Law firms avoid layoffs amid fears of repeating mistakes of 2008 crisis November 8, 2022 Law firms are avoiding making widespread layoffs, as they seek to wait out the current crisis, due to fears of repeating the mistakes made during the financial crash of 2008, analysts have said. The world’s top law firms are continuing hiring and holding back on making redundancies, despite declining profitability, new analysis from Thomson Reuters [...]
Cypriot PwC partners set up new firm to continue working with Russian clients November 8, 2022 Three ex-partners from PwC’s Cyprus office have left the Big Four accountancy firm to set up a new rival practice in order to continue working with Russian clients. The launch of KiteServe comes after the three ex-PwC partners took early retirement from the Big Four firm in June, after its sanctions policy blocked them [...]
JP Morgan settles with trader fired over wrongful allegations of market spoofing November 8, 2022 JP Morgan has settled with a trader, who was wrongly fired from his job for market spoofing, after the bank failed to pay a £1.58m sum awarded to him by an employment tribunal in January. Ex-trader Bradley Jones was awarded £1.58m after an employment tribunal ruled he was wrongly fired from his £220,000 a year job [...]
Judge blames Baker McKenzie lawyers charging £800 an hour for ‘disproportionate’ costs budget November 8, 2022 A High Court judge has told Associated Newspapers Ltd to lower a “disproportionate” legal costs budget, in suggesting the Daily Mail owner should reconsider its use of “expensive” lawyers from US law firm Baker McKenzie paid more than £800 an hour. Judge Roger ter Haar KC told Associated Newspapers to revise its £3.18m legal costs [...]
Boost the City by signing trade deals and seizing net zero opportunities, finance sector lobby group says November 7, 2022 The UK government should overhaul regulation of the financial sector with a view to boosting the City’s green credentials and extending its global reach, one of the Square Mile’s most powerful lobby groups has said. The government should focus on the opportunities posed the global energy transition by transforming the City of London into a [...]
NHS plans to use Palantir data collection software could face legal challenges, campaigners say November 7, 2022 NHS plans to collect patient data using software developed by controversial US tech firm Palantir could be challenged in court. Campaigners have said they are considering filing a judicial review to challenge the plans, which would see NHS patient data processed using Palantir’s Foundry analytics platform. The threat of legal action comes after the UK government cancelled a [...]
Threat of ‘catastrophic’ cyber attack requires new approach from insurers, new report says November 7, 2022 The potential for a state-backed cyberattack to have a “catastrophic” impact on society requires a new approach to cyber insurance, reinsurance giant Swiss Re has said. The digitalization of critical infrastructure has created a situation in which a large scale cyberattack could have a “devastating” effect on society in having the potential to interrupt the [...]
Insurance broker Arthur J. Gallagher subpoenaed by US authorities over business with Ecuadorian firms November 7, 2022 US insurance giant Arthur J. Gallagher has become the latest multinational to find itself embroiled in a far-reaching investigation into corruption in Ecuador, after being asked by US authorities to hand over information relating to its business with Ecuadorian state-owned firms. Arthur J. Gallagher received a subpoena from the DoJ’s Foreign Corrupt Practices Act (FCPA) [...]
Global food prices drop to lowest levels since invasion of Ukraine November 5, 2022 Global food prices have fallen to their lowest levels since Russia’s invasion of Ukraine, UN data shows. Food prices have fallen back down to levels last seen at the start of 2022, before Russia’s February invasion of the breadbasket of Europe caused food prices to surge, data from the United Nation’s Food and Agriculture Organization [...]
Ping An chairman makes first public call for break up of HSBC November 5, 2022 The chairman of HSBC’s largest shareholder Ping An has said the Chinese insurer would support plans to spin off HSBC’s Asian business in warning the bank’s global business mode is “no long competitive”. Ping An Asset Management chairman Huang Yong warned HSBC is lagging behind its peers, as he called on the bank to “reallocate [...]
