Raid on Deutsche Bank’s Frankfurt offices enters second day as shares fall November 30, 2018 A raid on Deutsche Bank’s Frankfurt offices has entered its second day, German prosecutors said this morning, sending shares down by almost three per cent. The operation is targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality. According to a statement from German prosecutors, [...]
Moulton-backed litigation funder Manolete Partners raises £29m in London float November 30, 2018 A litigation funder backed by City veteran Jon Moulton has raised £29.4m in its London initial public offering (IPO). Manolete Partners announced its intention to float on London’s Aim market today. It said it had conditionally raised £16.3m before expenses from the placing of 9,285,714 new ordinary shares with £13.1m before expenses realised by selling shareholders [...]
UK tech entrepreneur Mike Lynch charged in US over Autonomy deal November 30, 2018 Prominent UK tech entrepreneur Mike Lynch has been charged by US authorities with fraud over the sale of software company Autonomy to Hewlett Packard in 2011. The US Department of Justice filed charges against Lynch yesterday in a San Francisco court. The charges carry a maximum penalty of 20 years in prison and include 14 [...]
Deutsche Bank’s offices raided by police in Panama papers probe November 29, 2018 Deutsche Bank’s Frankfurt offices have been raided by German police this morning in a suspected money laundering investigation. More than 170 police took part in the operation which was targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality. Noch ist unklar, warum ein Großaufgebot [...]
Daily Mail owner posts 16 profit dip as online revenues overtake print advertising for first time November 29, 2018 The group that owns newspaper the Daily Mail said today its profit before tax fell 16 per cent in the last financial year sending shares sliding. The Daily Mail and General Trust (DMGT) said pre-tax profit had slipped 16 per cent to £182m in “challenging trading conditions”. In an illustration of the changing nature of [...]
Dignity shares slide after regulator proposes funeral competition probe November 29, 2018 Shares in listed-funeral provider Dignity dropped 15 per cent today following an announcement by the Competition and Markets Authority (CMA) of a potential probe of the sector. The CMA today proposed a “major funerals probe after identifying serious concerns”. Shares in Dignity fell 15 per cent, from 864p to 847p following the news. The CMA [...]
Gambling Commission hits online casino operators with nearly £13m in fines November 29, 2018 Regulator the Gambling Commission has levied fines worth nearly £13m on two online gaming operators, it said today. Two companies were fined for failing to put in place effective safeguards to prevent money laundering and keep consumers safe. Daub Alderney was ordered to pay £7.1m while Casumo was ordered to pay £5.85m. A third company, Videoslots, [...]
Legal sector contributes £26bn to UK economy November 29, 2018 The UK legal services sector grew 8.8 per cent to 342,000 jobs in 2017, an increase of 30,000 year-on-year, according to a report released today by TheCityUk. The output of the UK legal sector in 2016 was £26bn, the equivalent to 1.4 per cent of UK gross value added (GVA). The industry employs 107,000 people [...]
Goldman Sachs hit with £5.2m fine for short selling November 28, 2018 South Korea’s financial regulator has hit Goldman Sachs with a 7.5bn won (£5.2m) fine for breaking rules on short-selling. The fine is for short-selling without securing underlying assets, the Financial Services Commission (FSC) said in a statement. It said Goldman Sachs Group’s subsidiary Goldman Sachs International had conducted short sales worth 40.1bn won in May. [...]
Axa raises profit target following $15bn XL deal November 28, 2018 Europe's second-largest insurer Axa said it expects profitability to speed up in the next two years thanks to business brought in by XL which it acquired in September. French-headquartered Axa said today it expected adjusted return on equity (ROE) to increase between 14 per cent and 16 per cent annually over the coming two years, [...]
