‘PE to PE’ deals soar as firms rush to offload $2.3 trillion post-pandemic dry powder October 4, 2021 Private equity to private equity deals, whereby groups sell UK companies to each other, have jumped by 44 per cent in the past year, as firms rush to please investors and deploy capital accumulated during the coronavirus crisis. The number of so-called “PE to PE” deals increased by 44 per cent to 85 in the [...]
Businesses must balance flexibility with office culture to fight ‘tsunami of turnover’ October 4, 2021 Three in four companies are concerned about the impact of remote working on corporate culture and staff retention, with half preparing themselves for widespread employee burnout in 2022, according to a report by specialist recruiter Robert Half. The report showed that remote workers were at risk of burnout due to the lack of distinction between [...]
UK talent pools will run dry without easier immigration October 4, 2021 The UK’s credentials as a leading global financial centre are undisputed. Our time zone, language, and regulatory system all contribute to this unrivalled status. Over the centuries the sector has combined tradition with innovation and shown openness and willingness to change and adapt. This has made the Square Mile an attractive arena with unique strengths [...]
City tilts toward tackling climate change October 4, 2021 Over half of City firms have put climate change at the top of their list of priorities, compared to just a third last year. 59 per cent of UK financial institutions have made addressing climate change the key issue driving their strategic agenda, according to research by Lloyds Bank. One in three financial firms saw [...]
Evergrande shares suspended in Hong Kong amid takeover rumours October 4, 2021 Turmoil in Hong Kong this morning, as trading in shares from property giant Evergrande Group and its real estate management unit Evergrande Property Services have been suspended. The companies’ filings did not specify why the shares were stopped from trading. Cailian, a Chinese online news service affiliated with the state-run newspaper Securities Times, said another [...]
City corruption: Company of Tory donor Ayman Asfari paid tens of millions in bribes across Middle East October 3, 2021 A company whose biggest shareholder is a major Tory donor did not stop its employees from paying out more than £32m in bribes in order to secure a range of contracts across the Middle East. Petrofac, one of the world’s largest service providers to oil and gas producers, won business worth £2.7bn in Iraq, Saudi [...]
Eurozone inflation ratchets up to 13-year high October 1, 2021 Inflation in the Eurozone soared to a 13-year high last month, posing more headaches for the European Central Bank. Prices in the 19 countries sharing the euro rose to 3.4 per cent annually in September from 3 per cent a month earlier, the highest reading since September 2008. The inflation clip came in ahead of [...]
Accountancy boss sentenced for offering non-existent jobs in the City and Canary Wharf October 1, 2021 The director of a London-based company that offered jobs via an online recruitment website has been given a suspended sentence for his part in a fraud that saw job applicants apply for positions that didn’t exist. Wemba Akobola was sentenced to 18 months’ imprisonment, suspended for 18 months, according to a statement from the City [...]
With S&P 500 down 4.8 per cent, September counted the worst losses since March 2020 October 1, 2021 September counted the worst monthly losses since the beginning of the pandemic, with stocks on Wall Street falling broadly yesterday. The S&P 500 ended the month 4.8 per cent lower, its first monthly drop since January and the biggest since March 2020, when the viral outbreak rattled markets as it wreaked havoc with the global [...]
City of London Corporation may U-turn on decision to remove slaver statues September 30, 2021 Statues of a slave owner and slave trader from the 18th century may remain at the City of London Corporation’s Guildhall headquarters, despite initially deciding to take them down earlier this year. The statues of Sir John Cass and William Beckford were going to be removed in the wake of the Black Lives Matter protests [...]