Centamin strikes gold as price surge takes revenues to new highs March 22, 2021 Gold miner Centamin generated record revenue in 2020 as the coronavirus pandemic pushed precious metal prices higher around the world. The firm reported revenue of $829m in 2020, from gold sales of 468,681 ounces at an average realised gold price of $1,766 per ounce sold. The gold mining company recorded profit before tax of $315m [...]
Odey Asset Management loses tax battle with HMRC over executive pay March 22, 2021 Crispin Odey’s hedge fund Odey Asset Management has lost a tax battle with HMRC that could leave current and former executives on the hook for additional tax bills. The firm and 17 executives have been embroiled in litigation with HMRC over a partnership pay plan than ran between tax years 2011-12 and 2016-16. According [...]
Incoming stockbroker CEO: ‘The UK still looks cheap to me’ March 22, 2021 It is an exciting time to be a stockbroker, according to Cenkos Securities incoming CEO Julian Morse, who reckons UK markets are cheap and investors have no other option than to invest in equities. AIM-listed Cenkos performed well last year. The institutional stockbroking firm secured an underlying profit of £4m and revenue of £31.9m – [...]
CMA investigates publisher Penguin’s $2.2bn takeover of Simon & Schuster March 22, 2021 The competition watchdog is investigating if the $2.18bn takeover of Simon & Schuster by publisher Penguin Random House may hurt competition. The Competition and Markets Authority (CMA) has until 19 May to decide whether to refer the merger to a more in-depth ‘phase two’ investigation, A spokesperson for Penguin Random House said: “We announced last November that Penguin Random [...]
NatWest £365m money laundering case linked to separate case involving infamous gold dealer James Stunt March 22, 2021 Criminal money laundering charges against NatWest are linked to a separate case against 13 individuals based in cities around the country. The Financial Conduct Authority (FCA) started a criminal action against NatWest last week, making it the first bank to be charged under a 2007 money laundering law. The FCA accused NatWest of failing to monitor suspect activity by [...]
Listed law firm Knights buys 60-year-old Surrey firm March 22, 2021 UK law firm Knights will acquire Surrey-based Mundays for £5.3m in a move that will increase the group’s presence in the South East. Knights will pay £3.93m up front for the smaller law firm, followed by cash payments worth £1.375m to be paid over two years. Knights CEO David Beech said: “The acquisition of Mundays [...]
Exclusive: Texas law firm Vinson & Elkins on half a century in London March 20, 2021 Texan law firm Vinson & Elkins just celebrated 50 years in London, having set up shop in the capital in 1971 to take advantage of the booming oil and gas industry, after oil was discovered in the North Sea. The firm began its London life with two English lawyers working in temporary space near Piccadilly [...]
Boris Johnson’s director of comms to join The Sun as deputy editor-in-chief March 19, 2021 Prime Minister Boris Johnson’s director of communications will move to The Sun as the newspaper’s new deputy editor-in-chief, just a few months after he took on the top job at Number 10. James Slack took over as Johnson’s director of communications at the end of last year. The former political editor of the Daily Mail [...]
All bets car off: Lamborghini enjoys most profitable year ever despite Covid-19 March 19, 2021 Lamborghini enjoyed its most profitable year ever in 2020, despite coronavirus restrictions and a two-month shutdown of its Italian factory during the pandemic. The luxury car retailer delivered 7,430 vehicles in 2020, generating a record turnover of €1.61bn. Although sales were slightly lower than in 2019, Lamborghini sold more expensive, customised supercars, sending profits soaring. The [...]
Chinese military bans Tesla cars from housing complexes over security concerns March 19, 2021 The Chinese military has banned Tesla cars from entering its housing complexes because of security concerns over the cameras installed on the vehicles. The order issued by the military advises Tesla owners to park their cars outside military property, two people who saw notices of the directive said. Residents of military housing were notified of the ban this week, [...]
