City broker Britannia Global Markets cancels LME membership following March nickel price fiasco June 9, 2022 Derivatives broker Britannia Global Markets has said it is giving up its membership to the London Metal Exchange (LME), after the London market halted nickel trading in March in response to surging prices. Britannia said it had decided to cancel its Category 2 membership to the LME, which allows it to trade on behalf of [...]
Truck makers ‘cartel’ to face landmark £2bn opt-in lawsuit over decade long price fixing scheme June 9, 2022 A UK competition tribunal has given a trucking industry trade body the green light to bring forward a more than £2bn opt-in claim against a “cartel” of European truck makers, over allegations they fixed the prices of lorries for more than a decade. The UK’s Road Haulage Association (RHA) trade body’s claim is set to [...]
Deloitte denies claims it is set to follow EY by splitting its business in two June 9, 2022 Deloitte has said claims it is considering splitting itself up, and spinning off its consulting business, are “categorically untrue”. The Big Four accountancy firm denied claims it is mulling over a split, after the Wall Street Journal yesterday reported that Deloitte is exploring the options of separating out its global audit and consulting practices. Instead, [...]
Mishcon de Reya delays IPO for the ‘foreseeable future’ June 8, 2022 London law firm Mishcon de Reya has put its plans to float on the stock exchange on hold, after saying it plans to set them aside for the “foreseeable future”. The Silver Circle firm said it had decided to scrap its plans for an initial public offering (IPO) due to current “market conditions”. In a [...]
Hedge Funds hit out at London Metal Exchange over ‘conflicts-of-interest’ in nickel price fiasco June 8, 2022 The Managed Funds Association (MFA), a powerful Washington lobby group, has accused the London Metal Exchange (LME) of failing to manage its “conflicts-of-interest,” as the market faces mounting criticism over its decision to halt nickel trading last March. In comments submitted to the LME, the industry body which represents hedge funds with £2.6trn worth of [...]
Marine and aviation insurance premiums more double as policyholders feel hit from Ukraine war May 30, 2022 The cost of insuring certain marine and aviation businesses has more than doubled due to rising costs and the risks associated with the war in Ukraine. Global insurance premiums increased 11 per cent in the first quarter 2022, as conflict in Ukraine pushed up insurance costs worldwide, Reuters said. However, insurance costs have soared particularly [...]
Billionaire activist investor exits Generali’s board in wake of failed shareholder coup May 30, 2022 Italian billionaire Francesco Gaetano Caltagirone has stepped down from the board of insurance giant Generali, following the collapse of his shareholder mutiny to oust the insurer’s management team. The exit comes after Caltagirone put forward a shareholder resolution to block Generali’s incumbent chief executive, Philippe Donnet, from taking on a third term leading the firm. [...]
Hogan Lovells readies itself for demolition of Holborn Viaduct HQ after taking up office space at 10 Fleet Place May 30, 2022 British-American law firm Hogan Lovells has struck a 10-year deal with private equity firm Addington Capital to rent out the seventh and eighth floors of the firm’s 10 Fleet Place office building. The legal sector giant is set to transfer its business services teams to the 10 Fleet Place premises, as it seeks to exit [...]
Canadian bank CIBC subjected senior exec to racial and sexual discrimination, lawsuit says May 30, 2022 An ex-senior banker at one of Canada’s biggest banks has filed an £800,000 lawsuit against her former employer over claims she was subject to racial and sexual discrimination while working at the firm. Zhuofang Wei, a former executive director at the London office of the Canadian Imperial Bank of Commerce (CIBC), is suing the bank [...]
Venture capitalist Julie Meyer fails to overturn six-month suspended sentence May 28, 2022 Venture capitalist Julie Meyer has failed in her bid to overturn the six-month suspended sentence handed down to her in February, following her long-standing refusal to pay almost £200,000 in legal fees to London law firm Farrer & Co. At a hearing on Thursday, a Court of Appeals judge rejected the businesswoman’s appeal, as he [...]