How low can the pound go? All your questions about the flash crash answered October 10, 2016 Currency markets opened yesterday evening after a turbulent end to last week for the pound. Sterling has slowly trundled steadily south since Britain’s decision to leave the EU. But last Friday sterling plummeted by six per cent in just two minutes during the early hours of the morning – it was dubbed a “flash crash”. Read [...]
Deutsche Bank’s chief risk officer hits back and explains the real derivatives exposure October 9, 2016 Fears over Deutsche Bank's mammoth derivative exposure have been completely overblown according to its chief risk officer. Stuart Lewis got on the front foot when asked about the beleaguered German lender's derivative exposure this weekend. "The risks in our derivatives book are massively overestimated. The €46 trillion (£41 trillion) figure sounds gigantic, but it is completely misleading. The real risk is far [...]
Macquarie in box-seat as government prepares for total exit of Green Investment Bank October 9, 2016 The government has ignored calls for it to retain a stake in the Green Investment Bank (GIB) after it emerged that Macquarie Bank was in the final throes of agreeing a multi-billion pound deal to purchase all of the state-owned entity. The Australian-based infrastructure investor has been given preferred bidder status and while there had been hopes [...]
Tour de France extends partnership with Human Race October 9, 2016 Britain may have rejected hosting next year's Tour de France but that hasn't stopped the owners of the French race snapping up one of Britain's largest organisers of mass participation cycling races. The Amaury Sports Organisation (ASO) has paid millions of pounds for Surrey-based events company Human Race according sources close to the deal. The news [...]
Talks to avoid Southern Rail strikes going ahead next week have failed, according to the RMT October 6, 2016 Talks to avoid Southern Rail strikes going ahead next week have failed, according to the RMT. Southern Rail and union officials held talks from 10am in a bid to hash out their differences and avoid a series of strikes kicking off next week. The strike dates announced by the RMT are: 00:01 BST Tuesday 11 [...]
FCA complaints are still dominated by PPI mis-selling October 6, 2016 The number of complaints lodged against financial services firms nudged down in the first six months of 2016 according to statistics released by the Financial Conduct Authority (FCA). The total number of complaints dropped by 2.6 per cent compared with the final six months of 2015. Barclays topped the list and received over a quarter of a million objections. Top five [...]
What a difference three and a half weeks makes? Tracking HabourVest’s hostile takeover attempt of SVG Capital October 6, 2016 It has been a strange three and a half weeks for chief executive Lynn Fordham and her board at SVG Capital (SVG). Sources close to the company said that SVG's board was only informed of HarbourVest's hostile takeover bid late in the evening on 11 September and in the weeks that followed the US-giant quickly gathered sufficient shareholder backing for its takeover offer. [...]
Elliott Advisors reverses loss-making activities after cutting UK wage bill October 6, 2016 The UK arm of the activist fund manager involved in the likes of Poundland, SABMiller and Samsung has swung back into profit. Elliott Advisors UK, which runs British operations on behalf of its US parent, made a profit of £2.6m in the year to December 2015 after generating a loss of £2.7m the year before. [...]
BDO breaks through £400m revenue barrier and hikes partner pay October 6, 2016 Partners at accountancy firm BDO will be celebrating bumper pay packets today after it was announced that they'd be receiving a 29 per cent increase in average earnings. BDO revealed its full-year results for 2015/16 today and unveiled revenues that had smashed through the £400m mark – at £405m they were 3.9 per cent more than [...]
