Starmer pledges to take on top earners as part of 10-point Labour leadership bid February 12, 2020 Labour leadership frontrunner Keir Starmer has pledged to take on the UK’s top earners, as part of a 10-point plan to win over the party membership. Starmer, who is shaking off accusations of centrism from some quarters within the party, this morning said an increase in income tax for people earning over £80,000 was one [...]
Burford Capital faces setback in bitter battle over £350m mega-yacht February 11, 2020 Litigation funder Burford Capital has faced a setback in its battle to secure control of a £350m yacht in Dubai as part of a bitter divorce battle. Burford has funded Tatiana Akhmedova’s fight to secure the £453m divorce settlement granted against her ex-husband Farkhad Akhmedov by the English courts in 2016. Akhmedov refused to pay [...]
Bank of England’s Mark Carney says infrastructure investment needed to boost growth February 11, 2020 Bank of England governor Mark Carney has said more public investment in infrastructure and higher corporate spending is needed to boost the UK’s struggling economy. Speaking to the House of Lords’ economic committee, Carney also said he expects interest rates to remain low for the foreseeable future as structural factors such as weak productivity weigh [...]
Deutsche Bank taps US tech giants to help with overhaul efforts February 11, 2020 Deutsche Bank has reportedly invited bids from Google, Microsoft and Amazon to overhaul its outdated technology networks as part of a wider turnaround effort by the German lender. Deutsche approached the US tech giants as part of a €13bn (£11bn) technology investment it has planned up to 2022 as it seeks to recover from years [...]
Deutsche Bank’s plans to simplify corporate structure win regulatory backing February 11, 2020 Deutsche Bank’s plan to simplify its complex corporate structure in Germany has won the backing of local and European regulators, in a boost for boss Christian Sewing’s turnaround plan for the German lender. Under the plans, Deutsche will eliminate the separate legal entity that houses its domestic detail operations, known as Deutsche Bank Privat- und [...]
City Moves for 11 February – Who’s switching jobs at Sazka, Angling Direct and the PPF? February 11, 2020 Sazka Sazka Group is pleased to announce that Kenneth Morton has been appointed chief financial officer as of March 2020. Kenneth joined KKCG as head of corporate finance in April 2019 and in this role has devoted the majority of his time to projects with Sazka, including its Voluntary Tender Offer for shares in Opap [...]
Businesses must take a hard look in the mirror to understand their corporate purpose February 11, 2020 Fifty years ago, Nobel-winning economist Milton Friedman published an article in which he analysed the relationship between business and corporate social responsibility. The commentary was driven by the principle that the sole responsibility of business was “to use its resources and engage in activities designed to increase its profits so long as it stays within [...]
Sadiq Khan will spend £350,000 to fight the Tulip tower February 10, 2020 City Hall will spend up to £350,000 to defend its decision to reject the planning application for the Tulip tower as Sadiq Khan gets ready to fight an appeal against its developers. The 1,000-foot skyscraper was set to be built by architecture firm Foster + Partners opposite the Gherkin, after its design was approved by [...]
European companies could face upsurge in activist raids February 10, 2020 European companies could face an upsurge in activity from activist investors, analysis released today showed. One in 20 European companies with a market capitalisation of over $250m (£193m) have been targeted by activist investors in the past five years. This is half the rate (one in 10) for similar size companies in the US. The [...]
BBC calls for ‘demonstrable resilience’ as it launches search for new boss February 10, 2020 The BBC has fired the starting pistol on its search for a new director general, calling for applicants with “demonstrable resilience” as it tries to head off fierce political pressure. The broadcaster today published a job advert for its top position after current director general Tony Hall announced plans to step down in the summer. [...]