Carillion collapse leaves taxpayer on the hook for nearly £150m June 7, 2018 The collapse of outsourcer Carillion will cost the taxpayer at least £148m, according to a report published today by the National Audit Office (NAO). The liquidation of Carillion is currently expected to cost £522m which includes a £50m payment for big four accountancy firm PwC which is acting as special manager. The net cost to [...]
Deloitte announces reduced UK partner promotions round June 5, 2018 Big four accountant Deloitte has announced a reduced 2018 partner promotions round with the number making the grade in the UK and north west Europe both dipping. Partner promotions in the UK fell five per cent from 57 last year to 54 in 2018. The number and percentage of new female partners in the UK [...]
Who are the City’s best paid lawyers and what are they taking home? June 4, 2018 When private equity partner David Higgins started his new role in the City office of US law firm Kirkland & Ellis in April, he came with the weight of expectation generated by a reported $10m (£7m) salary. Higgins’ salary, which works out at nearly $200,000 per week, is almost unprecedented in the London legal market. [...]
Law firm Knights gunning for largest-ever law firm flotation June 3, 2018 Law firm Knights is set to announce its intention to float on the London Stock Exchange tomorrow in what will be the largest law firm flotation so far. The June initial public offering (IPO) is expected to value the business in excess of £100m, outstripping Gateley, the first English firm to go public in 2015, [...]
Dixons Carphone’s share price drops 20 per cent on profit warning May 29, 2018 Dixons Carphone's share price fell nearly 20 per cent this morning as the electronics giant warned profit will be 21 per cent lower this year than last year. In a trading update the retailer said pre-tax profits for 2017-18 would be £382m, down from £501m last year. The following year's profit is expected to be [...]
Bank holiday travel: Large parts of London’s busiest Tube line shut for the weekend May 26, 2018 Large sections of the Northern Line, London’s busiest Tube line, are shut for the duration of the bank holiday weekend. Trains are not running from Hampstead, High Barnet and Mill Hill East in the north to Charing Cross and Moorgate in central London. The suspension of the line, which includes busy stations like Euston, King's [...]
RSA chief executive Stephen Hester pockets nearly £5m after strong 2017 for the insurer March 25, 2018 The chief executive of RSA Stephen Hester will take home nearly £5m after a strong 2017 for the insurer which saw it achieve a record underwriting profit of £394m. On top of his salary of £987,000, the former Royal Bank of Scotland (RBS) boss received a £1m bonus, £2.6m as part of a long-term incentive [...]
Shell could take on Big Six under own brand March 25, 2018 Energy giant Shell could move to take on the “Big Six” domestic energy suppliers in the UK under its own brand. The company confirmed that using the “Shell” brand for its new domestic supply operations was one of the options currently being examined. Shell acquired residential energy supplier First Utility last month in a deal [...]
Micro Focus bosses buy shares after price collapse March 25, 2018 Five Micro Focus board members bought nearly £700,000 worth of shares in the technology company following a steep drop in its share price last week. Stock market filings show that Micro Focus board members bought £694,342 worth of shares in the company on Wednesday and Thursday last week following a dip in its share price. [...]
Legal boss sent sexually explicit messages to woman he approached as part of Christian outreach programme March 22, 2018 The boss of one the world’s largest law firms by revenue resigned this week after engaging in “communications of a sexual nature” with a woman he approached as part of a Christian outreach programme. Bill Voge, the chair of US law firm Latham & Watkins, resigned the from the $3bn (£2.14bn) firm this week as [...]