Fish fight: Russian billionaire fails to keep $350m worldwide freezing order secret in dispute with former business partner September 19, 2018 Russian billionaire Vitaly Orlov has lost an attempt to keep a $350m (£270m) worldwide freezing order (WFO) against him secret amid an ongoing dispute with his former business partner over a stake in Russia's largest fishing company. Fellow billionaire Alexander Tugushev is locked in a dispute with Orlov over claims he refuses to recognise his one-third ownership of Norebo, [...]
The £1m club: 10 UK law firms pay their average partner more than £1m September 19, 2018 Ten UK-based law firms paid their partners an average of £1m or above last year as the sector boomed on the back of strong deal flow and continued regulatory uncertainty. Research published today by website Legal Week showed that the UK’s top 50 law firms grew average profit per equity partner (Pep) five per cent [...]
How will Chelsea and Arsenal approach the Europa League this season? September 19, 2018 When Eden Hazard signed for Chelsea six years ago, ending a year-long chase for his signature between some of Europe’s biggest clubs, he revealed his choice on Twitter, writing “I’m signing for the champion’s league winner [sic]”. Chelsea’s aspirations have shifted since that triumphant night in Berlin and despite Hazard winning five major trophies and [...]
Premaitha shares soar after ending legal dispute over Down’s syndrome test September 19, 2018 Shares in prenatal diagnostics firm Premaitha Health have soared after it settled a three and a half year legal dispute. The Alternative Investment Market-listed company said it settled a patent dispute with US rival Illumina for its test to estimate the risk of an unborn child having Down's syndrome. Premaitha has also entered into a licence [...]
Cathay Pacific sees the funny side after spelling its name wrong on side of airplane September 19, 2018 Cathay Pacific sent a plane back to the painters today after spotting a typo in its logo adorning the side of the jet. Travellers clocked the spelling error at Hong Kong International Airport and notified the airline, which said it would be giving the plane a hasty paint job. Oops this special livery won’t last [...]
EU rules Luxembourg did not give McDonald’s special tax deal September 19, 2018 The European Commission has ruled that Luxembourg did not give McDonald's a special tax deal and blamed a “mismatch” in laws for the non-taxation of some of the fast food chain's profits. The commission's in-depth investigation, launched in December 2015, concluded the tax deal was in line with national laws and the Luxembourg-US double taxation [...]
ING Ventures invests £6.7m in open banking platform Cobase September 19, 2018 ING Ventures has invested €7.5m (£6.7m) in open banking platform Cobase, which allows customers to manage several bank accounts through one portal. Cobase, which is an arms-length venture of ING Bank, allows users with multiple bank accounts to view balances and transactions in one place, make payments and use cash management services. Read more: Royal Bank of Scotland testing new [...]
Orla Kiely shuts up shop, closing stores and online trading September 19, 2018 Orla Kiely has ceased trading, closing its retail stores and its online business. Parent company Kiely Rowan has gone into administration, closing its Orla Kiely stores in King’s Road and Seven Dials stores in London, and closing its Kildare shop from Monday 17 September. David Ruben & Partners have been appointed administrators. The firm said its print [...]
Peer-to-peer lender Funding Circle seeks valuation of £1.8bn after IPO September 19, 2018 Peer-to-peer lending platform Funding Circle has announced a price range for its initial public offering (IPO) that could value the company at up to £1.8bn. The London-based fintech firm has set a price range of 420-530p per share, which would raise £300m. It said the offer would comprise a maximum of 71.4m shares as well [...]
Danske Bank head quits after giant money laundering scandal September 19, 2018 The chief executive of Danske Bank today resigned after the publication of a damning report into the money laundering scandal which has rocked the lender. Thomas Borgen said that it has been "clear to me for some time" that he would have to resign, after lax controls on money laundering in the bank's Estonian [...]