FCA tells asset managers to gear up for the end of Libor February 27, 2020 The Financial Conduct Authority (FCA) has written to asset managers to tell them to get ready for the end of Libor. Libor is being phased out after banks were fined billions for trying to manipulate it. The benchmark, used for pricing trillions of dollars of swaps, futures and loans, is set to end at the [...]
Co-op Bank losses deepen amid tougher mortgage competition February 27, 2020 The Co-operative Bank has reported an increased pre-tax loss for 2019, as the high street lender struggled with tough mortgage competition and PPI compensation payouts. The figures Co-op Bank posted a loss before tax of £152.1m for 2019, an eight per cent rise on the £140.7m recorded the previous year. It said that its underlying [...]
Online harms laws will not harm free speech, vows Ofcom boss February 27, 2020 The rollout of new laws to tackle so-called online harms will not lead to censorship or damage free speech, a top Ofcom executive has said. Earlier this month the government said it would appoint Ofcom as Britain’s first internet watchdog, tasked with crackdown down on illegal and harmful material on social media sites. The beefed-up [...]
Homebase makes early return to profit as turnaround plan pays off February 27, 2020 Homebase today said it had returned to profit earlier than expected after its turnaround plan helped deliver strong growth. The DIY retailer reported earnings before interest, tax, depreciation and amortisation of £3.2m for the year, up from a £114.5m loss in 2018. Homebase has embarked on a radical turnaround strategy after it was bought by [...]
IR35: Government confirms ‘light touch’ tax rollout February 27, 2020 People will not have to pay penalties for IR35 errors in the first year of the tax changes, as the government confirmed a “light touch” approach today. The government has published its review into the tax changes after announcing it would look into IR35 following concerns from business. HMRC said: “Customers will not have to [...]
Police raid offices of Dutch bank ABN Amro in connection with cum-ex scandal February 27, 2020 German authorities today confirmed a raid on the Frankfurt office of Dutch bank ABN Amro in relation to the the cum-ex dividend stripping scandal that has rocked the European financial sector. “We can confirm that we are carrying out measures at ABN Amro in Frankfurt within the cum-ex context,” a spokesperson for the Cologne state [...]
Brexit trade talks: Six key takeaways from the UK’s negotiating mandate February 27, 2020 The UK government published its negotiating mandate for Brexit trade talks today, setting out what Boris Johnson’s chief sherpa David Frost will be seeking when talks kick off next week. But what are the key takeaways from that document? Here’s six of the most important points. 1. No UK-EU alignment This should be no surprise [...]
Drax to cut jobs as it phases out coal next year February 27, 2020 Energy generator Drax said today it will stop burning coal in 2021, ahead of the government’s 2025 deadline. This was announced at the same time the company released its results for 2019. Earnings before interest, tax, depreciation and amortization (EBITDA) increased to £410m by the end of 2019, a 64 per cent year-on-year growth from [...]
Heathrow third runway: Businesses react as High Court blocks expansion February 27, 2020 Climate groups reacted joyously this morning after the Court of Appeal upheld their challenge to the planned third runway expansion of Heathrow Airport. However, business groups expressed their “bitter disappointment” at the decision. In a seismic decision for environmental campaigners, the court found that the government’s policy statement for the third runway was “unlawful” as [...]
WPP shares crash as fourth quarter revenue stalls February 27, 2020 Shares in WPP crashed 15 per cent in early trading after the advertising giant failed to deliver growth in the fourth quarter. The figures Like-for-like revenue less pass through costs fell 1.6 per cent to £10.8bn for the full year. Profit before tax dropped 21.9 per cent to £982m. Net debt was slimmed down from [...]
