Financial sector Headlines

  • MPs publish full unredacted report into RBS small business scandal

    Treasury committee releases details of ‘widespread inappropriate treatment’ that City watchdog refused to make public The Treasury committee has published the full unredacted report into Royal Bank of Scotland’s “disgraceful” treatment of struggling small businesses that came to it for financial assistance in the wake of the banking crisis. The influential group of MPs, chaired by Nicky Morgan, released the report after a long-running stand-off with City watchdog the Financial Conduct...

    the Guardian
  • Carillion shareholders considered suing after profit warning

    Major investor Kiltearn has sent evidence to committees holding inquiry into contractor’s collapse A major investment firm that owned 10% of Carillion has told MPs it considered suing the the collapsed government contractor over suspicions that directors knew it was in difficulty earlier than they admitted in public. Kiltearn Partners says it “considered participation in civil legal action against Carillion with a view to recovering a proportion of its clients’ crystallised losses” following its...

    the Guardian
  • Carillion: accountants accused of 'feasting' on company

    Details of £72m in fees in 10 years emerge as 11,800 workers await fate after firm’s collapse MPs have accused the “big four” accountancy firms of “feasting on what was soon to become a carcass” as it emerged they banked £72m for work linked to collapsed government contractor Carillion in the years leading up to its financial failure. Less than a fortnight before Carillion’s auditor KPMG is due to face questions from MPs on two select committees, the accountant and rivals Deloitte, EY and...

    the Guardian
  • Are Barclays’ branches at risk over $3bn Qatar loan?

    SFO charge against retail division could mean loss of licence but it is the nuclear option In October 2008, almost a decade ago, the British banking system stood on the brink of collapse. Royal Bank of Scotland and Lloyds Banking Group were rescued by a government bailout, while a third bank – Barclays – avoided the need to take taxpayers’ money through its own fundraising efforts in the UAE and Singapore. Part of that arrangement – a $3bn loan the UK bank made to Qatar – has now come back to...

    the Guardian
  • In spread betting, the house wins. But maybe not this time

    Odds-makers on the financial markets have agreed so readily to regulators’ reforms that it almost makes one suspicious In 1994, during a series of US congressional grillings dubbed the Waxman hearings, the seven chief executives of Big Tobacco all memorably stood in a line and swore they did not believe nicotine was addictive. The footage of the so-called “seven dwarves” doesn’t look all that great now, what with the subsequent disclosure of the companies’ own scientific reports – dating back...

    the Guardian
  • How Artemis hit bullseye by betting on stock market collapse

    Texas hedge fund plucks millions out of chaos from investments designed to benefit from turmoil and volatility Stock markets gyrated wildly this week, and a lot of people lost a lot of money. But Chris Cole, a 38-year-old hedge fund manager from Texas, wasn’t one of them. He made millions from his fund’s bet on a financial apocalypse. From his office overlooking the Colorado river in Austin, Texas, Cole runs Artemis Capital, a hedge fund that, since 2012, has been betting on a repeat of the 1987...

    the Guardian
  • Everyone in the housebuilding game is fed up with Persimmon

    Jeff Fairburn got lucky with long-term incentive shares thanks to Osborne’s ‘help to buy’ subsidies “One company has got it very, very wrong. Everybody in the industry is as peed off with this Persimmon thing as the people outside it,” says Steve Morgan of Redrow. He’s one of the few people in the housebuilding game with bragging rights over the Persimmon chief executive, Jeff Fairburn, when it comes to counting personal wealth. Morgan is worth more than £800m versus Fairburn’s windfall of...

    the Guardian