Ex-Barclays trader Philippe Moryoussef takes UK to European human rights court over Euribor rigging conviction July 1, 2019 A former Barclays trader convicted of rigging the Euribor benchmark has launched a European Court of Human Rights claim against the UK. French national Philippe Moryoussef was tried in his absence by Southwark Crown Court in 2018 and convicted of conspiracy to defraud, receiving an eight-year sentence. He remains in France. In a statement today, [...]
Hundreds of protesters storm Hong Kong’s government headquarters July 1, 2019 Protesters in Hong Kong today stormed the Legislative Council on the anniversary of the city’s 1997 return to Chinese rule amid a backlash against laws that would allow extradition to China. A small group of protesters smashed their way through the glass doors to enter the government building. Others pulled up a steel shutter, letting [...]
Opec agrees to extend oil supply cuts by nine months July 1, 2019 Oil cartel Opec agreed to extend supply cuts by nine months today, in an attempt to maintain the price of oil in face of soaring US production and fears of a global economic slowdown. Opec is meeting today in Vienna and is holding a further meeting tomorrow with Russia and other allies. Opec and its [...]
UK’s top 100 law firms report strong year despite final quarter slump July 1, 2019 The UK’s top 100 law firms grew fee income seven per cent in the year to 30 April, according to data published today. The strong performance is a slight dip on last year’s average fee income increase of 7.7 per cent, according to audit firm Deloitte’s quarterly legal sector survey. Jeremy Black, partner in Deloitte’s [...]
City watchdog ramps up enforcement as it faces political pressure to act July 1, 2019 The Financial Conduct Authority (FCA) has ramped up its investigations in the face of political pressure to crackdown on wrongdoing in the financial services sector, according to research published today. FCA investigations into individuals doubled in 2018, with the number of individuals being referred to the watchdog’s regulatory decisions committee (RDC) rising to 27 from [...]
PwC UK unveils bumper partner promotions round as it shakes up top team July 1, 2019 Audit firm PwC UK has promoted 69 to its equity partnership and shaken up its top management team, it said today. The number of promotions mark a 27 per cent increase on the previous year when the firm elevated 54 to its equity ranks. The firm also hired 13 partners during the course of the [...]
Number of cyber incidents reported by financial services firms explodes July 1, 2019 The number of cyber incidents financial services firms reported to the Financial Conduct Authority (FCA) rocketed in 2018, data published today reveals. Financial services firms reported 819 cyber incidents to the FCA in 2018, up from 69 in 2017, according to data obtained in a freedom of information request by accountancy firm RSM. Retail banks [...]
Losses jump more than 50 per cent at digital bank Monzo June 27, 2019 Losses at digital bank Monzo widened to £47.2m last year, its annual report published today shows. Losses increased 54 per cent from £30.5m the year previously. Personnel expenses for the year ended 28 February jumped to £25.6m from £9.2m in 2018. This reflects the company’s expansion, with more than 400 staff spread across its offices [...]
UK fashion brand Karen Millen hoists for sale sign June 27, 2019 British fashion brand Karen Millen is set to be sold by its Icelandic owners. Sky News reported that advisers to Kaupthing, one of the Icelandic banks that collapsed during the financial crisis, are set to begin formal talks with potential bidders for Karen Millen in the next few days. The sale process is being led [...]
Vauxhall says building new Astra in the UK contingent on final Brexit deal June 27, 2019 Car manufacturer Groupe PSA said today it will build the new Vauxhall Astra in the UK, but said the decision was conditional on the terms of Brexit. PSA said the new Astra would be manufactured at Ellesmere Port in Cheshire and at Russelsheim in Germany. In a statement the company said: “The decision on the [...]