France tells Swiss UBS to hand over tax details, but bank pushes for legal clarity July 5, 2016 UBS has been ordered to hand over tax information to the French authorities, the bank revealed today. A statement from UBS revealed that it had received a disclosure order from the Swiss Federal Tax Administration, on behalf of the tax authorities in France, concerning accounts of both current and former French domiciled clients, based on data from 2006 [...]
Government to mull over what to do next for insolvency rules, including what respite to give companies in trouble July 5, 2016 Government is to take a long, hard look at the UK's insolvency rules, as a consultation on the topic closes tomorrow. The consultation, which is reviewing the current corporate insolvency framework, was launched on 25 May and is being jointly overseen by The Insolvency Service and the Department for Business, Innovation and Skills. Among the proposals [...]
Why the Brexit vote could be the undoing of Italy’s banks, and why that’s really bad news for the rest of Europe July 5, 2016 Last month's Brexit vote has battered the banking sector in general but it could be a particularly dangerous trigger for the industry in Italy. Italian banks were already struggling with an eye-watering €360bn (£307bn) in non-performing loans between them, while shares in Unicredit, Banca Monte dei Paschi di Siena, Banco Popolare and Intesa Sanpaolo all slumped by around [...]
It’s a grim day to be a challenger bank, with shares taking a nosedive following bad Brexit vote news July 5, 2016 A slew of trading suspensions for property funds along with some stern words from the Bank of England has made this a bad day to be a challenger bank. Shares in many UK challengers, including Shawbrook, OneSavings and Virgin Money, all slid after Aviva became the second property fund to suspend trading in just as many days. M&G [...]
MPs: Treatment of confiscation orders currently teaching wrongdoers that crime pays July 5, 2016 Government's current treatment of confiscation orders is sending out the wrong message about crime, a report published today has warned. In particular, the report by the Public Accounts Committee (PAC) criticised the Home Office for routinely missing opportunities to push for confiscation orders, which allow proceeds from crimes to be recouped from somebody who has been [...]
Business groups call on government for clarity following Brexit vote July 5, 2016 Businesses are calling on government to urgently address issues arising from post-referendum uncertainty in an open letter today. The letter, which is signed by the British Chambers of Commerce, the Confederation of Business Industry, the Federation of Small Businesses, the Institute of Directors and EEF, the manufacturers' organisation, specifically asks government to clarify points surrounding the status of EU [...]
Dominic Chappell says BHS didn’t fail because of the money he took out July 4, 2016 Dominic Chappell has today pushed back on claims that the collapse of BHS was caused by the money he took out of the business. The high street retailer was placed into administration in April, just one year after it had been sold for £1 to Chappell's Retail Acquisitions. In an interview with BBC's Newsnight, Chappell [...]
Boris Johnson adds some zap to Andrea Leadsom’s Tory leadership bid July 4, 2016 Boris Johnson has today revealed he is backing Andrea Leadsom in the Tory leadership race. "Leadsom offers the zap, the drive and the determination essential for the next leader of this country," read a statement from the former Mayor of London. "She has long championed the needs of the most vulnerable in our society. "She [...]
Libor three – Who’s who? July 4, 2016 After a trial lasting just short of three months, three ex-Barclays bankers have been found guilty of Libor-rigging related offences. The jury was, however, unable to arrive at a decision for the other two before being discharged. But who were the men in the docks? Jonathan Mathew (Source: Getty) Jonathan Mathew, 35 Verdict: Guilty, 11-1 majority [...]
Everything you ever wanted to know about Libor (but were too afraid to ask) July 4, 2016 It may be hard to believe but, four years since the Libor-rigging scandal first rocked the City, the fallout is still being felt. Today, the jury on the most recent Libor trial was discharged after reaching guilty verdicts for three of the men involved but being unable to arrive at a verdict for the other [...]
