Issues with no-deal Brexit preparations ‘still to be resolved’, warns City watchdog September 16, 2019 The head of the UK’s financial regulator has struck a cautious tone over the City’s preparations for a no-deal Brexit, warning that while progress is “welcome”, there are “issues still to be resolved”. Financial Conduct Authority (FCA) boss Andrew Bailey said earlier that overlaps between UK and EU share trading regulations post-Brexit would damage both [...]
PPI costs account for over half of all conduct and litigation charges at UK banks September 16, 2019 Costs from the mis-selling of payment protection insurance (PPI) has accounted for more than half of all litigation and conduct charges faced by Britain’s biggest banks in recent years. Moody’s Investors Service has said that PPI was the largest single source of conduct and litigation charges from 2011 to the first half of 2019, as [...]
MJ Gleeson shrugs off Brexit fears as profits rise September 16, 2019 Low-cost housebuilder MJ Gleeson posted a double-digit rise in earnings for last year as it shrugged off Brexit uncertainties and enjoyed continued demand in the north of England. Read more: MJ Gleeson boss: Our customers don’t give a damn about Brexit The developer reported £41.2m of pre-tax profits during 2019, rising 11 per cent from [...]
Petra Diamonds loses its sparkle as annual profits plunge September 16, 2019 Petra Diamonds suffered a double-digit fall in annual profits during the last year as weak diamond prices dragged down the South African mining giant. London’s largest quoted diamond mining group reported adjusted core profits of $153m (£122.8m) in the 12 months to 30 June 2019, plunging 22 per cent from the previous year. Read more: [...]
Lord Livingston to step down as chair of Man Group September 16, 2019 Man Group confirmed today that its chair is to step down, making way for the ex-boss of Deutsche Bank as part of the latest boardroom shake-up inside the world’s largest listed hedge fund. Former BT boss Lord Livingston of Parkhead is to resign as chair of the FTSE 250 firm at the end of this [...]
Google to pay almost €1bn in wake of French tax probe September 12, 2019 Google is set to stump up almost €1bn (£889m) as part of a major tax settlement following a four-year long fraud investigation into the tech giant. Read more: US states launch antitrust probe into Google The Silicon Valley firm, which is part of Alphabet, has resolved a dispute with French authorities, which were probing its [...]
Uncertainty mounts over Hong Kong stock exchange’s bid for LSE September 12, 2019 Speculation over the London Stock Exchange’s future reached fever pitch today as a £32bn offer from its Hong Kong rival came under fierce scrutiny over regulatory concerns and the possibility of alternative bids. More than $1bn was wiped from the Hong Kong Exchanges and Clearing (HKEX) during trading as investors reacted to the firm’s proposed [...]
Hong Kong stock exchange share price dips in wake of £32bn offer for LSE September 12, 2019 The Hong Kong stock exchange’s share price dipped this morning as investors reacted to the group’s shock £32bn offer for its London counterpart. Shares in Hong Kong Exchanges and Clearing (HKEX) fell 3.5 per cent during trading today, underlining doubts in the market over the unprecedented bid to buy the LSE and “redefine global capital [...]
John Lewis swings to a loss and flags no-deal Brexit fears September 12, 2019 Troubled high street chain John Lewis reported its first-ever half-year loss this morning, striking a gloomy tone amid fears of a no-deal Brexit. The retail giant, which owns both John Lewis department stores and Waitrose, warned that leaving the European Union without a deal would have a “significant” impact on the group. Read more: Retail [...]
Brexit jitters dent hopes of a rise in London house sales September 12, 2019 Sales activity in London’s subdued housing market is expected to slip deeper into negative territory over the coming months, according to a closely-followed industry survey released this morning. Brexit uncertainty has caused growing hesitation among buyers and sellers, the Royal Institute of Chartered Surveyors (Rics) has warned, with the outlook for property sales weakening in [...]
