‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
MPs slam HM Revenue & Customs for not doing enough to tackle tax fraud April 15, 2016 A report released today has criticised the UK's tax authority for not making headway in the battle against tax fraud. The report by the Public Accounts Committee (PAC) said there had been limited progress made in reducing the losses from tax fraud, which costs HM Revenue & Customs (HMRC) around £16bn per year in uncollected taxes. The PAC [...]
Investors could be warming up for another shareholder spring, as BP’s chief executive Bob Dudley has near $20m pay packet voted down April 14, 2016 Blue chip companies have reached the “last chance saloon” for outlandish boardroom pay packages, as leading investors warm up for what could be another shareholder spring following Thursday’s rejection of BP’s $20m pay deal for CEO Bob Dudley. An unprecedented 59.29 per cent of BP shareholders voted against Dudley’s proposed $19.6m (£13.8m) remuneration package, which [...]
Scandals like the Panama Papers report have made people demand more transparency from their banks April 14, 2016 A stream of seemingly constant scandals has made people demand more from their banks, a survey released today has found. The poll by Triodos Bank discovered that the news agenda in 2015, which included the conviction of Tom Hayes for Libor-related offences and the publication of a report into the HBOS collapse, had led to 22 per [...]
Hays share price closes up, despite drop in net fees in UK and Ireland as employers exercise caution and analysts point to Brexit uncertainty April 14, 2016 Hays reported a boost to net fee income overall in a trading statement today, but revealed that employers in the UK and Ireland were exercising caution. The recruiter announced that its net fee income across all regions had grown by five per cent on an actual basis for the three months ended March 2016, and by [...]
UK pensions puzzle: Pension freedoms spark both young and old to ask more questions April 14, 2016 Annuity providers may have been worried their work would drop off once the pension freedoms were introduced, but there's one organisation in the pensions sector that has seen work flood in. The Pensions Advisory Service has received a 71 per cent increase in people seeking guidance on their pensions since the pensions freedoms rules came in [...]
Libor scandal: Financial Conduct Authority pushes to ban former UBS trader over Libor-rigging accusations April 14, 2016 A former UBS trader is facing a ban from working in financial services after the Financial Conduct Authority (FCA) issued a decision notice today claiming that he was not a "fit and proper person". The FCA alleges that Arif Hussein played a role in manipulating Libor while working as head of UBS’s GBP Rates Desk. The FCA claims that Hussein was [...]
Brace yourself: Brexit could put 100,000 financial services jobs on the line, a report out today has found April 14, 2016 A vote to leave the EU on 23 June could put at risk thousands of financial services jobs, as businesses delay investment or funnel it into cities overseas, a report out today warns. The report, which was commissioned by TheCityUK and carried out by PwC, discovered that up to 100,000 jobs could be lost from the [...]
Chicago Mercantile Exchange operator to wave goodbye to New York trading floor by the end of the year April 13, 2016 They say that if you can make it there, you can make it anywhere but the Chicago Mercantile Exchange operator has decided it's better off without a certain part of New York. CME Group announced today that it would be closing the doors to its New York trading floor on 30 December 2016. In a short [...]
Now Goldman Sachs has told staff not to campaign on EU referendum, although the bank itself has previously donated to the “in” campaign April 13, 2016 Goldman Sachs has become the latest big name to tell staff to play their cards close to their chest when it comes to the EU referendum, it was revealed today. In a memo sent to 6,000 staff, most of whom are based in London, the bank advised that it had chosen not to register with the Electoral [...]
