Experts slam business rates appeals system February 6, 2020 Property experts today said the business rate appeals system is a “time bomb” as the backlog of claims and challenges spiked. Businesses could be waiting years for their challenges to be addressed due to the backlog of appeals, experts said. Data from HM Revenue and Customs’ Valuation Office Agency (VOA) showed that in the 33 [...]
Swiss investment adviser calls on Credit Suisse chairman to quit over spying scandal February 6, 2020 The head of a prominent Swiss investment adviser has called on Credit Suisse chairman Urs Rohner to step down, as a boardroom battle sparked by the bank spying on executives escalates. Rohner has been locked in a power struggle with chief executive Tidjane Thiam since the revelation in September that the Swiss lender had hired [...]
ING profit tumbles as bad loans and regulatory costs weigh February 6, 2020 ING has reported a significant decline in net profit following a “challenging” end to the year for the Netherlands’ largest bank. The lender reported a 29 per cent drop in year-on-year net profit, which fell to €1.2bn (£1bn) amid a sharp increase in bad loans during the fourth quarter, due in part to a fraud [...]
Credit Suisse shareholders back chief executive in board battle February 5, 2020 Three top Credit Suisse investors have backed chief executive Tidjane Thiam in a power struggle with chairman Urs Rohner as the Swiss bank grapples with the aftermath of a spying scandal. Relations between the pair are understood to have come under increased strain since the revelation that the bank had hired a corporate espionage agency [...]
Financial Reporting Council unveils plans to beef up enforcement in audit cases February 5, 2020 Audit watchdog the Financial Reporting Council (FRC) today announced plans to create a “more forceful regulator”. The FRC has been heavily criticised for the slow pace of its investigations into matters such as the audit of Hbos shortly before its collapse. It has also been criticised for its perceived toothlessness and its cosy relationship with [...]
Retail bosses call for £6bn corporation tax hike to fund business rates cut February 5, 2020 Retail bosses are preparing to urge the Treasury to increase corporation tax in order to cut business rates by £6bn in a bid to save the UK’s struggling high streets. The recommendation to the government will be made in a report by a sub-committee of the Retail Sector Council, due to be shared in the [...]
Culture secretary denies attack on BBC as she hints at wider broadcaster review February 5, 2020 Culture secretary Nicky Morgan has denied the government is launching an attack on the BBC as she hinted at a wider review of public service broadcasters. Morgan today launched a public consultation on whether to decriminalise non-payment of the TV licence fee amid a shift in viewing habits fuelled by the rise of streaming services [...]
Most people don’t trust big tech companies to issue digital currencies, survey finds February 5, 2020 The majority of people across the world don’t think that tech giants can be trusted to issue digital currencies, according to a new survey. The poll, conducted for the Official Monetary and Financial Institutions Forum (OMFIF), found an “overwhelming lack of support” for digital currencies issued by tech companies, which the think tank said “reflects [...]
Investment in UK supermarket property surges to six-year high February 5, 2020 UK supermarket property deal value surged to a six year high last year as investors targeted retail real estate with steady returns. According to the latest research, property investors pumped £1.78bn into the UK supermarket sector in 2019, an 80 per cent jump on the previous year. There were 48 transactions during the year, up [...]
Government opens consultation into licence fee decriminalisation February 5, 2020 Culture secretary Nicky Morgan will today launch a public consultation on whether to decriminalise non-payment of the TV licence fee, ramping up political pressure on the BBC. Under current laws anyone who uses a TV or watches BBC iPlayer without paying the licence fee is guilty of a criminal offence. Those who refuse to pay [...]