Norway’s $1tn sovereign wealth fund could shift investment away from Europe August 27, 2019 Norway’s $1tn (£820bn) sovereign wealth fund should shift billions of dollars of investments from European stock markets to the US, its fund manager recommended today. The world’s largest sovereign wealth fund, which invests Norway’s oil wealth, has traditionally given a greater weighting to European stocks and a lower weighting to US equities. However, the Norwegian [...]
Jubilee Line suspended after man suffers head injury at Baker Street August 27, 2019 The Jubilee Line was part-suspended this afternoon after a man suffered a serious head injury at Baker Street station. Service were suspended between Finchley Road and Waterloo while emergency services dealt with a casualty on the track, the Jubilee Line Twitter account said. In an update, it said: “The train involved in the incident has [...]
Natwest and RBS websites crash: Customers struggle to access online banking after outage August 27, 2019 Natwest and RBS banks have still not recovered from major technical issues that have knocked over their websites today. The websites crashed at around 9am and have still not recovered, prompting a deluge of customer complaints on Twitter as people struggled to access their bank accounts. Read more: Natwest apologises after another banking outage The [...]
Muddy Waters accuses Burford Capital of deceiving investors August 27, 2019 Shortseller Muddy Waters blasted litigation funder Burford Capital again today, saying the company “is not worthy of an Aim listing, let alone a US one”. The shortseller’s first attack on Burford earlier this month wiped 40 per cent from the company’s share price. Today Muddy Waters reiterated its criticism of Burford’s conduct in relation to [...]
Deloitte boosts partner pay as profits jump August 27, 2019 Deloitte partners are in line for a pay hike this year, despite the current controversy surrounding the future of the Big Four accounting firms. Average profit per equity partner rose six per cent to £882,000 for the year ended 31 May. Profit available for distribution rose to £617m, up from £584m in the prior year. Deloitte [...]
Number of people employed by Aim-listed businesses increases 76 per cent over five years August 27, 2019 The number of people employed by companies listed on London’s junior Aim market has increased 76 per cent over the last five years, to reach almost 390,000 people. Revenues of Aim-listed businesses have also grown significantly, with an 86 per cent increase over five years, bringing total revenues to £58bn, according to accountancy firm BDO. [...]
Crunch time: How would City law fare in another downturn? August 27, 2019 The last recession hit the City legal market hard. The top firms launched unprecedented restructurings, slashing thousands of jobs as credit dried up and deals ground to a halt. Magic Circle firm Allen & Overy cut nearly ten per cent of its workforce worldwide, ditching 47 partners, 200 junior lawyers and 250 support staff. One [...]
Daily Mail-owner DMGT sells energy data business for $364m August 26, 2019 Daily-Mail owner DMGT said today it has agreed to sell its energy information business in a $364m (£297m) deal. DMGT said it had agreed to sell Genscape to Nasdaq-listed data analytics provider Verisk. Genscape will become part of Verisk’s Wood Mackenzie business which focuses on short-term energy data and analytics. DMGT said it expected the [...]
Margaret Thatcher’s spin doctor Lord Bell dies aged 77 August 26, 2019 Lord Tim Bell, Margaret Thatcher’s public relations adviser and founder of the PR firm Bell Pottinger, has died aged 77. He died on Sunday at home following an illness. The PR man played a role in the Conservatives’ successful election campaigns in 1979, 1983 and 1987. He was responsible for the Conservatives’ “Labour isn’t working” [...]
Netherlands in talks with 325 companies about relocating because of Brexit August 26, 2019 The Dutch government is in talks with 325 companies that are thinking about relocating because of Brexit, the Dutch investment agency said. The Netherlands Foreign Investment Agency (NFIA) said almost 100 companies had already moved some business to for the Netherlands, with 325 more expressing an interest in relocating to the country to lessen the [...]