Wood Group profits to fall by a fifth amid ‘unparalleled challenges’ for market June 19, 2020 Wood Group has predicted that first half profits will tumble by nearly one-fifth, amid the “unique and unparalleled challenges” presented by the coronavirus pandemic. The engineering giant said that the slump in oil prices led to delays in order intake. It added that first half revenues would be down about 11 per cent on the [...]
Cruise firm CMV seeks rescue deal or risks going under June 17, 2020 Cruise firm Cruise and Maritime Voyages (CMV) is in a race against time to secure emergency funding after the coronavirus crisis left it struggling to remain afloat. Sky News reported that Essex-based CMV, which employs 4,000 people, is in last-ditch negotiations with creditors and lenders after another rescue deal fell through. The previous talks were [...]
UK Finance boss quits over Amanda Staveley remarks June 16, 2020 UK Finance chief Stephen Jones has resigned just days after apologising to staff for sexist remarks made in 2008 about financier Amanda Staveley. Sky News first reported that Jones had offered his resignation, which UK Finance confirmed had been accepted. Jones said: “I have apologised to Ms Staveley and to my colleagues for the comments [...]
UK Finance chief in apology to staff over 2008 Staveley remarks June 13, 2020 UK Finance boss Stephen Jones has apologised to his staff for “wrong” and “inappropriate” remarks made about financier Amanda Staveley in 2008. In an internal memo seen by Sky News, Jones yesterday said he could not defend the remarks, understood to have been made as Ms. Staveley was negotiating a cash call on behalf of [...]
Travelex set for restructuring after auction process halted June 12, 2020 Debt investors in embattled foreign exchange provider Travelex are pushing the firm’s banks to negotiate a restructuring deal. Sky News reported that after an auction process stalled, bondholders represented by investment bank PJT Partners are pushing banks including Barclays and Goldman Sachs to enter negotiations. Travelex’s banks are owed about £90m by the company, while [...]
US stocks and FTSE 100 plunge after Fed’s long recovery warning June 11, 2020 The FTSE 100 suffered its worst daily drop since late March, with US stocks plunging into the red after the Federal Reserve effectively crushed hopes of a quick recovery. London’s blue-chip index closed down 3.99 per cent after crashing as much as 2.66 per cent this morning. And US stocks also crashed, with the Dow [...]
Government launches review into false Post Office fraud claims June 11, 2020 The government has launched a review into the Fujitsu Horizon IT system that caused Post Office branch mangers to be falsely accused of fraud. Business minister Paul Scully confirmed yesterday that there would be a review of “the failings that occurred at Post Office Ltd” in the scandal. More than 550 Post Office branch mangers [...]
Barclays squares up for latest legal battle as £1.5bn Staveley suit hits High Court June 8, 2020 Financier Amanda Staveley’s private equity firm today told the High Court it had received a “substantially worse” deal than Qatar when its syndicate invested billions of pounds in Barclays during the financial crisis in 2008, as it launched a civil case against the bank. PCP Capital Partners is claiming damages of up to £1.5bn for [...]
Black Lives Matter: Which business leaders have spoken out after George Floyd’s death? June 4, 2020 Business leaders across industries are speaking out about racial inequality in the wake of George Floyd’s death that sparked Black Lives Matters protests in cities across the US. Floyd, an unarmed African American man, was killed by a white police officer in Minneapolis last week. Bosses of some of the world’s most successful firms, including [...]
UK bank shares rise on optimism about lockdown easing June 3, 2020 Shares in major UK banks rose today on increased optimism about lockdown measures easing globally. HSBC shares rose 2.2 per cent to 393p, Lloyds Banking Group shares rose nearly 4.7 per cent to 33.4p, Barclays shares rose nearly 2.5 per cent to 122p, Royal Bank of Scotland shares rose 2.6 per cent to 123p and [...]