BP has agreed to shell out another $175m over Deepwater Horizon June 3, 2016 BP agreed to settle with shareholders for $175m (£121.4m) last night over a class action lawsuit sparked by the Deepwater Horizon incident. In a brief statement issued by the company, it noted that the settlement will be dished out to shareholders during 2016-17. In 2010, the Deepwater Horizon rig exploded, killing 11 people and spewing [...]
These are six ways banking is about to change, according to former Barclays boss Antony Jenkins June 2, 2016 Antony Jenkins thinks that banking is having an "Uber" moment, undergoing a transformation that will leave the sector looking entirely unrecognisable. Jenkins, who is currently chairman of Business in the Community and was previously group chief executive of Barclays, imparted his wisdom at an event hosted by the Institute of Chartered Accountants in England and Wales this evening, remarking "there [...]
Royal London wants to add a bit more clarity to income drawdown, and they’ve got just the product to do it June 2, 2016 Royal London has today launched a product which aims to give advisers a bit more insight into the sustainability of their clients' available income for drawdown. The Drawdown Governance Service, which is aimed at advisers whose clients hold an Income Release drawdown plan with Royal London, will provide details such as an income sustainability score and easy-to-read reports [...]
Pre-pack deals being referred for review much higher in value than initially expected June 2, 2016 The value of pre-pack deals being referred for initial assessment is much higher than initially anticipated. Data shared with City A.M. by the Pre-Pack Pool, which was established in May 2015 to review and greenlight pre-pack administration proposals, shows that the average value of deals referred to it so far is around to £4.2m. By comparison, the [...]
BHS fiasco could spark a Cadbury moment for takeover rules, says top City law firm June 2, 2016 The ongoing BHS debacle could cause the government to have a Cadbury moment and change the Takeover Code, a City law firm has said today. Pinsent Masons believes that the level of public interest in the high street retailer's administration, and the £1 sale to Retail Acquisitions that took place just one year beforehand, may force a rethink to the [...]
How fair is pay in the banking sector? June 2, 2016 When it comes to bankers’ pay, fairness is very much in the eye of the beholder. Looking in, the public struggle to accept bankers’ bulging pay packages. From within, bankers are seldom satisfied, largely because of a lack of transparency fostered by the banks. Unlike for other areas of financial services, such as carried interest for those [...]
The reason your taxi driver won’t go south of the river for three months (not across Tower Bridge anyway) June 2, 2016 If your travels around London regularly take you across the Thames, you'll have one less travel option come October, as Tower Bridge closes for three months. Tower Bridge Road will be shut to vehicles from 1 October while repair and maintenance work is carried out, the City of London Corporation announced today. "This decision to close Tower [...]
Restructuring costs pollute Johnson Matthey profits June 2, 2016 Restructuring and impairment costs have burnt a hole through Johnson Matthey's earnings, as the engineering firm announced a drop in profits in its preliminary full year results today. The figures Reported profit before tax for the company, which is well-known for making car emission catalysts, dropped 22 per cent to £386.3m for the year ended in March, [...]
Decision on super exam for lawyers delayed June 1, 2016 The Solicitors Regulation Authority (SRA) has today delayed making a decision on the introduction of a so-called super exam. While the SRA maintained in its announcement that it still believed there was a strong case for the Solicitors Qualifying Exam, it has extended its timetable to work out some of the detail. Read more: Criminal justice system [...]
