Patisserie Valerie facing closure without immediate cash injection October 11, 2018 Patisserie Valerie is facing closure without an immediate cash injection, the firm said today. The high street cake shop halted trading in its shares yesterday as it announced that it had been notified of "significant and potentially fraudulent" accounting irregularities, and suspended chief financial officer Chris Marsh. Sky News reported that the black hole in the company's [...]
Foxtons closes flagship Park Lane office amid property market slump October 9, 2018 Estate agent Foxtons is closing its Park Lane flagship office amid a London property market slump. Staff will be moved to the Marylebone office where they will continue to cover Mayfair and Central London. Read more: Property bosses cull delivery vans in bid to protect London business The estate agent, which has 65 branches in [...]
Goldman Sachs’ retail bank attracts 50,000 customers in first two weeks October 9, 2018 More than 50,000 customers have signed up to investment banking giant Goldman Sachs' retail bank Marcus since it launched two weeks ago. The brand, named after co-founder Marcus Goldman, offers an annual equivalent rate of 1.5 per cent, including a 12-month bonus rate of 0.15 per cent. Read more: Goldman Sachs creates savings account “We’ve been [...]
Saudi asset manager Sedco adds £137m of European property to portfolio October 9, 2018 Saudi asset management firm Sedco has invested £137.5m in European property, including two sites in the UK. The firm has acquired a £31.8m 25-acre distribution site in Yorkshire, which is occupied by Eddie Stobart, and a £35.2m office complex in Bracknell, Berkshire, which is currently leased by Vodafone. Read more: Property bosses cull delivery vans in bid to [...]
Royal Bank of Scotland chief executive Ross McEwan calls for small business lending regulation October 9, 2018 The chief executive of the Royal Bank of Scotland (RBS) has called for small business lending to be regulated in the UK, despite avoiding disciplinary action for the mistreatment of SMEs by the bank's Global Restructuring Group (GRG). The lack of oversight for SME lending allowed RBS to dodge punishment by the Financial Conduct Authority this year, despite a report by the [...]
Bank of England steps up Brexit derivatives warnings in plea for EU to take action October 9, 2018 The Bank of England has doubled down on its call to the EU to put measures in place to allow European banks to access UK-based clearing houses after Brexit, avoiding financial market chaos which could damage firms across the continent. City lobby groups echoed the Bank's plea, urging the EU to stop using clearing as a [...]
Volkswagen car deliveries drop nearly 20 per cent as new emissions testing hits October 9, 2018 The number of cars delivered by Volkswagen fell nearly 20 per cent last month due to the introduction of new emissions testing rules, the manufacturer said. A total of 485,000 vehicles were delivered throughout the world in September, 18.3 per cent down on the same month last year, with Europe experiencing a severe fall following the introduction of the [...]
Further outflows for UK funds as Brexit uncertainty continues October 4, 2018 UK-focused funds continued to experience outflows in August as investor confidence remained dented by Brexit uncertainty, taking the post-referendum total to £10.2bn so far. Net retail sales outflows were £217m in August compared to inflows of £4.6bn the previous year, according to the latest figures from the Investment Association. Read more: Investment Association boosts board gender diversity with shake [...]
Financial Conduct Authority increases Brexit planning urgency, says chief executive Andrew Bailey October 4, 2018 The Financial Conduct Authority (FCA) has increased the urgency with which it is preparing for the UK to exit the European Union, chief executive Andrew Bailey said today. Former Bank of England deputy Bailey said the city watchdog is working with European regulatory partners to plan for a range of scenarios as the March 2019 deadline [...]
Aston Martin and Funding Circle shares continue to fall after IPOs October 4, 2018 Shares in Aston Martin and Funding Circle continued to slump today following disappointing debuts on the London Stock Exchange yesterday. Luxury car maker Aston Martin saw shares slip 1.89 per cent to £17.75 this afternoon, before rallying to £18 as the market closed. Read more: Aston Martin stutters on stock market debut as shares slip Yesterday prices dropped [...]
