Hedge fund Och-Ziff agrees settlement in African bribery case October 2, 2016 US hedge fund Och-Ziff agreed to fork over $412m (£317.5m) late last week to settle a case that it bribed top officials in a variety of African countries. The US authorities, including the Securities and Exchange Commission, contested that Och-Ziff's internal controls were not adequate to detect and prevent a bribery scheme being carried out and concealed by former employees. "We have learned [...]
Fresh rumours emerge about bailout-ability of Deutsche Bank October 2, 2016 Fresh speculation over whether the German government could feasibly offer aid to Deutsche Bank has emerged in the country's media over the weekend. The bank's shares plummeted last week after reports emerged suggesting German Chancellor Angela Merkel would not be prepared to provide state assistence, even as the lender faced a potential fine of $14bn [...]
Deutsche Bank US share price plunges after reports suggest funds have lost faith in the lender September 29, 2016 Troubled financial giant Deutsche Bank saw its shares plummet again in New York last night, dragging Wall Street into the red. The German lender's New York-listed stock dived after reports emerged that several key funds have slashed their exposure to the bank. The news sent shivers through banking sector equity markets, with the S&P 500's financial [...]
Get on with it: Businesses get impatient over runway woes after reports suggest Theresa May has enough backing for Heathrow expansion September 29, 2016 Businesses are saying enough is enough to endless dithering over airport expansion, as reports emerged yesterday suggesting government might now have enough support to push through a Heathrow expansion. Sean McKee, director of policy at the London Chamber of Commerce and Industry, told City A.M. he hoped the latest news was not another "false start". [...]
Computer says no: Women still face an uphill battle to prove their worth in IT September 29, 2016 Women hankering after a career in IT are still struggling to prove their worth, research out today has found. Over half (57 per cent) of the IT directors surveyed by recruitment firm Robert Half said a major barrier to entry for women in the profession was proving their competence. A similar proportion (54 per cent) [...]
Watchdog reveals new plans for taping bankers’ calls as it announces potential tweaks to incoming red tape September 29, 2016 The City watchdog has today revealed proposals to bolster a critical piece of incoming red tape, including extended plans for taping bankers' phone calls. The Financial Conduct Authority (FCA) has published its third consultation paper on the implementation of the revised Markets in Financial Instruments Directive, which is due to come into force in January 2018, and is a [...]
This is how Deutsche Bank is getting in on the fintech scene, with the launch of a digital factory in Frankfurt September 29, 2016 After a string of bad news stories for Deutsche Bank, the German giant has today announced a new initiative to boost its digital edge. The bank's digital factory in Frankfurt will act as a centre for creating digital products for the lender, currently housing 400 software developers, IT specialists and financial experts from around the world. [...]
FCA charges former Blackrock portfolio manager with insider dealing September 29, 2016 A former investment portfolio manager has today been charged with insider dealing by the Financial Conduct Authority (FCA). Mark Lyttleton, aged 45 who used to work for Blackrock Investment Management (UK), has been charged with three counts of insider dealing. The FCA claims the alleged activities took place between October and December 2011 and relate to trading in equities [...]
Commerzbank announces nearly 10,000 jobs up for the chop September 29, 2016 German lender Commerzbank has today announced it will be slashing just shy of 10,000 jobs, while also halting dividend payouts to cover the cost of the latest stages of its business overhaul. Around 9,600 full-time jobs will be shed from the bank over the course of the next four years, as it starts to close down [...]
Oil prices surge as Opec reaches historic deal to curb production September 28, 2016 The Organisation of Petroleum Exporting Countries (Opec) has tonight reached an agreement to limit oil production in a bid to bolster prices, and it's had an immediate effect. Brent crude, the global benchmark for oil prices, has soared to $48.74 per barrel, a rise of $2.77 or six per cent. Meanwhile, West Texas Intermediate, its US [...]
