadiy Bogolyubov over allegations they embezzled billions of dollars from the bank [...]
HMRC looks to sniff out more British firms abusing tax havens May 30, 2023 The UK’s tax authority is tracking an increasing number of firms suspected of using tax havens, new data reveals. HMRC is now tracking 512 UK firms that are suspected of failing to conduct enough business activities in those tax havens to legitimately claim they operate there, according to data obtained by law firm Pinsent Masons [...]
Return to sender: Union suspends Royal Mail pay deal over ‘toxic’ environment May 24, 2023 A pay deal that helped end months of strike action at Royal Mail is at risk of falling apart after the Communication Workers Union (CWU) said today it would suspend its upcoming vote on the agreement over concerns with the company’s “toxic” working environment. The agreement, struck last month, included a 10 per cent salary [...]
SSE profit soars 89 per cent as it ramps up spending on green projects May 24, 2023 FTSE 100 energy giant SSE reported an 89 per cent jump in its adjusted pre-tax profit today after benefitting from higher energy prices. The firm’s annual profit rose from £1.16bn in 2022 to £2.18bn for the year ending in March. It also said it would accelerate its five-year net zero plan to 2027, increasing its [...]
