British American Tobacco hit with £436m damages claim from Canada court cases March 5, 2019 British American Tobacco (BAT) has taken a £436m charge related to Canadian court cases, it said today. Read more: No smoke without fire in BAT boardroom The tobacco giant must pay the money to smokers from Quebec who said cigarette firms did not warn them of the risks associated with smoking. The companies at fault [...]
Volkswagen turnaround boss Ferdinand Piech dies aged 82 August 27, 2019 Former Volkswagen boss Ferdinand Piech, who has been credited with turning the firm into the global powerhouse in the 1990s, has died aged 82. The grandson of Beetle pioneer Ferdinand Porsche, Piech became Volkswagen chief executive in 1993, transforming it from a medium-sized car maker to an international power. Read more: Former VW boss Martin [...]
Boris Johnson and buses: A brief but chequered history November 15, 2019 Boris Johnson unveiled his new election battle bus today, which comes emblazoned with slogans urging voters to back the Prime Minister to “get Brexit done.” The Prime Minister’s penchant for the trusty London bus is well known. In an interview with Talk Radio in June, he admitted that he liked to relax by making models [...]
H2O assets fall by €2.6bn over liquidity concerns June 25, 2019 Asset management firm H2O saw assets drop by more than €2.6bn across six funds last week as the company deals with concerns over investments connected to a controversial financier. The London based asset management arm of French investment bank Natixis has been facing questions over its links with bonds issued by Lars Windhorst and the [...]
US to return $200m to Malaysia as part of 1MDB probe May 7, 2019 The US government has begun to return around $200m to Malaysia after seizing assets related to the scandal-hit state fund 1MDB, the two countries confirmed today. Since 2016 the US Department of Justice (DoJ) has filed lawsuits to seize around $1.7bn of goods allegedly bought with funds stolen from 1MDB, including a private jet, luxury [...]
US to return $200m to Malaysia as part of 1MDB probe May 7, 2019 The US government has begun to return around $200m to Malaysia after seizing assets related to the scandal-hit state fund 1MDB, the two countries confirmed today. Since 2016 the US Department of Justice (DoJ) has filed lawsuits to seize around $1.7bn of goods allegedly bought with funds stolen from 1MDB, including a private jet, luxury [...]
Marriott International to be fined £99m for data breach July 9, 2019 Hotel chain Marriott is set to be fined more than £99m for a data breach that compromised the personal details of roughly 393m guests. The Information Commissioner’s Office (ICO) today announced its intention to hand down the fine following an “extensive” investigation into the breach. Read more: British Airways set for £189m fine for 2018 [...]
Asset manager H20 says redemptions are falling after it was hit by a wave of outflows June 26, 2019 Under fire asset management firm H20 said today that there had been “substantial inflows” of funds in recent days and redemptions had fallen to five times less than they were at their peak last Friday. The firm had been hit by a wave of clients withdrawing their money after the Financial Times last week questioned [...]
Petrofac warns revenues will shrink after SFO probe hinders new work August 28, 2019 Oilfield services giant Petrofac shares fell 1.97 per cent this morning as it warned revenues would dry up next year after an investigation by the Serious Fraud Office caused it to lose out on contracts. In a glum first half financial report, the FTSE 250 company said the decline reflects a “low order intake in [...]
Softbank names Nokia as 5G supplier after shunning long-term partner Huawei May 29, 2019 Softbank has chosen Nokia to supply equipment for its 5G network, in the latest blow for Chinese telecoms firm Huawei. Softbank, which operates a mobile network in its home country of Japan, today said it will use Nokia technology in non-core parts of its 5G network, which is set to launch next year. Read more: [...]