New European financial services commissioner reminds everybody that Italian banks’ woes pre-date Brexit vote July 6, 2016 The issues with Italy's banking industry do not stem solely from the Brexit vote, the new European financial services commissioner said today. Speaking in front of the European Parliament's committee on economic and monetary affairs, Valdis Dombrovskis remarked that many of the problems that Italy's banks were currently struggling with were in place long before the UK's decision to leave [...]
Arthur J Gallagher snaps up majority stake in Swedish Brim July 6, 2016 US insurer Arthur J Gallagher & Co has today purchased an 85 per cent interest in a Swedish speciality insurance broker Brim. The value of the deal was not disclosed by the companies. "For many years, we have had a successful correspondent trading relationship with Brim, during which time we developed strong working relationships with [...]
Short-selling suspended yet again in Banco Monte dei Paschi, as EU’s new financial services commissioner says Italy’s banking crisis preceded Brexit vote July 6, 2016 NULL
Clifford Chance celebrates a record breaking year, with revenues reaching a new high July 6, 2016 Clifford Chance has a reason to crack open the champagne this afternoon, after the magic circle outfit revealed its highest levels of revenues for a financial year yet. The figures The law firm announced revenues for its years to April of £1.39bn, up three per cent on the year before. Meanwhile partnership profit hit £494m [...]
Allen & Overy financials hold steady in face of Brexit uncertainty July 6, 2016 Magic circle outfit Allen & Overy today revealed a small dip in its reported profits, as EU referendum uncertainty caused work to tail off in the second half of its financial year. The figures Profit before tax for the year to April slid by 1.4 per cent to £562m, although the figure was also affected by changes to [...]
714 new partners worldwide for Big Four firm EY, with a focus on emerging markets and women July 5, 2016 Big Four firm EY announced today that it had promoted 714 to partner worldwide, with women and those from emerging markets accounting for a substantial chunk of the number. Over a third (35 per cent) of the new partners came from emerging markets, while just less than three in 10 (29 per cent) were women. The [...]
Why not just anything can be a MACCOFFEE – EU court rules in favour of McDonald’s trademark July 5, 2016 Fast food mainstay McDonald's today received a boost to its branding, after a Singapore rival failed in a bid to secure rights to the MACCOFFEE trademark. The General Court of the European Union decided that Future Enterprises' EU trademark application for MACCOFFEE could not be approved because of an earlier trademark application made by McDonald's, which covered the affixing of [...]
Three years in a row for progress at Herbert Smith Freehills, with both revenues and profits up July 5, 2016 The joint chief execs of law firm Herbert Smith Freehills today praised the firm's third year in a row of progress, as it revealed a boost to revenues and profits in its provisional results. The figures The firm reported revenues for the year to April of £870m, up seven per cent compared with the prior year's £815m. Profits [...]
More still needs to be done to help public protect themselves from fraud and cybercrime July 5, 2016 People are still not being given the tools they need to protect themselves from fraud and cybercrime, a report out today has found. The study from the Fraud Advisory Panel raised concerns that many of the shortcomings in fraud prevention 10 years ago still prevailed today. In particular, the report took issue with poorly resourced police departments, [...]
