NatWest beats forecasts as bank returns to profit in the first quarter April 29, 2021 NatWest returned to profit in the first quarter of the year after releasing cash it had set aside to cover bad loans due to the pandemic. The bank reported a pre-tax profit of £946m for the first three months of the year, beating an average analyst forecast of £536m. It exceeds the £519m pre-tax profit [...]
Exclusive: Private equity firms strike £10bn of carve-out deals as pandemic drives sale of non-core units April 28, 2021 Private equity firms made £10.1bn of corporate carve-out acquisitions in the UK last year, up from just £765m in 2019 as the Covid-19 pandemic drove more corporates to sell non-core business units, according to new data shared with City A.M. this evening. The economic disruption of the past year has forced many large businesses to [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City A.M. checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]
HMRC set to crack down on tax evaders’ crypto assets April 28, 2021 The recent surge in interest and value in cryptocurrencies is likely to lead to increased scrutiny on its links to organised crime, according to a top accountancy firm. The organised crime ecosystem is becoming increasingly digital and now there are concerns it is being used by tax evaders. HMRC is set to demand data on [...]
London used as ‘money-laundering base’, mafia trial prosecutor says April 28, 2021 In Italy’s largest mafia trial in three decades, the UK’s capital has been roped in as a potential hotspot for organised crime, particularly post-Brexit. The trial will see around 900 witnesses testify against more than 350 ’Ndrangheta defendants, including politicians and officials charged with being members of Italy’s most powerful criminal group. Defendants are set [...]
LinkedIn: Barclays, Tesco and NatWest ranked top three UK workplaces April 28, 2021 Barclays has been crowned the best company to work for, followed by Tesco and NatWest, according to LinkedIn’s list of the 25 top workplaces in the UK. The list ranks workplaces on their capacity to build and sustain a long-term career and have been compiled based on actions taken by the platform’s 30m UK members [...]
Pandemic-resilient companies employ higher-paid, higher educated staff April 26, 2021 Companies that coped better through the pandemic were more likely to employ people who were paid better, had higher education and were born in Poland or India. Figures from the Office for National Statistics (ONS) found that workers in industries classed as “resilient” to the pandemic were paid £628.89 per week on average, compared with [...]
Hostelworld investors revolt over CEO pay and political donations April 26, 2021 More than a quarter of Hostelworld investors have rebelled against the pay deal for bosses at the pandemic-hit firm. The global hostel operator said that 29 per cent of shareholder votes were cast against an amendment to its remuneration policy after generous incentive schemes were criticised. Shareholder advisory group ISS had recommended that investors vote [...]
NatWest refuses to jump on the crypto bandwagon amid money laundering charges April 26, 2021 NatWest’s reluctance to enter the crypto market should be seen as out of step with the wider financial services ecosystem, according to a leading London lawyer. Earlier this week, the bank said it has ‘no appetite’ to serve business customers which accept cryptocurrency, as the bank is taking a ‘cautious approach’ following recent money laundering [...]
John McAfee on life in prison… and the price of Dogecoin April 26, 2021 Speaking from behind bars in a Spanish jail, computer legend John McAfee says he’s stunned by the price of Dogecoin.