TikTok owner ByteDance on the hunt for new chairman after founder steps down November 3, 2021 The founder of Bytedance, which owns Tiktok, has stepped down from his role as chairman amid major organisational shifts at the tech giant, according to reports. Chinese billionaire and entrepreneur Zhang Yiming founded Bytedance in 2021 alongside college roommate Liang Rubo, the new Bytedance CEO who took up the role earlier this year after Yiming [...]
Quilter announces £1bn net inflows as wealth management ahead of reorganisation November 3, 2021 Quilter, a British wealth management company, has today announced robust third quarter results with net inflows of £1bn, ten times that of the same period last year. Following the quarterly results for the three months ended 30 September 2021, Quilter’s year-to-date net inflows stand at £3bn, almost triple that of £1.1bn in 2020. Quilter’s assets under [...]
Shipping delays will continue into next year, Maersk warns November 2, 2021 The supply chain crisis will extend into next year, Maersk has warned today while the the world’s largest container shipping group sees profits rise. A shortfall in the number of truck drivers, particularly in Britain and the US, has stopped hundreds of container vessels from being able to deliver goods around the world, the group [...]
Investors warn Big Four of AGM rebellions over climate accounting November 2, 2021 An investor group managing around $4.5tn worth of assets have issued a warning to the top four auditing giants to start including climate risk into their audits, or risk rebellions at AGMs, according to reports. In a letter seen by Reuters, which first reported the news, the investors told the Big Four auditors that unless [...]
Paddy Power owner lowers forecasts after “unfavourable” sports results November 2, 2021 Global sports betting and gaming business Flutter entertainment has revealed a cut to its full year guidance following a string of “unfavourable” sports results, despite strong quarterly results. The “customer-friendly” sports results over the course of the first 24 days of October, combined with the halt of its operations in the Netherlands, resulted in Flutter [...]
TP ICAP reports energy trades revenue boost amid energy price volatility November 2, 2021 TP ICAP, the world’s largest interdealer broker, has reported a 16 per cent rise in revenue in energy and commodities in the third quarter, as volatile energy prices have increasing trading opportunities. Global broking revenue at TP ICAP also increased by 2 per cent over the latest quarter, but both areas saw a decline in [...]
Standard Chartered pre-tax profits rise 44 per cent November 2, 2021 Standard Chartered pre-tax profits have risen 44 per cent, according to the latest quarterly results announced today. Profit before tax at the British bank rose to $1.08bn, surpassing previous expectations but the bank warned investors to expect an “uneven” economic recovery and its outlook for earnings growth for 2021 remained flat. Chief executive at Standard [...]
Ex-Barclays banker banned for life after Euribor rigging November 1, 2021 A former Barclays banker, convicted for rigging a benchmark rate, has been handed a lifetime-ban by the Financial Conduct Authority (FCA) from working in the finance sector again. In 2019 Colin Bermingham was found guilty of manipulating the Euribor benchmark by a majority verdict of a jury, and sentenced to five years in prison. In a [...]
Grant Thornton and partner fined over £750,000 over Interserve audit failings November 1, 2021 Grant Thornton has been fined over £700,00 by UK regulator Financial Reporting Council (FRC) for audit failings at Interserve, a British multinational construction business which collapsed in 2019. The fine comes just over a month after the FRC issued another sanction, of £2.3m, on the accounting giant for a “serious lack of competence” in the [...]
Liz Truss gives France 48 hours to back down in fishing row November 1, 2021 Foreign secretary Liz Truss has set France a 48-hour deadline to reconsider its threats to the UK over fishing row, before the UK takes legal action. Truss accused France of making “completely unreasonable threats,” and behaving “unfairly,” in an interview with Sky News, which first reported the news, at the COP26 climate change summit in [...]
