London Stock Exchange wins battle against activist investor Sir Chris Hohn December 19, 2017 The board of the London Stock Exchange (LSE) Group has resoundingly beaten off an attempt by activist investor Sir Chris Hohn to remove its chairman, winning a shareholder vote held today after a bitter public row over the departure of ex-chief executive Xavier Rolet. Some 79 per cent of votes cast by LSE shareholders backed [...]
Last week in the City March 23, 2018 This week, China warned the US that it is not afraid of engaging in a trade war, the Federal Reserve hiked interest rates again, and Facebook shares plummeted after allegations that millions of users' profile data had been harvested. The FTSE 100 was down 3.5% over the course of the week by mid-session on Friday. [...]
Prominent investor group the International Corporate Governance Network (ICGN) adds forceful objection to FCA’s Saudi Aramco listing plans October 12, 2017 A prominent investor group has strongly objected to controversial plans to allow sovereign companies such as Saudi Aramco lower transparency requirements to list in London, with a consultation by the City watchdog closing tomorrow. Under the plans put forward in July by the Financial Conduct Authority (FCA), state-owned companies such as Aramco will qualify for [...]
City watchdog fines Aviva companies £8.2m for failing to police outsourcers looking after client money October 5, 2016 The City regulator has today slapped two Aviva businesses with a £8.2m penalty. The Financial Conduct Authority (FCA) fined Aviva Pension Trustees UK and Aviva Wrap UK for failing to properly oversee work it had outsourced in relation to protecting client assets. In particular, the FCA asserts that these failings were a breach of the Client Assets Sourcebook [...]
Why divesting from tobacco stocks is pointless virtue signalling June 26, 2017 This week marks the 10 year anniversary of the smoking ban in England, and tobacco is once again making headlines. Not content with the government prohibiting smoking in public places, various funds and companies have bought into the ludicrous divestment movement which seeks to bring down industries by trading their shares. The Guardian started the [...]
LSE’s chairman bruiser Donald Brydon bruised but unbowed, another corporate Saga and N+1 Singer’s silence December 15, 2017 There are few more obvious boardroom caricatures than that of the trigger-happy chairman, so it hasn’t been difficult to cast Donald Brydon in the role of executive assassin. Next week, the effort to oust him from the London Stock Exchange Group (LSEG) will reach its damp squib of a denouement. To Sir Christopher Hohn, boss [...]
Sabre insurance reveals plans for £213m float with boss saying: “It’s not all young drivers in hot hatches” November 13, 2017 Quirky British car insurer Sabre today announced plans to raise £213m from a London stock market listing. The move will enable private equity firm BC Partners to realise part of its investment into the Dorking-based firm. BC, which paid £240m in 2013 for the firm, will retain a “significant stake” in Sabre post-float. Sabre specialises [...]
When the scheme is a scam: Top tips to protect your money against con artists February 7, 2018 As we see a rise in people investing online, fraudsters are changing the way they con people out of money. Worryingly, £87,000 is being lost to investment scams every single day, according to figures published by the UK’s financial watchdog last week. The Financial Conduct Authority (FCA) urged people to be vigilant when signing up [...]
Digital challenger bank Revolut smashes more crowdfunding records with Seedrs campaign July 31, 2017 The fire continues burning under fintech with huge demand for the latest crowdfunding of digital challenger bank Revolut. More than 40,000 people have pre-registered to back the banking startup ahead of the official campaign which kicks off today. Combined, they have pledged more than £17m, however, their investment will be capped at £1,000 each and [...]