Christmas in Canary Wharf: UK’s largest banks face £8.5bn HMRC bill with £35.8bn of tax under consideration December 22, 2021 Large banks face a potential £8.5bn tax liability from the UK tax authority, according to new figures obtained by Freedom of Information (FOI). The FOI to HM Revenue and Customs (HMRC), carried out by City law firm DLA Piper, showed that, at the end of March 2021, additional tax liability under investigation had increased by [...]
Taxpayer bill for Bulb could top £1bn as energy prices soar December 22, 2021 Running failed energy supplier Bulb could could cost taxpayers over £1bn as the price of gas continue to rocket, according to reports. Bulb was left to shoulder the spiralling cost of gas after administrators were instructed, at short notice, by the government to buy most of its wholesale energy needs, sources told The Times, which first [...]
Victory for Lord Rothermere: End of an era as Daily Mail group exits London Stock Exchange after listing nine decades ago in 1932 December 22, 2021 The Daily Mail’s biggest shareholder – Lord Rothermere – is heading for victory in his bid to take the Daily Mail group private as the company will be delisted from the London Stock Exchange after almost 90 years. The newspaper tycoon made a “final” offer to investors in Daily Mail & General Trust (DMGT) earlier [...]
Cash-stripped SoftBank turns to Apollo-led group for $4bn loan December 21, 2021 Japanese conglomerate SoftBank is turning to a group of investors led by private equity giant Apollo Global Management for a $4bn loan as it scrambles to recover its cash on hand after a series of portfolio setbacks. A group including Apollo, SoftBank’s insurance affiliate Athene Holding, and other investors including financial institutions, mutual funds and [...]
Biden to focus on testing and vaccines instead of lockdowns this winter December 21, 2021 US President Joe Biden reportedly has no intention of pushing for a lockdown this winter, despite the reintroduction of restrictions across Europe.
Energy crisis will stretch into spring with Ofgem expected to hike household bills by £700 December 21, 2021 The energy crisis will extend into next year with UK households facing a “painful” £700 increase in energy bills, warns Investec.
Insurer Hiscox names new group chief financial officer December 21, 2021 International insurer Hiscox Ltd has announced former EY partner and industry expert Paul Cooper as its new group chief financial officer. A qualified chartered accountant who trained with PwC, Cooper is currently the interim group chief financial officer of M&G Plc, a FTSE 100 asset manager and life insurer. Cooper will be rewarded with a [...]
Credit Suisse executive with links to Greensill steps down after 30 years December 20, 2021 Eric Varvel, the Credit Suisse executive who previously ran the bank’s $500bn asset management unit with ties to Greensill, is stepping down after three decades at the Swiss group. Varvel, who was most recently chair of Credit Suisse’s investment bank and head of its US holding company, had contemplated leaving the bank partly due to [...]
A quarter of the UK’s unicorns were created in 2021 alone as the tech sector shines December 20, 2021 New data shows how UK tech boomed in 2021, raising £26bn, doubling last year’s figures and creating a record number of unicorns.
Daily Mail owner shares collapse over 70 per cent ahead of exiting the London Stock Exchange December 17, 2021 The Daily Mail and General Trust (DMGT) group had its shares collapse by more than 70 per cent today, ahead of delisting from the London Stock Exchange. The sharp drop was triggered by the stock going ‘ex’ its special dividend today, meaning it is trading without the value of the next dividend payment. It comes after [...]