Lloyds of London hands out biggest fine ever following years’ long bullying campaign March 16, 2022 City of London insurance market Lloyds of London today issued its largest fine ever against syndicate member Atrium, after the underwriting firm failed to “adequately protect” a junior employee once it became aware of a “systematic campaign of bullying”. In a notice, Lloyds of London said it had fined Atrium Underwriting a record £1.05m for [...]
Hong Kong developer swoops in with £96m steal for Vauxhall Square site March 16, 2022 Vauxhall Square in London has been sold by a Chinese developer for £96m, which is a reported discounted price of 42 per cent. A subsidiary of Hong Kong-based company the Far East Consortium International (FEC) swooped in for the 14m square-foot site, buying it off rival firm, Guangzhou-based R&F Properties, on the cheap. It was [...]
Interview: Former rate setter Andrew Sentance on Governor Bailey’s ‘off the cuff’ remarks and where the BoE went wrong March 16, 2022 It is often a mark of how dire an economy’s situation is when incremental rises in interest rates hit the front pages. The worst cost of living crunch in a generation has, however, sent the Bank of England to the front of many households’ minds. Those outside of the City care less about the vagaries [...]
Retail investors spooked as equity sell-off continues March 16, 2022 Retail investors have shunned US stocks in the past week as a bargain-hunting frenzy began to falter amid a continuing slide in equity markets.
HSBC dives into metaverse amid shutdown of bank branches March 16, 2022 HSBC is swapping the physical world for virtual reality with plans to build a metaverse amid the closure of dozens of physical bank branches.
BMW cuts 2022 profit margins as Ukraine war worsens supply chain issues March 16, 2022 BMW announced today it was cutting its 2022 profit margin forecast after the war in Ukraine caused new supply chain disruptions. The automotive maker said its EBIT margin will go down from between 8 and 10 per cent to between 7 and 9 per cent, warning supply chain issues could severely hinder production. Despite engaging [...]
Raab says barristers’ strike would be ‘totally unwarranted’ following legal aid reforms March 16, 2022 Justice secretary Dominic Raab has said it would be “totally unwarranted” for barristers to go forwards with strike action, after the Ministry of Justice said it would invest an extra £135m a year into criminal legal aid. The comments come after the Criminal Bar Association (CBA) said 94.34 per cent of criminal barristers had voted [...]
Pub operator Young’s announces new CEO as Patrick Dardis steps down after six years March 16, 2022 Pub chain Young’s has announced Patrick Dardis will step down as CEO this summer. Dardis will end his six-year stint leading the brewer and pub operator at the firm’s AGM on 5 July. He will be succeeded by chief operating officer, Simon Dodd, who previously served on the board of rival Fuller. Dardis will remain [...]
Met police apologise over ‘traumatic’ strip search of Hackney schoolgirl March 16, 2022 The Metropolitan police have apologised after two officers strip searched a black schoolgirl who was wrongly suspected of carrying cannabis.
Spotify Camp Nou: Streaming giant pens £250m sponsorship with Barcelona March 16, 2022 Spotify have agreed a four-year sponsorship deal with Barcelona worth £250m that will result in the club’s stadium being renamed “Spotify Camp Nou” from July. The streaming giant will feature on the front of the men’s and women’s team shirts for the next four seasons, replacing Japanese firm Rakuten as the main sponsor. It comes [...]
