Immigrants add £83bn of economic value to London March 1, 2017 Migrant workers in London with full time jobs each contribute an additional £46,000 net in gross value added (GVA) per year to the economy, research by PwC and London First reveals. A combined total of £83bn for all of London’s 1.8m migrant workers is added, making up approximately 22 per cent of the capital’s GVA. [...]
Man Group reports losses and lower performance fees March 1, 2017 Hedge fund Man Group disappointed investors with pre-tax losses of $272m for 2016 this morning, largely driven by accounting write downs at the company’s discretionary investments arm, GLG, and at FRM, Man’s fund of funds business. Performance fee revenues were down to $81m, compared to $302m in 2015, with declines across all divisions. The FTSE [...]
Fraud squad lawyer tells court two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable February 28, 2017 A lawyer acting for the fraud squad told a court today that two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable. The Serious Fraud Office (SFO), which is prosecuting the case, has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, played roles in a conspiracy to fix the benchmark rate between 1 June [...]
Slater and Gordon reports a half-year loss, and points the finger at poor reputation in the UK February 27, 2017 Australian-listed law firm Slater and Gordon revealed a loss in its half-year results today, pinning at least some of the blame on its reputation in the UK. The figures The firm reported a net loss after tax of AU$425.1m (£262.4m), an improvement of 56 per cent compared with AU$958.3m for the same period the year before. [...]
Oscars Best Picture screw-up: City stalwart is investigating how the award was handed to the wrong film February 27, 2017 Last night's Oscars ceremony took a surprising and extremely awkward turn when the big prize – the Best Picture award – was mistakenly handed to the wrong film. Stars Warren Beatty and Faye Dunaway announced that La La Land had won, as was widely expected. The film's producers were midway through their acceptance speeches when Beatty interrupted [...]
Government on the hunt for lawyers who want to tackle Brexit for £48,400 February 26, 2017 The Government Legal Department is looking to hire up to 17 qualified lawyers to help it navigate Brexit, for a starting salary of £48,400. The freshly hired lawyers will be expected to work alongside the Department for International Trade (DIT) and the Department for Environment, Food and Rural Affairs. Duties could included providing legal guidance as the [...]
Alliance Trust investors clash over proposed buyback February 26, 2017 Investment fund Alliance Trust is convening a general meeting for shareholders this Tuesday to approve its plan for a £620m buyback deal with Elliott Management, the activist investor. It proposes that the buyback will take place in five tranches to enable the American hedge fund to cash in its investment. UK private investors’ association ShareSoc [...]
Ladbrokes Coral loses £71m tax avoidance court case after long standing battle with HMRC February 25, 2017 Bookmaker Ladbrokes Coral has lost a £71m tax avoidance court battle with the taxman after using a once-legal loophole to minimise its tax bill. Ladbrokes drafted in Big Four beancounters Deloitte in 2008 to create a scheme that artificially manufactured a fall in the value of the shares of one of the group subsidiaries. This generated [...]
HMRC hits back at suggestions by Andrew Tyrie of heavy handed tactics in cracking down on tax avoidance February 25, 2017 Tax authorities have dismissed claims by the chairman of the Treasury Select Committee that it acted in a heavy handed manner, causing people "very severe financial distress". Andrew Tyrie has written to chancellor Philip Hammond to highlight concerns about the way HM Revenue & Customs (HMRC) cracked down on people who had arranged their financial affairs by using tax [...]
Briton arrested in connection with a Deutsche Telekom cyber attack that hit 900,000 customers February 23, 2017 The UK's National Crime Agency (NCA) has arrested a suspect at one of London's airports in connection with November's cyber attack on Deutsche Telekom. The 29-year-old Briton was arrested on Wednesday in response to a European arrest warrant. The cyber attack targeted the routers of 900,000 Deutsche Telekom customers leading to internet outages for around 4.5 per [...]