BoE demands lenders seek its approval before relocating jobs to the EU March 29, 2021 The Bank of England is demanding that lenders seek its approval before relocating UK jobs or operations to the EU. The move comes after the BoE became concerned that European regulators are asking for more to move than is necessary for financial stability post-Brexit, the Financial Times first reported. The BoE reportedly heard of several [...]
Online play drives Ladbrokes owner Entain to profit March 29, 2021 Online gaming was the driving factor behind a profit at gambling company Entain, which owns Ladbrokes, Foxy Bingo and Party Poker. The business saw an operating profit of £530m in 2020, up two per cent on £521m, with some 89 per cent of EBITDA coming from its online presence. EMBITA grew 11 per cent [...]
Sales at Ten Entertainment plummet but leisure business remains resilient March 29, 2021 Sales at Ten Entertainment plummeted in 2020, as coronavirus restrictions left the business only able to operate as normal for a fraction of the year. The leisure company’s total sales for the year ending 27 December 2020 stood at £36.3m, down a considerable 60 per cent from £84.1m in 2019. The group made a loss [...]
Alex Salmond launches new pro-independence party March 26, 2021 Former First Minister of Scotland Alex Salmond is launching a new pro-independence party which will stand in the Scottish Parliament election. Salmonds’s new Alba Party is expected to field at least four candidates in each regional list. “I’m announcing the public launch of a new political force: the Alba Party,” Salmond said in a statement broadcast on [...]
Lloyd’s of London may ditch strict dress code after 335 years March 26, 2021 Lloyd’s of London could ditch its strict dress code policy for the first time in its 335-year history, with some brokers calling for the “stuffy” attire to be scrapped. Lloyd’s staff who work in one of the City of London’s most iconic buildings are expected to abide by a strict dress code. Men are expected [...]
London forex trading boss fined for unauthorised WhatsApp investment advice March 26, 2021 The High Court has fined the boss of a Bow-based forex trading business after it provided unauthorised investment advice to customers via WhatsApp. Mohammed Fuaath Haja Maideen Maricar was ordered to pay restitution in excess of £530,000. The recovered fund will be distributed customers. The court found 24HR Trading, an unregulated firm, unlawfully provided trading [...]
Non-executive directors ‘can’t just turn up and take a fee’ says FRC March 26, 2021 Non-executive directors are responsible for running a business, and cannot simply turn up and cash in, the audit watchdog said yesterday. The comments made by the Financial Reporting Council (FRC) followed the publication of a keenly-awaited report on audit reform by the Department for Business, Energy and Industrial Strategy (BEIS). As part of the reforms, [...]
LV= generates profit despite Covid knocking retirement and protection business March 26, 2021 LV= made a profit in 2020 despite tough trading conditions, though new business sales were affected by tough trading conditions. The pension and protection provider made an operating profit of £40m in 2020, up considerably from a £16m loss the year before. Despite its profit, tough trading conditions brought about by the Covid-19 pandemic hit [...]
Aviva to sell Polish arm to Allianz for €2.5bn March 26, 2021 Aviva has agreed to sell its Polish arm to Allianz for a cash consideration of €2.5bn, which it said valued the acquired business at €2.7bn. The pension provider and insurer said it will now focus on its business in the UK, Ireland and Canada. This is Aviva’s eighth transaction in as many months. The giant [...]
Rolls-Royce bulk-buys Liberty steel ahead of feared collapse March 26, 2021 Rolls-Royce is buying enough steel from Liberty to last until Christmas to guarantee supplies in case parent company GVG Alliance collapses. The jet engine manufacturer is buying a relatively small amount of speciality steel for an undisclosed value, the Telegraph first reported, for fear the steel manufacturer may go out of business. Liberty Steel is [...]
