Royal London chief executive to step down by the end of 2019 December 11, 2018 Life insurer Royal London’s chief executive Phil Loney is set to step down by the end of 2019, the company said today. Loney is standing down to concentrate on charity work in the international development sector and helping people with learning difficulties. He joined the insurance and pensions mutual in 2011 during which time it [...]
‘No room for renegotiation’: EU slaps down UK hopes for a new Brexit deal as May attempts to woo European leaders December 11, 2018 The EU will not renegotiate Theresa May’s Brexit deal after the Prime Minister was forced into a humiliating parliamentary climbdown yesterday, Jean-Claude Juncker said this morning. The European Commission president said: “I remain convinced that the Brexit deal we have is the best – and only – deal possible. There is no room for renegotiation, but further [...]
Huawei chief financial officer Meng Wanzhou’s bail hearing to to continue as judge weighs flight risk December 11, 2018 Huawei's chief financial officer Meng Wanzhou is set to return to court for a third day of bail hearings today as she discovers if she will be freed on bail pending extradition to the US. Meng, faces accusations that she misled banks about Huawei’s control of a company operating in Iran, putting the banks at [...]
City watchdog proposes clampdown on high risk spread betting instruments December 7, 2018 City watchdog the Financial Conduct Authority (FCA) has today proposed a clampdown on the sale of certain risky financial instruments to retail customers, in a move that could hit the already struggling spreadbetting sector hard. The FCA proposed a ban on the sale, marketing and distribution of binary options to retail customers and a restriction [...]
‘Big Short’ investor Steve Eisman bets against UK banks December 7, 2018 Investor Steve Eisman who is known for his prediction of the 2008 financial crisis has said he is betting against three UK banks. Eisman, who was played by actor Steve Carell in the film The Big Short, said he thinks the British market will go down because of Brexit. He said that he bet against [...]
Housebuilder Berkeley Group boosts full-year profit guidance December 7, 2018 Housebuilder Berkeley Group has increased its pre-tax profit guidance for the current financial year by more than five per cent, it said today. This comes despite its results for the first half of the year showing its pre-tax profit fell by a quarter compared to the same period last year, dropping from £539.9m to £401.2m. [...]
Primark owner warns of challenging trading and tough retail market December 7, 2018 The chairman of the company behind Primark is today warning of a tough market for retail saying that during November Primark trading was challenging. Associated British Foods chairman Michael McLintock will say at the firm’s annual general meeting today that “during November Primark trading was challenging, in a tough retail market, but with careful inventory management [...]
Tesco fraud fiasco leaves new SFO boss with serious questions to answer December 6, 2018 The Serious Fraud Office (SFO) has had more ups and downs than Thomas Cook’s share price. When it scores a big success, like the near £500m deferred prosecution agreement (DPA) with Rolls-Royce, it gets cheered to the rafters, while failures such as the Tchenguiz brothers debacle sees it dubbed the Serious Farce Office by critics. [...]
Serious Fraud Office trial against Tesco executives collapses December 6, 2018 The Serious Fraud Office’s case against two senior former Tesco’s executive has collapsed because of insufficient evidence. At Southwark Crown Court this morning Judge Sir John Royce instructed the jury to acquit both defendants, former UK managing director Chris Bush and ex-UK food commercial director John Scouler. The pair had both been charged with one [...]
Theresa May: Parliament risks no-deal Brexit if it does not vote for withdrawal agreement December 6, 2018 Prime Minister Theresa May today said if parliament does not vote for her deal next Tuesday it either risked a no-deal Brexit or no Brexit at all. She said the agreement she negotiated with the EU was “a good deal and one that delivers on the referendum.” She said she understood there were concerns from [...]
