Revealed: Thomas Cook went bust with liabilities of £9bn December 16, 2019 Thomas Cook collapsed with total liabilities of £9bn, it has emerged this morning, making the immediate financial toll of the company going bust even greater than that of Carillion in early 2018. In a report on the failure released this morning, it has emerged the travel operator owed £585m to customers and £45m to employees [...]
Well done, Boris — now it’s time to fix the UK’s infrastructure and access to talent December 16, 2019 Now that the dust has settled on last week’s election, the new Conservative government led by Boris Johnson faces the urgent task of getting on with delivering a programme that benefits households and businesses across the UK. Christmas may be around the corner, but the hard work starts now. The City of London Corporation will [...]
Accounting watchdog ‘plots sweeping rule changes’ for company executives December 15, 2019 The Financial Reporting Council (FRC) is lining up significant changes to corporate governance rules after a string of scandals at Patisserie Valerie, M&C Saatchi and Ted Baker. It is understood the accounting regulator is writing a British version of an American law passed in 2002 after Worldcom and Enron collapsed. Read more: FRC watchdog probes [...]
Boris Johnson sets sights on BBC licence fee as bias row heats up December 15, 2019 Boris Johnson is reportedly ramping up plans to decriminalise non-payment of the BBC licence fee, in a move that could spark a showdown between No 10 and the broadcaster. The Prime Minister has asked aides to launch an urgent review into whether viewers should face prosecution for failing to pay the £154.50 fee, which applies [...]
Water firms prepare to flood watchdog with complaints after final Ofwat ruling December 15, 2019 Britain’s water companies are getting ready to launch a deluge of complaints against Ofwat, after the regulator publishes its final financial demands for the industry over the next five years. The regulator stunned the industry in July, when it rejected all but three leading suppliers’ business plans for 2020-2025, in a bid to clean up [...]
PA Awards 2019 December 13, 2019 They’re the too-often unsung heroes of the business world, but on Wednesday evening the capital’s best PAs and EAs were given the toast they deserve at the beautiful Bob Bob Cité in the Leadenhall Building. From Sony and Spotify, to London & Capital and Lazard & Co., the awards finalists came from across London’s creative [...]
City reacts: Business ‘eager for clarity’ after Boris Johnson’s election victory December 13, 2019 As Boris Johnson enjoys his General Election victory, business leaders have woken bleary eyed – but largely satisfied – with the news. For many, it was a sigh of relief, after London business groups had strongly opposed Labour’s policies of renationalisation and higher taxation. Sterling surged last night, settling around $1.347, while the FTSE 100 opened 0.8 [...]
Ted Baker needs a dose of urgent first aid December 13, 2019 Oh, the irony. David Bernstein was in Switzerland in his capacity as chairman of the British Red Cross when he took a phone call ousting him as chairman of Ted Baker on Monday evening. Forget the Red Cross: it’s the fashion retailer which requires emergency aid. In the nine months since founder Ray Kelvin quit [...]
Freshfields partner exits after investigation in latest #MeToo case December 12, 2019 A Freshfields Bruckhaus Deringer partner left the firm this week after an investigation into a suspected #MeToo case. Disputes and investigations partner Nick Williams left the firm on Wednesday following an investigation into his conduct. Website Legal Week reported that his exit was related to #MeToo concerns. A spokesperson for Freshfields said: “We can confirm [...]
Banking on the future: The boss of the Association of Foreign Banks speaks to CityA.M. December 12, 2019 Among the many services that the Association of Foreign Banks (AFB) provides to its global members is a guide on how to handle allegations of workplace harassment. Overseas banks with an office in the UK can pay their trade body a small fee for a 26-page report that highlights case studies of misconduct. It even [...]