Debenhams completes £200m funding round to blow Ashley bid out of the water March 29, 2019 Debenhams completed its £200m refinancing deal this morning, defeating a takeover bid by Sports Direct billionaire Mike Ashley. Read more: Debenhams bondholders back £200m rescue loan in blow to Ashley bid The announcement sent shares up almost 30 per cent as the embattled retailer said shareholders remain in its plans. The move means the department [...]
‘No justice’: Mike Ashley voices anger as Debenhams thwarts his takeover bid March 29, 2019 Mike Ashley has railed against Debenhams’ move yesterday to thwart his takeover offer, saying “if there were any justice in the world the majority of the advisors would be put in prison”. Read more: Debenhams bondholders back £200m rescue loan in blow to Ashley bid The billionaire owns a 30 per cent stake in the department [...]
Small businesses warn of falling revenues and recruitment freeze as uncertainty continues beyond original Brexit date March 29, 2019 The number of small businesses pausing recruitment and reporting falling revenues has reached record levels as Brexit uncertainty continues beyond the UK’s original departure date. The Federation of Small Businesses’ (FSB) latest survey for the first quarter of the year revealed the extent to which uncertainty has held firms back. Read more: The financial services [...]
Former Barclays banker Colin Bermingham found guilty of Euribor rigging March 28, 2019 A second former Barclays banker in the Euribor rigging trial has been convicted at Southwark Crown Court. Colin Bermingham was today found guilty of manipulating the Euribor benchmark by a majority verdict of a jury of nine men and three women. His conviction follows that of Carlo Palombo, another Barclays employee who was convicted of the same offence [...]
Goldman Sachs fined £34m by City watchdog for transaction reporting failures March 28, 2019 Goldman Sachs has been fined £34m after the City watchdog found “serious and prolonged failures” in its reporting of transactions. The Financial Conduct Authority (FCA) fined the investment bank £34.3m for failing to provide accurate and timely reporting of more than 220 million transactions. Read more: Goldman Sachs narrows gender pay gap slightly to 51 [...]
UK business body chief to attack politicians over ‘dereliction of duty’ March 28, 2019 The director general of the British Chambers of Commerce (BCC) will today warn the UK’s political leaders that Britain leaving the European Union without a deal would be “a flagrant dereliction of duty”. Adam Marshall will use his keynote speech at today’s BCC Annual Conference in Westminster to express a deep frustration with the UK’s [...]
Barclays investment bank boss quits amid raft of leadership changes as chief executive Jes Staley takes greater control March 27, 2019 The head of Barclays’ investment bank has resigned amid a raft of leadership changes, which will see chief executive Jes Staley take greater control of the division. Tim Throsby has stepped down as head of the lender’s investment bank, which has come under attack from activist investor Ed Bramson recently. Read more: Barclays issues plea [...]
Barclays unveils £14bn lending fund to help businesses through Brexit uncertainty March 27, 2019 Barclays has unveiled a £14bn lending fund to help small and medium-sized businesses through the uncertainty of Brexit. The bank, which has held more than 100 “Brexit clinics” for businesses in recent weeks, said the fund would provide loans, commercial mortgages and cash flow funding for investments. Read more: Barclays: No-deal Brexit would 'significantly' hurt [...]
Former Barclays banker found guilty of Euribor rigging March 26, 2019 A former Barclays banker has been found guilty of manipulating the Euribor interest rate benchmark while another was acquitted of the same offence. Carlo Palombo was today found guilty by a jury of nine men and three women at Southwark Crown Court after five days of deliberations and a two-month trial. Sisse Bohart, also a former [...]
Mortgage finance firm Lendinvest taps three banks for £500m London float March 25, 2019 Online property finance marketplace Lendinvest has chosen three banks to lead its planned £500m float on the London Stock Exchange this year. It is understood Lendinvest, which provides funding for property investors, developers and landlords, has tapped Goldman Sachs and Barclays as joint global coordinators. Read more: Mortgage finance hub Lendinvest targets £500m London listing [...]