Activists call for break up of Google June 19, 2019 Protesters are calling on Google’s parent company Alphabet to break itself up before it is forced to by regulators. Sum Of Us, a US-based activist group, will ask shareholders to vote on breaking the company up at a meeting at the company’s offices in California today. Read more: Amazon overtakes Apple and Google as world’s [...]
FCA reviews regulatory coverage following collapse of London Capital & Finance June 19, 2019 The City watchdog has launched a report into how firms are regulated following the collapse of mini-bond lender London Capital & Finance. In its first annual Perimeter Report the Financial Conduct Authority (FCA) said that firms “on the edges” of it’s regulatory coverage have “recently caused serious harm to consumers.” Read more: HM Treasury launches [...]
Woodford failed to warn Hargreaves Lansdown of unquoted stocks breach June 19, 2019 Neil Woodford failed to warn Hargreaves Lansdown that his now suspended fund twice breached an investment limit in unquoted stocks. The fund supermarket had insisted Woodford Investment Management informed it if the equity income fund breached a 10 per cent limit. This followed concerns that the proportion of unquoted assets in the fund had increased. [...]
Blackstone boss donates £150m to Oxford University for AI research June 19, 2019 Blackstone chief executive Stephen Schwarzman has donated £150m to the University of Oxford for the creation of a department to study the ethics of artificial intelligence. The gift is the largest single donation to the university since the Renaissance. Read more: Small businesses to be given artificial intelligence boost The Stephan A. Schwarzman Centre for [...]
Berkeley Homes reports slump in profits June 19, 2019 Housebuilder Berkeley Homes outlined plans to ramp up new developments despite reporting a slump in pre-tax profit this morning. The figures Pre-tax profit fell 20.7 per cent to £775.2m in the year ended 30 April, but was higher than analysts’ expectations of £730m. Revenue was £2.95bn, up 4.1 per cent from £2.84bn the previous year, [...]
Premier Inn owner Whitbread reports dwindling sales as Brexit uncertainty continues June 19, 2019 Premier Inn owner Whitbread reported dwindling accommodation sales in the first quarter due to ongoing Brexit uncertainty. The company, which has focused on its hotel business since selling Costa Coffee to Coca-Cola last year, said UK like-for-like accommodation sales growth fell 4.6 per cent. Read more: Premier Inn owner Whitbread warns over “acute political uncertainty” [...]
Data breach could be ‘fatal’ for Open Banking sector, treasury committee chair Nicky Morgan warns June 18, 2019 A single data breach at an Open Banking startup could “fatally” damage the developing sector, Nicky Morgan, the chair of the treasury committee, warned today. Open Banking, which allows users to view all their financial information in one place, relies on customers providing their data to a third party. Read more: Are Britain’s banks closed-minded [...]
Telecom Plus profits rise as new customers sign up June 18, 2019 Telecom Plus reported an annual profit jump in its full-year results this morning following an influx of new customers. The company, which trades as Utility Warehouse and provides mobile, gas, electricity, landline and broadband services, said customer numbers for the year grew by four per cent to 635,039, compared to a 0.5 per cent rise [...]
Old Mutual sacks chief executive over conflict of interest June 18, 2019 Old Mutual has sacked chief executive Peter Moyo following a period of suspension due to a conflict of interest related to an investment firm he founded. The insurer said Moyo’s actions since his suspension in May “contravened his fiduciary duties” to Old Mutual. Read more: Old Mutual suspends chief executive Peter Moyo “Following unsuccessful attempts [...]
Interserve chairman Glyn Barker prepares to step down June 17, 2019 Interserve chairman Glyn Barker is preparing to step down following deal that saw the struggling outsourcing firm taken over by a consortium of its lenders. The company is working with recruitment search firm Heidrick & Struggles to appoint a successor, Sky News reported. Read more: Interserve went into administration owing suppliers £100m Barker, who was [...]
