GPS points way for fintech’s future October 21, 2020 When the government launched the independent review of the UK’s fintech sector three months ago, the mood music was warmly received by Joanne Dewar. “The UK is one of the leading places in the world to start and grow a fintech firm, and I am determined to ensure this continues,” John Glen, economic secretary to [...]
London is the toughest place to be an entrepreneur, report finds October 21, 2020 London is the toughest place in the UK to be an entrepreneur due to a huge wealth disparity and a higher cost of living, according to a new report. The government-funded British Business Bank (BBB) and management consulting firm Oliver Wyman have today published a report into the huge impact ethnic and economic background as [...]
UK dividend drought continues into third quarter October 21, 2020 The collapse of corporate dividends this year continued into the third quarter, as payouts slumped by nearly half to £18bn. Companies have scrambled to conserve cash amid the crisis, and the 49 per cent drop last quarter represents the lowest third quarter total in a decade since the aftermath of the global financial crisis. Although [...]
Bank of England and US regulators renew deal on clearing cooperation October 20, 2020 The Bank of England and US trading watchdog have signed a new agreement to cooperate on the supervision of cross-border clearing of financial transactions. “The CFTC and the BoE express their willingness to cooperate in the interest of fulfilling their respective regulatory mandates, particularly in preserving the benefits of cross-border clearing activity,” the Bank said. [...]
City of London pledges to lure in small businesses and artists in plan to ‘reinvent itself’ October 20, 2020 The City of London Corporation has pledged to “reinvent itself” by encouraging small businesses and artists to “re-enter the city centre”, as the capital attempts to shake off the economic damage of the pandemic . In a five-year target to reinvigorate London, the City has drawn up plans to motivate small businesses and artists to [...]
London Chamber of Commerce launches Black Business Association October 19, 2020 London’s business trade body has today launched a new programme to support black business ownership and black employees in the capital. The London Chamber of Commerce and Industry (LCCI) has set up the Black Business Association to enable networking and promote entrepreneurship. It will also provide a forum to collectively discuss barriers to equality in [...]
Covid-19 and “stakeholder capitalism”: actions speak louder than words October 19, 2020 The idea that companies should be run for the benefit of all their stakeholders, not just shareholders, is not new. “Stakeholder capitalism”, as it’s become known, was actually the dominant corporate model long before “shareholder primacy” (i.e. prioritising shareholders) really took hold in the Anglo-Saxon world in the 1970s. It remains the norm in some [...]
Amigo enters Asset Voluntary Requirement with regulator October 19, 2020 The City regulator has told Amigo’s new board it cannot transfer any assets outside of the group without its permission. Amigo (AMGO) has entered an Asset Voluntary Requirement (AVR) with the Financial Conduct Authority (FCA) which means the lender will need its approval to transfer assets outside of the group. It also means it needs [...]
G4S rebuffs Gardaworld’s takeover offer as it “significantly undervalues” company October 19, 2020 G4S (GFS) has dismissed Gardaworld’s hostile takeover bid, after the outsourcing giant claimed its 190p per share offer “significantly undervalues the company and its prospects”. In a filing to the London Stock Exchange, G4S said its board had unanimously rejected Canadian rival Gardaworld’s offer because it was “not in the best interests of shareholders or [...]
Gardaworld advisers set for £312m payday in G4S bid October 18, 2020 Advisers to Gardaworld are in line for a £312m payout from the Canadian firm’s hostile takeover bid for outsourcing giant G4S. Banks, lawyers, accountants and PR professionals are set to share a reward package ranging from £13m to £312m if Gardaworld’s £3bn bid is successful. In a takeover document published yesterday, Gardaworld said it will [...]