Boeing to pay $2.5 billion to settle U.S. criminal probe into 737 MAX crashes January 8, 2021 Plane maker Boeing will pay over $2.5bn to resolve the US Justice Department's investigation into two deadly 737 Max crashes that killed 346 people, the Justice Department said
FTSE100 company disputes could cost £13.8bn December 14, 2020 Tax disputes with tax authorities globally could cost FTSE100 companies £13.8bn, research by Thomson Reuters shows. This figure Includes £11.7bn in extra tax related to disputes that the companies believe they will ultimately win, however, the FTSE100 set aside £2.1bn to cover the costs of these disputes last year. In total FTSE100 companies were involved [...]
Oligarch’s son embroiled in divorce case lost $50m in ‘risky’ trades December 8, 2020 The son of a Russian oligarch at the centre of a huge divorce case said he did not conceal assets and instead lost the money while trading at university. London oil trader Temur Akhmedov said $50m in funds from his father, Farkhad, did not disappear because he was hiding the assets from his mother Tatiana. [...]
Credit Suisse profit drops as wealth management fees tumble October 29, 2020 Credit Suisse Group said it would renew dividends and begin a share buyback programme despite posting a 38 per cent drop in net profit for the third quarter as a surge in investment banking failed to offset a slowdown in wealth management. The Swiss banking giant reported a profit of 546 million Swiss francs (£461m) [...]
Criminal gangs steal £2bn through furlough fraud October 23, 2020 Criminal gangs have scooped up almost £2bn of government cash intended for furloughed workers, according to official tax estimates. HM Revenue & Customs (HMRC) said that between 5 and 10 per cent of the £39bn sum handed out by chancellor Rishi Sunak to support workers during the pandemic had been claimed fraudulently. A report published [...]
Burford Capital gets green light for dual listing in New York September 14, 2020 Aim-listed Burford Capital has received approval from the New York Stock Exchange for a dual listing of its shares. The litigation funder, which listed on London’s Aim exchange in 2009, said it had received approval “subject to customary listing condition”. Burford Capital announced plans to list in the US in July shortly after a renewed [...]
Why investors should pay attention to sugar August 14, 2020 Government action to promote healthy eating, especially in light of the spread of Covid-19, and ongoing changes in consumer tastes will continue to create headwinds for the food and beverage industry, and increasingly for food retailers and hospitality companies too. We’ve known for decades that obesity puts people at greater risk of serious and life-threatening [...]
Firms may still be taxed even if they return furlough money July 14, 2020 Businesses may still be taxed on the furlough scheme funds they receive even if they return the cash to HMRC. At the start of the coronavirus lockdown the government introduced the job retention scheme, which pays 80 per cent of salary costs for furloughed staff. Last week Chancellor Rishi Sunak announced the “job retention bonus” [...]
How systemic risk is shaking the market’s foundations July 8, 2020 Adversity, like necessity, is the mother of invention. Firms are seeking novel ways to adapt to the challenges of Covid-19 and the likely increase of remote working even after the pandemic subsides. Some problems are easier to solve than others. In the easier category, new solutions are needed to replicate the spontaneous interactions that arise [...]
Hiscox policyholders set to launch legal action against firm over coronavirus claims May 17, 2020 A group of Hiscox policyholders angry at the insurance giant’s decision to exclude coronavirus-related disruptions from its business interruption policies have been given the go-ahead to launch legal action against the firm. According to law firm Mishcon de Reya, over 400 policyholders with nearly £40m in claims have joined the Hiscox Action Group. The law [...]