Cambridge Analytica files for bankruptcy in the US after Facebook privacy row May 18, 2018 Cambridge Analytica, the company at the centre of the Facebook storm over privacy, has filed for voluntary Chapter 7 bankruptcy in New York. The UK political consulting company voluntarily submitted a petition to declare bankruptcy at the US Bankruptcy Court Southern District of New York late last night. Cambridge Analytica had been under fire after [...]
DEBATE: In the wake of the Carillion scandal, is it time to break up the Big Four accountancy firms? May 17, 2018 In the wake of the Carillion scandal, is it time to break up the Big Four accountancy firms? Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee, says YES. Virtually all the FTSE 250 are audited by the Big Four. This cosy and complacent club has long, lucrative relationships with these companies. [...]
The secret bailout system the EU doesn’t want you to know about May 17, 2018 Target2 – the Trans-European Automated Real-time Gross Settlement Express Transfer system – started off as a simple payment system for cross-border transactions in the Eurozone. Its use is mandatory for the settlement of any euro transaction involving the ECB and the national central banks of the Eurozone member states. It has, however, become something much [...]
RBS moves another step closer to privatisation as merger of Alawwal with Saudi British Bank takes a chunk of risk off its balance sheet May 16, 2018 It may seem unlikely, but a Saudi Arabian bank merger announced today means Royal Bank of Scotland (RBS) could be one step closer to returning to private ownership. The proposed merger of HSBC-backed Saudi British Bank (Sabb) and Alawwal would allow RBS, which was bailed out by the taxpayer during the financial crisis and is [...]
MPs slam Carillion’s ‘rotten’ corporate culture and call for break up of the big four audit firms May 16, 2018 MPs today slammed Carillion’s “rotten” corporate culture and called for a break up of big four audit firms. A report published today by the Work and Pensions and Business, Energy and Industrial Strategy (BEIS) Committees said that Carillion’s collapse was a “story of recklessness, hubris and greed”. Read more: Failed outsourcer Carillion hid true level [...]
Moulton-backed litigation funder Manolete Partners lines up £100m London listing May 13, 2018 A litigation funder backed by private equity veteran Jon Moulton is planning an autumn listing in London that could value it at £100m. Manolete Partners, which was founded in 2009, focuses on buying legal claims from insolvent companies or providing litigation funding to help creditors to pursue claims themselves. Better Capital boss Moulton owns more [...]
UK construction output falls to lowest levels since 2012: ONS May 10, 2018 UK construction output fell 2.7 per cent in March, the biggest decline since August 2012, according to the Office for National Statistics. The three-month on three-month decline in the sector was driven by falls in both repair and maintenance, and new work, which fell 2.8 per cent and 2.6 per cent respectively, the ONS said. [...]
Sterling drops by more than 1 per cent against the dollar with “balloon-like ease” on back of poor GDP growth April 27, 2018 Sterling fell to its lowest level since March today following the release of bleak statistics for the UK’s GDP in the first quarter. ONS figures showed that the economy grew just 0.1 per cent in the first quarter below forecasts, representing the slowest pace of growth since the fourth quarter of 2014. But the ONS [...]
Monarch review launched amid heightened risk of further airline failures April 16, 2018 A government-commissioned review will be kicked-off today following Monarch Airlines’ collapse last October. The Airline Insolvency Review has published a call for evidence to examine reforms needed to ensure passengers are protected when airlines fail. As demand for air travel rises, the risk to passengers of a similar collapse happening again has risen, those conducting [...]
Topshop boss Sir Philip Green takes no responsibility for BHS pension saga April 15, 2018 The previous owner of retail firm BHS Sir Philip Green has said that he regrets the decision to sell the chain to serial bankrupt Dominic Chappell, but that attacks on him as a result were fuelled by jealousy of his success and wealth. When asked if any of what happened as a result of the [...]