Seraphim Space appoints UBS and HSBC finance veteran as COO March 7, 2022 Seraphim Space has appointed a former UBS director as its new chief operating officer, as the space technology fund manager looks to broaden its horizons following significant growth. Sarah Shackleton, who joins from London-based private equity firm Development Partners International (DPI) where she was partner, brings veteran-level experience to the role after being embedded in the [...]
The City must not stand by in the face of dirty money on our streets and in our banks March 7, 2022 Today I and others from across the City of London will gather to stand in solidarity with the people of Ukraine as its national flag flies above us. It is now over a week since Russia’s violent invasion of Ukraine began and the deeply distressing scenes being played out across the country have shocked us [...]
CPS: Shield exports from tax to boost Global Britain and small business March 7, 2022 Shielding spending on ramping up exports from taxes will unlock a well of economic growth by boosting engagement with trade among Britain’s small businesses, a new report recommends today. Allowing firms to cut their tax bills by offsetting investment in exports would strengthen incentives for small firms to participate in trade, according to the Centre [...]
PwC announces separation of Russian firm in first Big Four exit March 6, 2022 Pricewaterhousecoopers (PwC) will no longer have a member firm in Russia, with the multinational due to announce its decision tomorrow to separate its Russian company from the rest of its global network in the wake of Putin’s invasion of Ukraine. The move by the Big Four giant will affect 3,700 partners and staff in Russia, [...]
Payment giants join Russia exodus March 6, 2022 The world’s top payment providers have pulled out of Russia in response to Moscow’s assault on Ukraine. American Express, Mastercard and Visa debit and credit cards issued by Russian banks will be booted out of their networks, the trio announced over the weekend. Cards issued outside of Russia will no longer work at ATMs in [...]
Week ahead: Fears over Russia-Ukraine escalation to loom over City March 6, 2022 An intensification in the Russia-Ukraine war will drive investors’ moves this week in the City. The capital’s premier FTSE 100 index had a torrid time last week, losing nearly seven per cent of its value, its worst week since March 2020 when the UK was plunged into lockdown. Traders were spooked by the potential economic [...]
Saturday Sitdown: Credit Suisse’s global investment boss on the dawn of a new world order March 5, 2022 The Russian invasion of Ukraine has accentuated geo-political risks, further fueling volatility on financial markets and unsettling investors. These developments mark a clear shift to a new world order, Michael Strobaek, Credit Suisse’s global chief investment officer, told City A.M. in an exclusive interview. “This new world order will make risk management as well as investing [...]
Exclusive: Tax probe yields hit staggering £30bn as HMRC fights to recoup lost Covid revenues March 5, 2022 The total revenue HMRC generated from tax investigations and other compliance activity has risen to £30.8bn in 2021, up from £28bn in 2020 as it looks to pursue tax lost to evasion or avoidance during the pandemic, lawyers have told City A.M. this morning. HMRC had to suspend some tax investigations work for part of [...]
Enough: Russia’s second-largest oil firm Lukoil urges Putin to end Ukraine war immediately March 4, 2022 Vagit Alekperov, the owner of Russia’s second-largest oil company Lukoil, has called on Russian President Vladimir Putin to put an end to the invasion of Ukraine. The company expressed concerns over “the ongoing tragic events in Ukraine” calling for “the immediate cessation of the armed conflict and fully support its resolution through the negotiation process [...]
Shares nosedive across Europe as burning Ukrainian nuclear plant terrifies traders: FTSE lowest since October March 4, 2022 All major markets across Europe are reacting this morning with horror to the fire at Europe’s largest nuclear power plant amid shelling by Russia in the area. Although the situation is reportedly under control, stock indexes were down across the continent, with London’s top index, the FTSE 100, dropping to its lowest point since October [...]