Barclays adds three new hires in digital markets push as it tries to face down activist investor June 28, 2018 Barclays has appointed three new senior bankers as it tries to push forwards better use of digital technology in its corporate and investment bank. The move comes as the bank tries to demonstrate moves to strengthen its investment bank, after activist investor Edward Bramson built up a stake in the lender. Bramson is reportedly pushing [...]
TSB staff faced ‘sickness epidemic’ under strain of computer crisis, union claimed June 28, 2018 Staff at embattled bank TSB faced a “sickness epidemic” because of the stress of dealing with disgruntled customers after a massive computer systems meltdown, according to a union which represents some of its staff. The boss of the TBU union, Mark Brown, claimed that absences increased by 25 per cent in some business areas, in [...]
Deliveroo pays workers to settle gig economy employment case June 28, 2018 Takeaway delivery firm Deliveroo has settled a legal claim by 50 of its couriers for a reported six-figure sum, in another legal battle involving employment rights in the gig economy. The claim revolved around the alleged failure of Deliveroo to give its couriers legal employment rights, such as the minimum wage and paid holiday. Multiple [...]
European business groups blast UK and EU for lack of progress on Brexit services deal June 27, 2018 A top European business group yesterday lambasted Brexit negotiators from the EU and the UK for their failure to make concrete progress towards a deal for services. The European Services Forum (ESF), which represents firms across Europe and the UK, wrote to chief negotiators Michel Barnier and David Davis to urge them to “take all [...]
Bank of England bosses criticised for £390,000 expenses bill June 26, 2018 The expenses bills run up by two of the Bank of England's top officials were today described as "staggering" by an MP. The Bank employs multiple members of its financial policy committee (FPC), which seeks to protect financial stability, who live in America. The central banking bigwigs have run up big expenses bills. Simon Clarke, [...]
New crypto platform with ex London Stock Exchange strategy chief on board aims for institutional investors June 26, 2018 A new trading platform for cryptocurrencies targeted at institutional investors will launch today in London with a former top executive at the London Stock Exchange (LSE) on its board. Archax will aim to operate “in a regulated manner” – in an as yet unregulated space – in a bid to attract big investors who have [...]
Inmarsat share price rises as Eutelsat confirms bid interest June 25, 2018 Shares in Inmarsat jumped today after European rival Eutelsat confirmed that it is considering an offer for the London-based satellite firm. The public interest from Eutelsat could spark a bidding war for the Old Street-headquartered Inmarsat, after US firm Echostar on Friday disclosed a stake in Inmarsat's equity and debt. Inmarsat has already rejected one approach [...]
Government departments to examine ‘social value’ in procurement after Carillion scandal June 25, 2018 The government will force its departments to examine “social value”, and not just cost, when making procurement decisions, it will announce today. Bids by smaller firms, mutuals, charities and co-operatives for government work will also be boosted, David Lidington, Prime Minister Theresa May’s de facto deputy, will announce in a speech in London. The move [...]
City hits back at European Banking Authority over Brexit warning June 25, 2018 Senior figures from the City of London today hit back at the European Banking Authority (EBA) after the regulator warned that lenders are not prepared for Brexit. The EBA today said that financial firms in the UK who provide services to clients in the rest of the EU were not adequately prepared for withdrawal, and [...]
Trade secretary Liam Fox says extended Brexit transition would be acceptable June 24, 2018 International trade secretary Liam Fox today set himself on collision course with his fellow Brexit backers in the Conservative party by saying he would accept an extension to a period of transition from the EU. The Cabinet minister, one of the most prominent voices in favour of leaving the EU during the referendum campaign, said [...]
