Tesco execs stayed silent about a massive hole in its accounts say prosecutors October 9, 2018 Two senior former Tesco executives on trial for fraud in London were presiding over a “car crash waiting to happen” Southwark Crown Court heard today. Sasha Wass QC, prosecuting for the Serious Fraud Office (SFO), said Tesco’s former UK managing director Chris Bush and ex-UK food commercial director John Scouler were aware of a shortfall [...]
MPs call for new tribunal system to help SMEs take on big banks October 26, 2018 A row is brewing over how to prevent another RBS-style asset stripping scandal after MPs backed a new tribunal system to help small businesses take on banks. The Treasury Select Committee is throwing its weight behind establishing a special system for settling disputes involving small and medium enterprises (SMEs) and large banks. The plan goes [...]
Miner ENRC victorious over Serious Fraud Office in ‘historic’ Court of Appeal battle on legal privilege September 5, 2018 Lawyers hailed ENRC’s Court of Appeal win over the Serious Fraud Office (SFO) in a legal privilege case today as “fundamental to our legal system”. In today’s judgment the Court of Appeal overturned a High Court decision from May that compelled miner ENRC to hand over the results of an internal investigation into corruption, carried out by [...]
Big brands doing big deals show the UK sports sponsorship industry remains in rude health January 14, 2019 January is typically the time to look forward, to forecast and predict what will happen in the coming year. To understand the state of the UK sponsorship industry, however, it’s more worthwhile to look at what happened in the months leading up to Christmas. Rewind to the week after Black Friday in December and big [...]
Tesco boss Dave Lewis tells court of ‘shock’ at discovery of accounts misstatement October 11, 2018 Tesco chief executive Dave Lewis told Southwark Crown Court today of his “genuine shock” at being presented with an internal memo detailing a £250m misstatement in the supermarket giant’s accounts. Lewis, a witness at the fraud trial of Tesco’s ex-managing director Chris Bush and ex-UK food commercial director John Scouler, said he was presented with [...]
Sport and betting: Why Brexit could pave the way for a wider levy, the role of live data rights, and how the $5bn US market can change the game January 7, 2019 The UK betting industry’s voluntary “whistle-to-whistle” advertising ban during live sports coverage has been widely welcomed but broadcasters – and, by extension, the media rights fees they pay to sport – will take a hit and some sports, such as horse racing, are deemed to be so reliant on gambling that they are exempt from [...]
Best 25 stocks in the last tax year April 15, 2019 By Graeme Evans from interactive investor. The FTSE 100 outperformed mid-caps last tax year, but the top FTSE 350 performers might surprise you. Take a look at the financial year ended on the 5th April, with the 25 top performing stocks in the FTSE 350 all producing gains of 40 per cent or more over the [...]
‘The food sucks and the sex is worse’: Barclays fraud trial execs joked about prison January 24, 2019 Ex-Barclays bosses on trial for fraud joked about going to jail while organising a crucial capital raising drive at the height of the financial crisis, with wealth manager Tom Kalaris saying “the food sucks and the sex is worse”. Another executive, Richard Boath, expressed fears the bank would be “basically dead” if it were unable to secure [...]
Stobart shares spiral on widening losses as boardroom battle takes its toll October 24, 2018 Southend Airport owner Stobart Group saw its losses increase by almost half in the six months to August, weighed down by ongoing legal disputes and an investigation into reports of bullying. Shares in Stobart fell over nine per cent as markets opened this morning. The figures Revenues at Stobart across its aviation, energy plants and civil [...]
Recently disclosed UBS emails shed new light on alleged ‘ringmaster’ of Libor scandal Tom Hayes May 14, 2018 Recently disclosed emails between two senior employees at UBS shed new light on the character of Tom Hayes, the convicted former Libor trader who was accused of being the “ringmaster” in the interest rate fixing scandal that rocked the banking industry. A 2008 email exchange between two unidentified employees at the bank describe Hayes, who [...]