Babcock expects to post a loss this year due to Covid-19 pressures February 25, 2022 British defence contractor Babcock said it expects to record a significant loss in the financial year 2021/22, due to the impacts of Covid-19 on the global economy. The London engineering company said its efforts to manage its costs, in the face of supply chain pressures and soaring inflation, would deliver savings of £20m this financial [...]
Julie Meyer: Further allegations dog venture capitalist February 24, 2022 VENTURE capitalist Julie Meyer was under further fire this evening as a host of previous business contacts alleged “gross, willful, and unethical” behaviour over a number of years. The High Court earlier this week issued an arrest warrant for Meyer after she failed to attend a hearing over a disputed £197,000 legal bill from Farrer [...]
Exclusive: World’s biggest litigation funder Harbour strikes £2m deal with sports lawyers to fund ‘no win, no fee’ FIFA lawsuits February 24, 2022 Private litigation funder Harbour has struck a £2m deal with specialist law firm Morgan Sports Law, through which Harbour plans to cover footballers’ legal costs in employment disputes put forward on a “no win, no fee” basis. Harbour will cover any legal costs in disputes between professional footballers and their employers, and take a cut [...]
1MDB Scandal: Trial of former Goldman Sachs banker Roger Ng put on hold after US fails to disclose documents February 24, 2022 The trial of former Goldman Sachs banker Roger Ng, over his involvement in the multi-billion-dollar 1MDB scandal, has been put on hold, after it emerged the US Department of Justice (DoJ) had failed to hand over some 15,500 documents. The decision to pause the trial comes after US prosecutors admitted that a DoJ team had [...]
BAE Systems posts strong 2021 results on the back of global instability February 24, 2022 Weapons maker BAE Systems today posted “strong results,” on the back of mounting geopolitical tensions, after its sales jumped 2 per cent last year, to heights of £21.3bn. The London firm said its orders exceeded expectations in 2021 after its sales increased by £448m, as the firm said it expects “another year of good orders” [...]
St James’s Place ups its dividend as bulging share prices bolster wealth manager’s coffers February 24, 2022 British wealth manager St James’s Place today posted record results, as bulging share prices saw the sums of money it manages grow by 19 per cent, to record heights of £154bn. The firm, which was established by South African financier Mark Weinberg and British banker Mike Wilson in 1991, after the pair received backing from [...]
Outsourcing giant Serco posts ‘outstanding’ results on the back of ‘toughest’ year ever February 24, 2022 UK government contractor Serco today posted bumper profits, as it continued to capitalise on Covid and the impacts of the global pandemic. The Hampshire headquartered firm said its profits soared by 21 per cent, as contracts for work on the UK governments Covid-19 response lasted much longer than expected into 2021. Serco CEO Rupert Soames [...]
UK fraudsters extend their reach after taking advantage of two-thirds more victims during Covid February 24, 2022 The number of UK fraud cases worth more than £100,000 jumped by two-thirds (66 per cent) between 2020 and 2021, according to new figures from KPMG’s UK Fraud Barometer. The figures show fraudsters took a splatter-gun approach to financial crime last year, in defrauding a larger number of victims for smaller sums of money than [...]
Clifford Chance tech lawyer says London law firm should adopt Silicon Valley work culture February 23, 2022 A rising star lawyer at Magic Circle law firm Clifford Chance has called on the Canary Wharf headquartered firm to appoint a “Chief Happiness Officer” after submitting a manifesto to his colleagues calling on the firm to create a Californian style work culture. Clifford Chance partner Jonathan Kewley, who is standing for the position of [...]
Exclusive: Most UK businesses failing to offer employees workplace pension support February 23, 2022 Most British businesses do not offer their employees adequate support in understanding their workplace pension plans, according to the results of a survey shared exclusively with CityAM In a poll of 365 decision makers from financial services company Mintago, 60 per cent said they do not believe their businesses provide sufficient support to employees [...]
