Javid: No self-respecting minister could accept PM’s conditions February 13, 2020 Sajid Javid has said he quit rather than accept conditions that “no self-respecting minister could”, following his surprise resignation as chancellor today. Simmering tensions between Downing Street and Treasury erupted into all-out warfare this morning, after he resigned in protest over plans to merge the two teams’ advisers. Despite run-ins with Boris Johnson’s chief adviser [...]
European Union increased cartel fines 74 per cent last year to $1.6bn February 13, 2020 The European Union (EU) increased fines for cartels 74 per cent last year to $1.6bn (£1.2bn). Analysis released today showed that the EU was the top of the global table for cartel fines, with the amount levied increasing nearly 40 per cent from the previous year. In May, the EU Commission hit five banks, Barclays, [...]
Barclays boss Jes Staley ‘deeply regrets’ Jeffrey Epstein links February 13, 2020 Barclays chief executive Jes Staley has said he “deeply regrets” his connection with Jeffrey Epstein after it emerged that British regulators are investigating his links with the convicted sex offender. Staley admitted this morning that he maintained contact with with the disgraced financier, who took his own life in a New York jail last year [...]
Commerzbank to continue cost-cutting after quarterly loss February 13, 2020 Commerzbank said today it was looking to make further cuts to costs after reporting a smaller-than-expected loss for the fourth quarter. The German lender, which is in the process of restructuring following a failed attempt to merge with Deutsche Bank, posted a €54m (£45m) quarterly loss. Chief executive Martin Zielke said he was growing optimistic [...]
Extinction Rebellion dig up Home Office lawn in mining protest February 13, 2020 Environmental activist group Extinction Rebellion has targeted government buildings by digging up layers of turf. Images on Twitter show activists excavating landscapes of turf outside offices on Marsham Street which house the Home Office and Ministry of Housing, Communities and Local Government (MHCLG). The group say they are doing this in protest at proposals for [...]
FTSE falls 1.5 per cent as Centrica losses weigh down index February 13, 2020 The FTSE 100 fell 1.5 per cent at 7,451.11 this morning as a 15 per cent drop in Centrica shares dragged it down due to hits from a number of one-off impairment charges relating to its oil & gas assets and nuclear power plant stake. London’s premier index was also hit by falls of over [...]
British Gas owner Centrica falls to £1.1bn loss as price cap bites February 13, 2020 British Gas owner Centrica reported a £1.1bn loss before tax today as the utilities giant suffered from the implementation of new energy tariff cap for UK households and lower commodities prices. Shares in the firm plunged 17 per cent as the firm swung from profit of £575m in 2018. The figures Having posted statutory profit [...]
Extinction Rebellion to target Barclays, PwC and News Corp in new wave of protests February 12, 2020 Climate change activist group Extinction Rebellion said today it would target the financial industry in a new wave of protests this year. The group’s co-founder said Barclays Bank, Big Four accountancy firm PwC and media group News Corp would be among the targets of direction action. Gail Bradbrook told Reuters that “the economic system is [...]
Wilkinson Sword owner Edgewell abandons $1.4bn Harry’s merger February 10, 2020 Razor maker Edgewell – the owner of Wilkinson Sword – has abandoned plans for a $1.37bn merger with rival firm Harry’s following opposition from the US Federal Trade Commission (FTC). Earlier this month, the FTC filed a lawsuit to block the deal, saying it could hurt competition in the US. Privately owned Harry’s will pursue [...]
European companies could face upsurge in activist raids February 10, 2020 European companies could face an upsurge in activity from activist investors, analysis released today showed. One in 20 European companies with a market capitalisation of over $250m (£193m) have been targeted by activist investors in the past five years. This is half the rate (one in 10) for similar size companies in the US. The [...]