Mary Francis joins Barclays as a non-executive director June 28, 2016 A former senior independent director of Centrica has today been appointed a non-executive director at Barclays. Mary Francis, who is currently serving on the board at Swiss Re Group and has previously held non-executive positions at Aviva, Cable & Wireless Communications, the Bank of England and Alliance & Leicester, will join the board of the bank at [...]
Volkswagen agrees to shell out $14.7bn to settle emissions-cheating scandal June 28, 2016 Volkswagen has today agreed to pay out around $14.7bn (£11bn) to settle claims relating to the emissions-cheating scandal. Last year, the car manufacturer admitted to fitting vehicles with devices designed to cheat emissions tests, prompting investigations and legal actions in a number of different countries. Slightly over $10bn of Volkswagen's settlement relates to compensating vehicle owners, while [...]
Old Mutual becomes the latest company to say it should be able to carry on as planned despite Brexit vote ahead of its AGM June 28, 2016 Old Mutual today became the latest in a string of companies to come forward and say the Brexit vote shouldn't affect its plans. Referring to plans announced earlier this year to split the company into four different businesses, Old Mutual chief executive Bruce Hemphill said: "Increased market volatility following the referendum decision to leave the EU does [...]
Don’t rock the legal sector post-Brexit vote, pleads Law Society chief executive June 28, 2016 The Law Society's chief executive has today urged policymakers not to pick away at regulation surrounding the legal sector so close to the EU referendum result. Speaking ahead of a justice committee hearing on legal services regulation, Catherine Dixon warned that key legal changes that could be sparked by Brexit would take years to put [...]
Parliaments across Europe intensify calls for more corporation tax transparency, as Public Accounts Committee unveils open letter asking for just that June 28, 2016 Parliaments across Europe are today urging their respective governments to do more to make tax transparent. The Public Accounts Committee (PAC) has unveiled an open letter, signed by the chairs of parliamentary finance committees of Germany, Hungary, Finland, Norway and Slovakia, along with senior MPs from the Netherlands, Czech Republic and Bulgaria. The letter calls on governments [...]
Not just a UK problem: European banking sector rocked by Brexit vote June 27, 2016 London is not the only city feeling the burn in the banking industry, as many other European cities are experiencing some fallout from the referendum result. Shares in Deutsche Bank and Credit Suisse slid to their lowest level ever earlier today, before closing down 6.2 per cent and 9.2 per cent respectively. Societe Generale closed down 8.4 per [...]
What you need to know about passporting June 27, 2016 Passporting, something previously little heard of by those outside the financial services industry, seems to have been a big source of panic post-Brexit vote. Sadiq Khan told City A.M. over the weekend that a loss of the provisions would be "a disaster", while London-headquartered HSBC warned back in February that it would consider moving as many as 1,000 [...]
