Ex-Barclays boss John Varley cleared of Qatar fraud charges June 21, 2019 Former Barclays chief executive John Varley has been cleared of fraud charges related to Qatari cash injections that helped the bank avoid a state bailout in 2008. Judges at the Court of Appeal ruled that the Serious Fraud Office’s case against Varley was insufficient to proceed. Read more: Ex-Barclays boss says £322m Qatar payment ‘not [...]
Mark Field suspended after grabbing Mansion House protester by neck June 21, 2019 City MP Mark Field has been suspended as a minister after a video circulated that showed him grabbing a climate change protester by the neck. Police are investigating third-part reports of assault at the event at Mansion House last night. Greenpeace has accused the foreign officer minister of assaulting a female protester. Activists disrupted the [...]
Bank of Scotland fined £45m for failing to report HBOS fraud June 21, 2019 Bank of Scotland has been hit with a £45.5m fine for failing to report suspicions of fraud at its Reading branch. The Financial Conduct Authority (FCA) said there was “insufficient challenge, scrutiny or inquiry across the organisation and from top to bottom”. Read more: Lloyds bank avoids shareholder revolt over pension pay The bank identified [...]
City MP Mark Field faces calls to resign after grabbing Mansion House protester by neck June 21, 2019 City of London MP Mark Field is facing calls to resign this morning after a video emerged of him grabbing a climate change protester by the neck. The foreign officer minister has referred himself to the Cabinet Office for investigation and police have confirmed they are looking into the incident. Read more: Climate protests get [...]
Hedge fund manager John Paulson shutters London office June 20, 2019 Hedge fund manager John Paulson, who made billions of dollars by betting against subprime mortgages before the financial crash, has reportedly closed his London business. Orkun Kilic, the last remaining partner in the London office, has left the firm according to a filing to Companies House. Read more: Hedge funds ramp up bets against Jupiter [...]
Workplace messaging app Slack prepares to make stock exchange debut June 20, 2019 Workplace messaging platform Slack will go public later today in a move that could value the firm at $16bn. The tech company is preparing to launch a direct listing on the New York Stock Exchange, an alternative to an initial public offering (IPO) which will see shares of the company’s private investors become available for [...]
Hargreaves Lansdown chief executive ‘angered’ by suspended Woodford fund June 20, 2019 Hargreaves Lansdown chief executive Chris Hill said he is “angered” by the lack of resolution regarding Neil Woodford’s suspended flagship fund. The fund supermarket’s investors currently have £1.6bn exposed to the suspended Woodford equity income fund. Read more: Woodford failed to warn Hargreaves Lansdown of unquoted stocks breach Since the fund was last tradable on [...]
Cold weather dampens May retail sales June 20, 2019 Retail sales suffered a setback last month as volumes dropped 0.5 per cent month-on-month driven by unseasonably cold weather. Sales were up 2.3 per cent compared to May last year, representing the smallest annual rise since October 2018. Read more: Mullberry swings to a loss on tough UK retail market In April the year-on-year increase [...]
Facebook cryptocurrency libra could pose regulatory problems, Bank of England deputy governor warns June 20, 2019 Facebook’s plans to launch a new global cryptocurrency called Libra could raise regulatory issues, Bank of England deputy governor Sam Woods warned. “It does seem clear that something like this could be very important from a regulatory point of view,” Woods told a financial conference in Brussels. Read more: Is Facebook’s libra a step towards [...]
US military drone shot down by Iranian missile in international airspace June 20, 2019 A US military drone has reportedly been shot down in international airspace by an Iranian missile. The MQ-4C Triton drone was targeted as it flew over the Strait of Hormuz, south of Iran, Reuters said, citing an unnamed US officer. Read more: Jeremy Hunt slams Corbyn for ‘pathetic’ response to oil tanker attack This contradicts [...]
