JP Morgan agrees to pay $920m over US probe into market manipulation September 29, 2020 JP Morgan Chase & Co has agreed to pay more than $920m and admitted wrongdoing over a US investigation into market manipulation over its trading of metals futures and Treasury securities. The investment bank will pay $436.4m in fines, $311.7m in restitution and more than $172m in disgorgement, according to the Commodity Futures Trading Commission. [...]
More than 100 pubs and restaurants warn PM of ‘bleakest of winters’ without urgent support September 29, 2020 More than 100 hospitality firms, including JD Wetherspoon, Young’s and Cafe Nero, have written to the Prime Minister warning that many businesses will not survive “this bleakest of winters”, resulting in mass job losses, unless more is done to help the sector. In a letter to Boris Johnson, businesses such as Fuller’s, Greene King and [...]
EY employee warned of Wirecard fraud four years before German firm’s collapse September 29, 2020 EY was reportedly warned four years ago by one of its own employees that senior Wirecard employees had potentially committed fraud and one had attempted to bribe an auditor. The auditor will face additional pressure following the revelation that a member of staff reported suspicious activity at the German payment firm four years before it [...]
Lockdown entrepreneurs given chance to secure West End retail space September 29, 2020 Entrepreneurs that have established new brands during the UK coronavirus lockdown could secure physical retail space in the West End through a pop-up incubator initiative. West End landlord Shaftesbury has launched a scheme to offer retailers the chance to operate from a pop-up store in Seven Dials in a bid to support new businesses. The [...]
Ex-Sainsbury’s boss Mike Coupe joins NHS Test and Trace September 29, 2020 Former Sainsbury’s chief executive Mike Coupe has been appointed as a director at the UK’s beleaguered coronavirus testing service. Coupe, who was once caught on camera singing “we’re in the money” in relation to a since canned merger between Sainsbury’s and Asda, has been appointed testing director of NHS Test and Trace. The former supermarket [...]
Report: ‘Worst-case’ Covid-19 scenario could “wipe out” London’s cultural sector September 29, 2020 The West End could suffer a 97 per cent slump in added value by 2024 if stricter long-term coronavirus restrictions are imposed, businesses have warned. A new report showed that the Covid-19 pandemic could cost the West End’s arts and culture sector £4.7bn annually in 2024 under a “worst case scenario” involving a year-long lockdown. [...]
Retail rent arrears to exceed £2bn after third quarter September 29, 2020 Retail rent arrears could exceed £2bn after today’s third quarter payment deadline, property industry body Revo has warned. The organisation said this morning that less than 50 per cent of rent due is expected to be paid by operators as the coronavirus crisis continues to impact the high street. So far this year the unpaid [...]
Tech Nation bolsters board as it seeks to help economy recover from Covid-19 September 28, 2020 Tech Nation has bolstered its board as it seeks to help the UK economy recover from the coronavirus pandemic. The tech entrepreneur network has appointed former Palamon Capital finance chief Annette Wilson, Impact X Capital Partners founder Eric Collins, Hoxton Ventures partner Hussein Kanji and Benevolent AI senior vice president Trecilla Lobo to its board [...]
Cote Restaurants bought out of administration by Partners Group September 28, 2020 Cote Restaurants has been bought by investment management firm Partners Group after the struggling casual dining chain fell into administration. Administrator FTI Consulting said the deal had saved 94 of the firm’s 98 French-style restaurants, with all 3,148 employees working under the Cote brand transferred to the new owners. However its Limeyard and Jackson & [...]
Coronavirus: Supermarkets ramp up online services amid second wave fears September 28, 2020 Supermarkets are ramping up their online delivery services amid fears over a second wave of coronavirus, after demand outpaced capacity during the UK-wide lockdown this summer. Demand for home deliveries has recently spiked again over concerns that the government will impose stricter lockdown rules as coronavirus cases have surged. It was reported today that London [...]
