UK banks taxed almost double the amount of the rest of the FTSE 100 December 17, 2018 UK banks pay nearly double the amount of tax compared to the rest of the FTSE 100, new data has revealed. The five biggest banks paid an effective tax rate – the rate at which a corporation’s profits are taxed – of 42 per cent last year, almost twice as much as the 23 per [...]
Could the UK be on the brink of a US-style class action explosion? December 16, 2018 The Royal Bank of Scotland, Lloyds Banking Group, Tesco, Google and Mastercard. These are just a handful of the household names that have been targeted in group action lawsuits in the UK with billions of pounds at stake. The UK, unlike the US or Australia, does not have a long history of class action-style lawsuits, [...]
Investigation clears EBRD president after ‘director dossier’ claims December 14, 2018 The head of the European Bank for Reconstruction and Development (EBRD) was cleared of wrongdoing yesterday, following member states’ claims that the lender inappropriately gathered information on some of their directors. The bank confirmed that an external investigation has exonerated EBRD president Suma Chakrabarti after board members representing some of the bank's 70 member governments [...]
Got $130m? Disgraced 1MDB Hollywood financier’s superyacht put up for sale December 14, 2018 If you've got a spare $130m (£103.1m) lying around, you could be the next owner of Equanimity: the luxury superyacht belonging to fugitive Malaysian financier and "tabloid party boy" Low Taek Jho. Also known as Jho Low, the still-at-large financier is wanted in connection with the alleged embezzlement of billions of dollars from Malaysian sovereign development [...]
‘Non-sexy’ is the new cool: UK fintech predictions for 2019 December 13, 2018 Despite the continued uncertainties of Brexit, 2018 was another year for the UK’s fintech sector. Record levels of investment poured into the community, with $16bn secured in the first six months of 2018, exceeding the value of investment in US fintech by almost $2bn. In addition, progressive regulation and a thriving financial services sector attracted [...]
Shares collapse at Gam as it prepares for huge full year loss, pinning hopes on turnaround strategy December 13, 2018 Fund manager Gam saw its share price plummet by 28 per cent today as it warned shareholders that it is staring at a heavy net loss for the full year. The Swiss firm predicted a net loss of SFr 925m (£736.8m), after recording a profit of SFr 123.2m last year, embarking on a turnaround strategy [...]
Credit Suisse to buy back up to $3bn of shares as restructuring comes to an end December 12, 2018 Banking giant Credit Suisse plans to buy back up to Sfr 3bn (£2.4bn) of shares after signalling it was on track to successfully complete its three-year restructuring. The Swiss bank also confirmed plans to increase its dividend by at least five per cent annually from next year in a bid to reward shareholders who have [...]
European development bank pulls plug on funding for coal mines December 12, 2018 The European bank which funds international development around the world will stop paying for coal projects in a bid to cut carbon emissions. The European Bank for Reconstruction and Development also announced it would stop funding oil exploration projects. It will only pay for oil development in exceptional circumstances where the investment would help reduce [...]
The City is braced for a hard Brexit – why aren’t MPs? December 11, 2018 Had things worked out differently we could have woken up this morning to news that MPs voted last night in favour of Theresa May's withdrawal agreement. The transition period was secured, talks would move on to the future trade deal and businesses would breath a mighty sigh of relief. Instead, we rise to find another [...]
Beat your demons: Barclays lets account holders block their worst spending habits December 11, 2018 Barclays has become the first high street bank to allow customers to “turn off” certain types of spending in a bid to give those with addiction better control over their money. Customers can now block payments to retailers including gambling websites, betting shops and pubs using a button in the bank's mobile app. Barclays developed [...]