Ladbrokes Coral-owner GVC hit with £5.9m fine over safeguarding failures July 31, 2019 Ladbrokes Coral’s owner GVC has been fined £5.9m by the Gambling Commission after it found the bookmaker failed to put in measures to prevent money laundering and customers coming to harm between 2014 and 2017. GVC, which acquired the bookmaker in 2018, has been ordered to make a series of changes to its business and [...]
Once-staid audit sector enters brave new world July 30, 2019 The days of auditors as grey-suited backroom boys is over. Whether they like it or not, the spotlight turned on the sector following the collapse of outsourcer Carillion has not diminished in intensity. The Big Four face the challenge of a potential raft of reforms designed to rein them in, overseen by a new beefed-up [...]
Former Baker McKenzie London head Gary Senior to face prosecution for alleged sexual harassment July 30, 2019 The former head of global legal giant Baker McKenzie’s London office is facing prosecution for alleged sexual harassment, the Solicitors Regulation Authority (SRA) said today. Gary Senior, who left the firm last year, has been referred to the Solicitors Disciplinary Tribunal (SDT) to face allegations he “behaved in an inappropriate manner towards Person A”. In [...]
Giffgaff fined £1.4m by Ofcom for overcharging mobile customers July 30, 2019 Mobile phone company Giffgaff was fined £1.4m by watchdog Ofcom today for overcharging customers. An Ofcom investigation found that an error in Giffgaff’s billing system led to around 2.6m customers being overcharged a total of almost £2.9m. Read more: Russia threatens retaliation against British media after RT fine Giffgaff is owned by Telefonica UK which [...]
Silver miner Fresnillo’s shares slide as profit plunges July 30, 2019 Profit at FTSE 100 miner Fresnillo tumbled by more than two-thirds in the first half of the year, it said today. The company blamed production problems and lower prices for the precipitous fall. Profit for the six months to 30 June fell 69 per cent compared to the same period last year to $70.9m (£58.2m). [...]
British Gas owner Centrica’s chief executive resigns as it slashes dividend July 30, 2019 British Gas owner Centrica said its chief executive was stepping down today as it announced a dividend cut of nearly 60 per cent. Chief executive Iain Conn will step down as chief executive and retire next year, the company said. Read more: British Gas owner Centrica ‘to cut dividend and sell off oil and gas [...]
On a roll: Greggs boosts sales and profits July 30, 2019 Bakery chain Greggs said today that its sales for the first half were up 14 per cent on the previous year. Sales hit £546m in the six months to 29 June which Greggs said was helped by the popularity of its vegan sausage roll. Underlying pre-tax profit margin rose to 7.5 per cent from 5.4 [...]
Reckitt Benckiser cuts full-year guidance after ‘slow start to the year’ July 30, 2019 Consumer goods company Reckitt Benckiser cut its full-year revenue guidance today, blaming poor performance in its health division. The Nurofen-maker said it was cutting its 2019 net revenue target to plus two-to-three per cent like-for-like growth from a previous target of plus three-to-four per cent. For the first half the firm posted a like-for-like performance [...]
Barclays and RBS among banks hit by £1bn forex rigging lawsuit July 29, 2019 Barclays and the Royal Bank of Scotland (RBS) are among five banks targeted in a £1bn class action lawsuit over forex rigging that was filed today. The action follows a May ruling by the European Commission that Barclays, RBS, JP Morgan, Citibank and UBS had violated EU competition law. The five banks have been collectively [...]
Vauxhall could end Ellesmere Port production if Brexit makes it unprofitable July 29, 2019 Vauxhall could end production of the Astra in Ellesmere Port in Cheshire if Brexit makes it unprofitable. The boss of French carmaker PSA, which owns the Vauxhall and Opel brands, warned that the company had picked another site in Southern Europe to build future Astras if the UK could not reach a satisfactory Brexit deal. [...]