Investec profit falls amid preparations for asset management demerger November 21, 2019 Investec has reported a drop in profit before tax for the first half “against challenging market conditions”, as the Anglo-South African business group prepares to spin off its asset management business next year. The figures Pre-tax profit fell just over ten per cent to £349m for the six months to 30 September. Investec’s return on [...]
MUFG likely to deny Softbank loan over Wework bailout November 21, 2019 Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, is reportedly likely to withhold additional loans from Softbank to finance the conglomerate’s $9.5bn (£7.3bn) rescue package for struggling office space firm Wework. Softbank has asked for around ¥300bn (£2.1bn) additional loans for Japan’s three megabanks – MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group – [...]
Buckingham Palace confirms Prince Andrew will continue to work on Pitch@Palace scheme November 21, 2019 Buckingham Palace this morning confirmed that Prince Andrew will continue to work on his Pitch@Palace initiative, as was first reported by City A.M. last night. A source close to Pitch@Palace told City A.M. that it was “business as usual” at the programme, which connects entrepreneurs with investors. Read more: Entrepreneurs back Pitch@Palace as pressure grows [...]
Entrepreneurs back Pitch@Palace as pressure grows on Prince Andrew November 21, 2019 Entrepreneurs have expressed their support for Prince Andrew’s Pitch@Palace startup initiative even as the Duke was urged to give evidence to US authorities. A lawyer representing some of billionaire paedophile Jeffrey Epstein’s victims has pushed for the Duke of York to speak with US investigators, following last night’s announcement that the prince will retreat from [...]
Prince Andrew steps back from Royal duties but will continue business role November 20, 2019 PRINCE Andrew last night said he will step back from Royal duties as corporate sponsors continued to sever ties with his entrepreneurship schemes following his widely criticised BBC interview. The announcement from the palace came hours after two more FTSE 100 companies abandoned the prince amid the fallout from his Newsnight grilling over links to [...]
Inmarsat and BT cut ties with Prince Andrew over Epstein friendship November 20, 2019 Inmarsat and BT have become the latest organisations to cut ties with the Duke of York in light of questions about his relationship with convicted sex offender Jeffrey Epstein. A source close to Inmarsat confirmed to City A.M. that the satellite company had withdrawn its sponsorship. In a statement, BT said that they would no [...]
Duke of York to step back from public duties November 20, 2019 Prince Andrew has announced that he will be stepping back from public duties for the “foreseeable future.” In a statement released this afternoon, the Duke said that “it has become clear to me over the last few days that the circumstances relating to my former association with Jeffrey Epstein has become a major disruption to [...]
KPMG slashes headcount in transformation unit amid cost cutting drive November 20, 2019 KPMG is making redundancies in its in-house project management team as part of a campaign to slash millions of pounds in costs. KPMG told more than half of the staff in its transformation centre of expertise (TCE) this week that their jobs were at risk of redundancy, Sky News reported. The unit works across KPMG [...]
HSBC investment banking boss to lose role in shake-up November 20, 2019 HSBC’s investment banking boss is reportedly set to be replaced as part of a shake-up under interim chief executive Noel Quinn. The lender’s head of global banking and markets Samir Assaf is to be moved to a non-executive role, according to the FT. Read more: Softbank in talks over KPMG’s private members club Assaf has [...]
Three more companies ditch sponsorship of Prince Andrew’s Pitch@Palace scheme November 19, 2019 Three more companies said they would no longer support Prince Andrew’s entrepreneurial scheme Pitch@Palace, a day after KPMG jumped ship. International banking giant Standard Chartered was the first to pull the plug. A spokesman confirmed: “We won’t be renewing the sponsorship when it ends in February.” Read more: Corporate sponsors look to desert Prince Andrew’s [...]