Barclay brothers mull £800m sale of The Ritz Hotel October 10, 2019 David and Frederick Barclay, the billionaire brothers that own The Ritz, are reportedly mulling an £800m sale of the five-star Mayfair hotel. The twin brothers, who also own The Telegraph newspaper and Spectator magazine, bought the Grade-II listed building for £75m in 1995. Read more: Profits plunge at Barclay brothers’ Ritz hotel Richard Faber, Frederick [...]
Brexit extension beyond Halloween ‘now priced in’ October 9, 2019 The chances of a Brexit deal appear to have ebbed further yesterday, with one government source telling City A.M. an extension was now “priced in” to their thinking. Neither side is willing to publicly admit defeat, for fear of being blamed, but Irish Taoiseach Leo Varadkar and EU negotiator Michel Barnier both said it would [...]
Ex-Barclays bankers accused of creating ‘smoke-screen’ to hide secret fees paid to Qatar October 9, 2019 Three senior ex-Barclays bankers on trial for fraud were accused today of creating a “smoke-screen” to try and justify millions of pounds surreptitiously paid to Qatar in exchange for a multi-billion pound investment in 2008. Roger Jenkins, Richard Boath and Thomas Kalaris are standing trial at the Old Bailey, accused of conspiracy to commit fraud [...]
Barnier says Brexit deal ‘very difficult’ October 9, 2019 The EU’s chief negotiator has said a Brexit deal is now “very difficult, but possible” following a dramatic day of negative briefing against Brussels. Michel Barnier told reporters this morning that a deal before the 31 October deadline was looking unlikely, echoing comments made by Irish Taoiseach Leo Varadkar and new president of the European [...]
Trio of ex-Barclays bankers accused of lying in Old Bailey fraud trial October 8, 2019 Three senior former Barclays executives were today accused of lying about disguised payments to Qatar to facilitate a massive investment in the bank at the height of the financial crisis. The three senior former executives – Roger Jenkins, Thomas Kalaris and Richard Boath – are standing trial at the Old Bailey on fraud charges. The [...]
City Moves for 8 October – Who’s switching jobs at Oaknorth, Weil and DMH Stallard October 8, 2019 Today’s City Moves includes Oaknorth, Weil and DMH Stallard Oaknorth Next-generation credit platform Oaknorth has announced the appointment of Sunil Chandra as its new chief executive officer (CEO). Sunil has spent the last 12 years at Google’s headquarters in San Francisco, where he served as vice president of the company. At Google, Sunil scaled the [...]
Brexit: Macron says EU could decide on Boris Johnson’s ‘final’ offer by end of this week October 7, 2019 French President Emmanuel Macron has said the EU could make a decision on Prime Minister Boris Johnson’s Brexit proposals by the end of the week. Discussions between the two leaders yesterday saw Macron urge Johnson to engage in further discussions with the EU “swiftly” in order for the bloc to decide on the PM’s proposals [...]
City Moves for 7 October – Who’s switching jobs at Equiteq, Festicket and Smith & Williamson? October 7, 2019 Today’s City Moves includes Equiteq, Festicket and Smith & Williamson? Eqiteq Global investment bank Equiteq has appointed Sohail Ahmed as its new managing director. Based in London, Sohail will engage with the community of entrepreneurs and private equity transacting in the knowledge economy, as well as lead on investment banking project delivery. Sohail has extensive [...]
Former Barclays trio face Qatar trial at Old Bailey October 6, 2019 Three former Barclays executives charged with fraud in connection with Qatar’s part in the bank’s emergency cash injection during the financial crisis face trial tomorrow. The highly-anticipated trial, which is set to last into 2020, will look into how the British bank secured billions from Qatari investors and avoided a taxpayer-funded bailout in 2008. The [...]
Profits plunge at Barclay brothers’ Ritz hotel October 6, 2019 The billionaire Barclay brothers saw profits plunge at The Ritz Hotel in Mayfair, while their casino business also suffered losses. Profit before tax almost halved from £12.8m to £7.9m according to the hotel’s latest financial filings for last year. Read more: Barclay brothers Ritz Hotel casino swings to £11.7m loss The drop in profit came [...]