Investment group backed by ex-Tesco boss probed over allegations of £2m Covid loan misuse May 11, 2022 We Are Nova, a start-up investment group with support from ex-Tesco chief Sir Terry Leahy, is being probed over claims it misused Covid loans. According to The Times newspaper, companies associated with We Are Nova netted almost £2m through the government’s bounce back loan scheme. However, the firms did not seem to be eligible for [...]
Unite lose bid to become recognised as official union at City watchdog the FCA May 10, 2022 An official arbitration committee has rejected Unite the Union’s bid to become recognised as the official trade union at the Financial Conduct Authority. Unite had applied to become recognised as the official union for the sake of collective bargaining, but this morning the Central Arbitration Committee (CAC) ruled the bid was not “admissible.” The decision [...]
UBS appoints two officials to shore up its ESG unit May 9, 2022 Swiss banking giant UBS has made two appointments to its ESG team as it looks to shore up its clean energy credentials. Josiane Fanguinovény and Viv Sedov will join the company’s Europe, Middle East and Africa division, according to the Financial News. The dealmakers will work on transactions related to environmental and social governance. FN reports many [...]
Barclays leverages Luxembourg deal to avoid nearly £2bn in tax May 9, 2022 British lender Barclays has avoided almost £2bn in tax by booking profits through tax haven Luxembourg for more than a decade, according to reports.
Sadiq Khan: London must make ’the most of Brexit’ and attract US talent and investment May 9, 2022 SADIQ Khan said London “needed to make the most of Brexit” as he met with big business leaders in the US yesterday. The Mayor of London is in New York as part of the first leg of his trip to the US in a bid to drive tourism to the capital. He said yesterday his [...]
Credit Suisse readies £350m claim against Softbank over Katerra collapse May 8, 2022 Embattled lender Credit Suisse is reportedly readying a £350m claim against SoftBank over the bankruptcy of US construction firm Katerra, which imploded after supply chain finance firm Greensill Capital collapsed last year.
Ex-chief economist calls out BoE for acting too slowly to curb inflation May 7, 2022 The former chief economist at the Bank of England has accused the central bank of mismanaging the UK economy amid soaring inflation.
Thanks, Bank of England: Households will pay £858m more in interest after yesterday’s rate rise May 6, 2022 With the Bank of England Monetary Policy Committee confirming yesterday that its base rate will rise by 0.25 per cent to 1 per cent, UK households face an immediate increase in interest payments of around £858m. Analysis of Bank of England data shows UK households are currently paying £18.3bn annually in interest payments on floating rate [...]
Ex Bank of England governor Mark Carney says climate crisis will ‘dwarf’ economic problems May 5, 2022 Following the Bank of England’s decision to raise interest rates, its former government has said the climate crisis will “dwarf” current economic hardship. Mark Carney, who is now as special envoy for climate action with the United Nations, called on the government to move away from polluting fossil fuels. He said the move away from [...]
Co-operative Bank posts profitability for fifth quarter in a row May 5, 2022 The Co-operative Bank has achieved profitability for its fifth quarter in a row, after posting pre-tax profits of £30.5m. The Manchester headquartered bank said its profits had increased for the fourth consecutive quarter, as its earnings were bolstered by its mortgage business. The bank said its net income had increased 36 per cent year-on-year [...]