My data prophecy? More regulation is on the way January 29, 2020 In 2018, a new elephant entered the room. A giant EU elephant called the General Data Protection Regulation (GDPR). GDPR and data privacy became, slightly bizarrely, a subject that was talked about in offices and in pubs. Even my proverbial aunty knew what it was. In corporate land, there was a frenzy of preparation ahead [...]
It’s not just Whitehall that needs a Dominic Cummings January 28, 2020 The topic of Whitehall reform has never exactly been sexy. No list of “Moments that Made the Modern World” would ever include, let alone kick off with, the publication of the Northcote-Trevelyan Report in 1854. Even many who work in Westminster would be unable to pick the cabinet secretary out of a line-up, even though [...]
Flybe: Ministers draft in restructuring advisers on rescue loan talks amid ‘state aid’ row January 27, 2020 Ministers have brought in advisers to help negotiate a government loan to struggling regional airline Flybe, despite insisting the rescue deal will not constitute state aid. Alvarez & Marsal (A&M) has been tasked with advising the Department for Transport (DfT) in assessing the basis for a commercial loan, according to Sky News. The company, a [...]
Petra Diamonds revenue falls but glimmers of hope remain January 27, 2020 Precious stone miner Petra Diamonds said that its revenue fell six per cent in the first half of the financial year due to slowing demand in Asian markets. The firm sold 1.7m carats for $193.9m (£148.5m) in the period, compared to $207.1m in the same period in 2019. Anti-government protests in Hong Kong, as well [...]
Take me to your leader: How to stop the spread of bad bosses January 27, 2020 Last week, the business and political elite gathered in Davos for the World Economic Forum. Certainly, these men and women have achieved positions of prominent power, but you might wonder — how many of them are actually trained and competent leaders? There is a concept in management called the Peter Principle, which argues that in [...]
UK consumer confidence lifts at end of 2019 January 27, 2020 UK consumer confidence rose at the end of last year, signalling a more optimistic start to the new year. Consumer confidence in the fourth quarter rose 0.5 per cent to minus 8.7 per cent compared to the previous quarter and 2018. Sentiment on the overall state of the economy jumped 27 percentage points on the [...]
Bank heavyweights inject $80m into City fintech Currencycloud January 27, 2020 Cross-border payments startup Currencycloud has today revealed a fresh $80m (£61m) funding injection from a number of new investors. Visa, World Bank arm International Finance Corporation, BNP Paribas, Siam Commercial Bank and Softbank spinoff SBI Group all joined the series E round’s roster as fresh backers. Existing investors Sapphire Ventures, Notion Capital, Anthemis, Accomplice and [...]
Proportion of female partners at finance firms stalls January 27, 2020 The percentage of female partners at financial services partnerships has flatlined at just 14 per cent for the third year in a row amid a lack of scrutiny over diversity. The number of women partners at companies such as private equity firms and hedge funds was 1,356 in 2019, down slightly from 1,369 the previous [...]
Goldman Sachs introduces gender quota for floats January 26, 2020 Goldman Sachs will not take a company public unless there is at least one “diverse” candidate on the board. Speaking at Davos last Thursday, the bank’s chief executive David Solomon said: “From a governance perspective, diversity on boards is a very, very important issue.” The push for diversity will be focused primarily on women. Solomon [...]
UK active fund managers suffer bruising 2019 January 26, 2020 UK-domiciled investment funds suffered £17bn net outflows in 2019, with active managers enduring a particularly punishing year amid a series of industry scandals and stiff competition from passive tracker funds. Invesco, Aberdeen Asset Management and M&G topped a ranking of Britain’s worst selling fund houses for the year, according to figures from financial data provider [...]