Get ready to meet your new co-worker…in seven weeks’ time May 25, 2016 Good news: if you've been using the empty desk next to you as extra storage space for piles of paperwork, a study out today suggests you have a while before you'll need to tidy up. A survey of financial services executives by recruiter Robert Half discovered that it takes an average of seven weeks to [...]
Executive pay not so safe at Paysafe as shareholders revolt May 25, 2016 This year's shareholder spring claimed another victim today, with Paysafe Group shareholders voting against the directors' remuneration report. At the online payment services company's AGM, which took place on the Isle of Man, only 48.3 per cent of those who cast their ballot voted in favour of the remuneration report. However, 87.6 per cent voted in favour [...]
Fraud reaching “epidemic” levels, costing the UK economy more than £6,000 per second or almost £200bn a year May 25, 2016 Fraud is costing the UK economy nearly £200bn per year – or more than £6,000 per second – with businesses being the biggest targets, a report out today has discovered. The study discovered that the private sector was losing roughly £144bn of the £193bn total lost to fraud every year. In particular, procurement fraud, such as issuing fake invoices and [...]
Alibaba reveals it is being investigated by the SEC over its accounting practices May 25, 2016 Chinese ecommerce giant Alibaba revealed in its recently filed annual report that it is being investigated by the US Securities and Exchange Commission (SEC) into whether its accountancy practices had violated of federal securities laws. The SEC has requested further details from Alibaba on its accounting methods for Cainiao Network, its logistics unit, and how it reports its operating [...]
Advisers tell MPs that BHS needed to be sold by Arcadia group to give it any chance of surviving as a business May 25, 2016 One of the advisers on the sale of BHS has today told MPs that the company needed to be separated from the Arcadia group for it to have a chance of continuing as a viable business. Speaking in front of the Work and Pensions committee and the Business, Innovation and Skills committee, Mark Byers, partner at [...]
Retail Acquisitions may not have been fully aware of the BHS pension position when it first explored buying the retailer May 25, 2016 BHS' pensions fund trustees today told MPs that Retail Acquisitions may not have been fully aware of the pension scheme position when it began the process of buying the business. Speaking in front of the Work and Pensions committee and the Business, Innovation and Skills committee, Chris Martin, chair of the BHS Pension Fund Trustees, pointed [...]
Three men receive sentence totalling just short of 21 years for £79.5m Ponzi scheme fraud May 24, 2016 Three men have today been sentenced to a total of just under 21 years in prison for running a Ponzi scheme, which defrauded investors of an estimated £79.5m. Jolan Saunders, 40, was sentenced to seven years for conspiracy to defraud and one year, which will run concurrently, for acting as a director while disqualified. Meanwhile, Michael Strubel, 54, and Spencer Steinberg, [...]
Life peer accuses US of “smash and grab raid” of UK Libor interests, alleging that their authorities pushed for prosecution of Tom Hayes to further their interests May 24, 2016 NULL
