Funding struggles see UK’s small firms resort to personal loans for financing October 24, 2022 UK small business owners are increasingly taking out personal loans to fund their firms due to the troubles they face in securing external capital. More than half (55 per cent) of UK small and medium-sized enterprise (SME) owners have taken out a personal loan to fund their business, research by tech firm Codat shows. The [...]
Property lawyers should prepare for 2008-style crash, regulator says October 24, 2022 Property law firms should ready themselves for a “significant fall” in work as a result of a downturn in the UK’s real estate sector, the industry regulator has said. The Council for Licensed Conveyancers (CLC), which regulates conveyancers and property solicitors, said firms should prepare for a reversal of the past decade’s boom as economic [...]
MPs call for crackdown on advisors enabling tax avoidance schemes October 24, 2022 A group of cross-party MPs have called on the UK government to begin cracking down on the accountants and financial advisors that facilitate tax avoidance schemes. In a new report, the all-party parliamentary group (APPG) on anti-corruption and responsible tax called for the UK’s tax system to be overhauled, to boost growth, increase tax revenues, [...]
UK’s data watchdog warns against ‘complacency’ after fining Interserve £4.4m over cybersecurity breach October 24, 2022 The head of the UK’s data watchdog has vowed to fine firms falling short on cybersecurity after warning “complacency” within companies is the “biggest cyber risk businesses face”. The warnings come after the UK’s Information Commissioner’s Office (ICO) today fined British construction firm Interserve £4.4m over its failure to protect its employees’ data from cyberattacks. [...]
Glencore faces probe over alleged payment to Zambian political party October 23, 2022 Zambia’s Anti-Corruption Commission (ACC) has launched an investigation in connection with a matter relating to an alleged $3m (£2.65m) payment made by commodities giant Glencore to a political party in the southern African country. In a statement, the Zambian corruption watchdog said the investigation is centred on the circumstances under which Glencore allegedly paid the [...]
Lloyd’s chief is ‘hopeful’ insurance marketplace will stay in City HQ October 23, 2022 Lloyd’s chief John Neal has said he remains “hopeful” the insurance marketplace will stay in its iconic Canada HQ, amid rumours the firm is planning to exit its purpose-built offices when its lease ends in 2031. In an interview with The Times, the Lloyd’s of London chief executive said the insurer is “still [...]
Britannia Hotels sues Aviva for £6.25m over Aberdeen fire losses October 23, 2022 Britannia Hotels has filed a £6.25m lawsuit against its insurer, Aviva, over claims it is owed millions as a result of the London insurance firm’s refusal to pay out on a claim for losses caused by a fire at its Aberdeen hotel. The hotel group has filed a High Court lawsuit against Britain’s largest insurer [...]
Womble Bond Dickinson and BDB Pitmans in talks to create £430m firm October 23, 2022 Transatlantic law giant Womble Bond Dickinson is in early stage talks to merge with British firm BDB Pitmans. The two law firms are in early discussions for a potential merger, with a view to seizing the opportunities offered by complementary practice areas and a wider geographical footprint, BDB Pitmans confirmed. If completed, the merger would [...]
City calls: Clifford Chance looks to trade Canary Wharf for the Square Mile October 19, 2022 Magic circle law firm Clifford Chance is looking to give up its tenancy in Canary Wharf and return to the heart of Canada after a decade. British property development investment fund Great Portland Estates (GPE) has confirmed that it is in talks with the firm for a pre-letting of one of its [...]
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