As official figures show a drop in net migration, should we fear a post-Brexit brain drain?

Friday 24 February 2017 4:01 am Russ Shaw, founder of Tech London Advocates and Global Tech Advocates, says Yes.The latest figures from the Office for National Statistics show a drop in net migration of 49,000 in the 12 months to September 2016 – so including the three months immediately after the Brexit vote. It also highlighted a worrying trend for the British tech industry, a reduction in the number of international students studying in the UK.Tech firms require access to highly skilled digital workers in order to fill roles in fast-growing startups and scaleups, often at relatively short notice. A fall in net migration may threaten access to this talent, and the drop in international students is a worrying sign that ambitious and skilled workers may be less inclined to move to the UK. whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHistory Daily2000s Stars You Wouldn’t Recognize TodayHistory DailycarammelloWhat are the top 10 most expensive cat breeds in the world ? – CarammellocarammelloCookingAmour12 Best Natural Immunity Boosters For Cold And Flu This WinterCookingAmourAuto carLook: Top 5 best small SUVs 2021 | AutocarAuto carEveryday WellnessWhat Happens To Your Body When You Eat Two Bananas A DayEveryday WellnessHealthlineThe 20 Healthiest Fruits on the PlanetHealthlineOpulent ExpressNewborn Quadruplets Left Doctors Staggered — They Are One In A MillionOpulent Expressweniix.comLook The Future of Carsweniix.comYourDailyDishCar Cleaning Tricks That Your Body Shop Won’t Tell You AboutYourDailyDish As official figures show a drop in net migration, should we fear a post-Brexit brain drain? More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comConnecticut man dies after crashing Harley into live bearnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org There is a significant onus on the government to provide an open and inclusive visa system that supports our tech sector’s talent requirements. If we prioritise a reduction in the net migration number above the needs of our economy, it will leave us starved of the talent needed to build the tech giants of the future.Len Shackleton, professor of economics at the University of Buckingham, says No.One set of figures means nothing. That said, we shouldn’t worry too much even in the longer term.Will academics quit the UK? No. Our universities are open to their talents. The Research Excellence Framework has its downsides, but young researchers are recognised and rewarded in a way far from usual in much of the EU. If sufficient funding remains available to support useful scientific research, I don’t see a problem.The NHS? The domestic supply of doctors (and nurses) is artificially constrained by government – this can and should change whatever happens to inflows and outflows of medics.Bankers? The EU’s threat to the City is exaggerated, and the brightest and best are not going to be attracted by lower pay and greater restrictions in Paris or Frankfurt.Artistic talent facing higher tax rates and language barriers? Nah. ICT and gig economy startups facing excessive regulation and cultural hostility? Please. Avoid complacency, sure, but calm down everyone. Russ ShawRuss Shaw is founder of Tech London Advocates and Global Tech Advocates. and Len ShackletonLen Shackleton is professor of economics at the University of Buckingham, and editorial and research fellow at the Institute of Economic Affairs Share read more

Deutsche Bank boss dismisses takeover talk following Panama Papers raids

first_img “We are on track to make our first profit for three years,” Sewing, the lender’s chief executive, told Bild am Sonntag. “It is only a matter of time before this progress is reflected in the share price.”Deutsche’s shares hit a record low of €8.03 on Friday, the second day of police raids at its headquarters, linked to the so-called Panama Papers revelations over offshore financing.The bank has been devastated by a series of financial and regulatory scandals this year, and faces fresh questions currently over its role as a alleged conduit for dirty funds processed via Danish lender Danske Bank.Sewing took up his position at the head of the bank in April, and has been attempting to turn its fortunes around.During last week’s raids, police searched the office’s of all the bank’s board members – suggesting the scandal is being linked to the highest echelons of its management. Tags: Deutsche Bank Panama Papers UBS Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostUndoTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyUndoPaws ZillaLily From The AT&T Ads Is Causing A Stir For One ReasonPaws ZillaUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndo Sunday 2 December 2018 12:44 pm whatsapp The boss of Deutsche Bank said the beleaguered German lender is not at risk of a takeover, after its shares hit a record low on Friday following a two-day police raid prompted by money-laundering allegations.Christian Sewing said he saw no “indication” of a possible merger, following speculation that Deutsche could be looking at a tie-up with German rival Commerzbank, or Switzerland’s UBS. center_img Louis Ashworth Share Sewing said he was not concerned about the board office raids. “I don’t have a problem with that,” he said. “I want this matter to be cleared up as soon as possible.”The Frankfurt prosecutor’s office, which directed the raids, said it was investigating the activities on unnamed employees who allegedly helped clients set up offshore firms to launder money.“It’s about two employees who, at the time, helped to work through everything surrounding the issue of the Panama Papers,” Sewing told the paper. “In my view, the presumption of innocence clearly applies until proven otherwise.“Since the publication of the Panama Papers in 2016 we have reviewed the whole issue and, in doing so, cooperated closely with the regulatory authorities. For us the case was concluded.” whatsapp Deutsche Bank boss dismisses takeover talk following Panama Papers raids last_img read more

Insurer Hastings adds more customers as it grows profits and revenue

first_img Gross written premiums also climbed three per cent to £958.3m.Customer policies grew to 2.71m, up 2.5 per cent from 2.64m last year, less than half the six per cent growth rate of 2017.Cashflow improved 42 per cent year on year to £167.7m as Hastings trimmed net debt by £24m to £230.9m.Basic earnings per share rose by 0.6p to 19.9p while Hastings proposed a final dividend of 9p per share, amounting to £59.3m, and 0.5p higher than 2017.The insurer’s share price climbed 2.2 per cent to 223.8p.Why it’s interesting Growing customer numbers helped the insurer beat higher costs of £7m from Beast from the East and Storm Emma, though expenses rose due to a higher rate of Motor Insurers’ Bureau underwriting levies.Still, Hastings boss Toby van der Meer said the insurer would hike its target dividend payout rate by as much as 15 per cent going forward, seeking to pay investors between 65 per cent and 75 per cent of earnings in future.He told City A.M.: “Historically we have put between 50 per cent and 60 per cent of profits back out to shareholders – now that today things are in a very comfortable position we will pay more of our profits back to shareholders.”The company is also investing around £20m a year in digital initiatives – including measures to tackle fraud.Read more: Pearson seals £500m pension insurance deal with L&G More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comConnecticut man dies after crashing Harley into live bearnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com Joe Curtis Share Tags: Insurance Over 2018 Hastings managed to use digital fraud tracking to helpo shut down 99 criminal gangs in 2018.The “ghost broking rings” targeted young drivers on social media with digital fraud tracking, pretending to broker deals for car insurance before disappearing with their cash. whatsapp whatsapp Hastings’ share price ticked upwards today as it profit and revenue climbed in 2018 even as customer growth slowed.The figuresProfit after tax rose three per cent year on year to £130.6m as revenue rose five per cent to £756.4m, compared to 2017’s £715.6m. Insurer Hastings adds more customers as it grows profits and revenue Thursday 28 February 2019 4:47 pmlast_img read more

EU trade surplus with US grows as deficit with China rises

first_img Share The Eurozone’s trade in goods surplus in January was half the level of a year earlier, slipping to €1.5bn from €3bn, the latest figures have revealed.Meanwhile the European Union’s goods trade surplus with the US rose in January while its deficit with China increased, in news likely to anger US President Donald Trump. Read more: Euro falls as Eurozone growth forecasts slashedThe 19-member euro area’s trade in goods with the rest of the world increased by 2.5 per cent in January year on year, but its imports grew 3.4 per cent, figures released by the European Union’s statistics agency today showed.The 28-member EU’s trade in goods deficit with the rest of the world, meanwhile, increased by 3.5 per cent in January compared to a year earlier, growing from €21.4bn to €24.9bn.However, the EU increased its goods trade surplus with the US, its biggest trading partner, by 1.5 per cent in January compared to a year earlier, exporting €11.5bn more goods to the country than it imported.Yet its deficit with China also increased, rising from €20.8bn in January 2018 to €21.4bn a year later. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNinjaJournalistCareless Workers Caught In Jaw-Dropping MomentsNinjaJournalistAbsolute HistoryThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryAbsolute HistoryThe Legacy ReportMan Who Predicted 2020 Crash Says “Now Is The Time”The Legacy ReportMilitary BudThis Picture Shows Who Prince Harry’s Father Really IsMilitary BudHero Wars This game will keep you up all night! Hero Wars Magellan TimesJada Pinkett Smith Opened Up About Her Son Saying The Words No Mom Wants To HearMagellan TimesG InsuranceExperts Draining Niagara Falls Never Expected This Dark DiscoveryG InsuranceElvenarIf You Are Above 30, this Fantasy Game is a Must-Have. No Install.Elvenarbonvoyaged.comIf You Can Name These Historical Figures You Are A History Geniusbonvoyaged.com whatsapp Harry Robertson center_img Last week Trump said the EU treated America “very, very badly” on trade, and warned them that if they did not cooperate with his demands to reduce their surplus, the US would “do something that’s gonna be pretty severe economically.”Read more: OECD slashes growth forecasts and warns of no-deal Brexit recessionForeign exchange firm OANDA’s Dean Popplewell said the data on China and the US served “as potential fuel for trade conflicts between the world’s largest economies”.Eurostat data also revealed that the UK’s January trade in goods deficit with other EU countries grew by 0.7 per cent year on year, with its exports increasing three per cent, but its imports growing five percent. Monday 18 March 2019 12:33 pm whatsapp EU trade surplus with US grows as deficit with China rises Tags: Trading Archivelast_img read more

St James’s Place inflows shrink but funds under management increase

first_img whatsapp Read more: St James’s Place boosts inflows in 2018 despite market challengesThe company broke the £100m barrier in January this year, when it reported £102bn in assets under management in its full-year results.At the time, analysts said the firm’s ability to weather Brexit uncertainty to maintain strong fund flows was one of its “unique selling points”. whatsapp Wealth manager St James’s Place saw inflows shrink but funds under management increase in the first three months of 2019.Net inflows in the first quarter were £2.18bn, down from £2.6bn in the same period last year, the firm announced this morning. St James’s Place inflows shrink but funds under management increase by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStory Jessica Clark Read This Next20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Drake & Josh’ Star Drake Bell Pleads Guilty to Attempted ChildThe WrapIf You’re Losing Hair in This Specific Spot, It Might Be a Thyroid IssueVegamourHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapTop 5 Tips If You’re Losing Your EyebrowsVegamourWhat Causes Hair Loss? Every Trigger ExplainedVegamourSmoking and Hair Loss: Are They Connected?VegamourBest Wine Gifts & Wine Accessories at Every PriceGayotPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap Share Tags: Trading Archive Read more: St James’s Place funds under management hit £102bnHowever, funds under management increased from £89.91bn in March 2018 to £103.52bn in the first quarter.St James’s Place chief executive Andrew Croft said the performance demonstrated the “resilience” of the business.“Whilst uncertainty will inevitably impact investor sentiment from time to time, it does not change the long-term needs of individuals,” he said.“There remains both a growing market for trusted face-to-face advice in the UK and an advice gap that represents a major opportunity for us.” Tuesday 30 April 2019 10:43 amlast_img read more

Hong Kong bourse posts profit drop amid civil unrest and trade war

first_img Hong Kong bourse posts profit drop amid civil unrest and trade war by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryMisterStoryWoman files for divorce after seeing this photoMisterStoryzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.combonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comAmoMediaMan Leaves Wife For Her Sister, Her Revenge Is BrilliantAmoMediaPost FunRare Photos Show Us Who Meghan Markle Really IsPost Funmaternityweek.comWilliam and Kate Have Been Told Their Fate Once Charles Finally Becomes Kingmaternityweek.com Sebastian McCarthy whatsapp There are hopes that online shopping giant Alibaba will float in Hong Kong before the end of the year, giving its bourse a much-needed boost. Hong Kong’s bourse has reported a fall in profit during the last quarter, as months of political unrest took its toll on the stock exchange operator. The Asian hub has suffered a slowdown in investor appetite after being rocked by regular clashes between protesters and police. Read more: Hong Kong falls into recession amid ongoing unrest Profit at the HongKong Exchanges and Clearing (HKEX) hit HK$2.2bn($217.8m) in the three months to September, tumbling9.5 per cent compared to the same period last year. Trading fees had slumped 10 per cent, while fees from stock listing plunged 13.6 per cent to HK$394m.center_img InOctober Li abandoned the bourse’s hopes of taking over the LSE,having had its £32bn offer rejected by its London rival. Boss Charles Li said: “Set against a challenging broad geopolitical backdrop, HKEX has had a good first nine months of 2019.” whatsapp HKEXhad said it made the offer in a bid to “redefine global capitalmarkets for decades to come” by combining East and West. Wednesday 6 November 2019 9:36 am Share Hong Kong’s wider economy has faced mass disruption in recent months amid mounting pro-democracy demonstrations. Read more: Charles Li questions ‘one country, two systems’ Fresh off the back of its failed bid to buy the London Stock Exchange, the group said this morning political demonstrations in Hong Kong, uncertainty over Brexit and the US-China trade war standoff have all driven the slowdown in recent months. last_img read more

General Election 2019: Liberal Democrats, Green and Plaid Cymru ‘Unite to Remain’ pact for 60 seats unveiled

first_imgWales The Lib Dems said the pact showed “that we will put the national interest above party politics, to deliver Remain”. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyMisterStoryWoman files for divorce after seeing this photoMisterStoryPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factoryzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.combonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comJournalistateTeacher Wears Dress Everyday, Mom Sets Up CamJournalistateYourDailyLamaHe Used To Be Handsome In 80s Now It’s Hard To Look At HimYourDailyLama Green Party: Brighton, Pavilion, Isle of Wight, Bristol West, Bury St Edmunds, Stroud, Dulwich and West Norwood, Forest of Dean, Cannock Chase, Exeter (9) Thursday 7 November 2019 10:19 am Jo Swinson’s party will be given a clear run at 43 constituencies, including Bermondsey and Old Southwark, Chelsea and Fulham, Esher and Walton, Finchley and Golders Green, Richmond Park, Twickenham and Wimbledon. Liberal Democrat president Sal Brinton added:“This is a numbers game. And these 29 Conservative-facing seats could make all the difference in terms of stopping Boris Johnson returning to Number 10 and denying him a majority.“Labour’s failure to engage in this process could be fundamental, but we are confident that in these 60 seats, we can make a real difference, and we can stop Brexit and build a brighter future for this country.” England Green Party: Vale of Glamorgan (1) Plaid Cymru: Arfon, Caerphilly, Carmarthen East and Dinefwr Dwyfor, Meirionnydd, Llanelli, Pontypridd, Ynys Môn (7) Main image: Getty Catherine Neilan whatsapp The Liberal Democrats, Green Party and Plaid Cymru have struck a deal in which the parties will step aside for the most likely Remain candidate in 60 seats across England and Wales. Liberal Democrats: Brecon and Radnorshire, Cardiff Central, Montgomeryshire (3) The seats in full Liberal Democrats: Bath, Bermondsey and Old Southwark, Buckingham, Cheadle, Chelmsford, Chelsea and Fulham, Cheltenham, Chippenham, Esher and Walton, Finchley and Golders Green, Guildford, Harrogate and Knaresborough, Hazel Grove, Hitchin and Harpenden, North Cornwall, North Norfolk, Oxford West and Abingdon, Penistone and Stocksbridge, Portsmouth South, Richmond Park, Romsey and Southampton, North Rushcliffe, South Cambridgeshire, South East Cambridgeshire, South West Surrey, Southport, Taunton Deane, Thornbury and Yate, Totnes, Tunbridge Wells, Twickenham, Wantage, Warrington South, Watford, Wells, Westmorland and Lonsdale, Wimbledon, Winchester, Witney ,York, (40) Swinson said: “I am delighted that this arrangement will help elect more pro-remain MPs in the next Parliament.“In the 43 seats agreed today, as well as hundreds more across the country, it is clear that the Liberal Democrats are the strongest party of Remain.” Read more: Labour ‘parachute’ row over Two Cities candidate Nardell Read more: Why London could hold the key to December’s Brexit election More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com In addition, the Liberal Democrats will not challenge seats in which pro-Remain independents are running, including Dominic Grieve’s Beaconsfield, Anna Soubry’s Broxtowe and Gavin Shuker’s Luton South. However a Green Party source confirmed they would field candidates in all three constituencies. General Election 2019: Liberal Democrats, Green and Plaid Cymru ‘Unite to Remain’ pact for 60 seats unveiled Tags: Brexit General election 2019 whatsapp The Greens will go uncontested by fellow Remainers in 10 seats, including Dulwich and West Norwood. Plaid Cymru will have a free run at seven seats within Wales. Britain’s leader of Change UK party, Anna Soubry (L), Britain’s Green Party MP Caroline Lucas (C), and Leader of Britain’s Liberal Democrats Jo Swinson attend an event with representatives of Britain’s other pro-EU political parties, to discuss Brexit, at Church House in central London on August 27, 2019. – Labour leader Jeremy Corbyn will on Tuesday attempt to bridge deep divisions with other opposition parties on how to avoid Britain crashing out of the EU on October 31. Corbyn said he would “do everything necessary” to stop a no-deal Brexit, following leaked official warnings that this could lead to food, fuel and medicine shortages. (Photo by Daniel LEAL-OLIVAS / AFP) (Photo credit should read DANIEL LEAL-OLIVAS/AFP via Getty Images) Sharelast_img read more

Coronavirus loans hit £22bn, but only half of CBILS applications approved

first_imgTuesday 19 May 2020 1:59 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorybonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyGloriousaOctomom’s Kids Are All Grown Up. Here’s How They Turned OutGloriousaNoteableyAirport Security Couldn’t Believe These Jaw-Dropping MomentsNoteableyJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo!   JustPerfact USA Banks approved just 17.3 per cent – or 86 – of 496 large firms’ requests for loans of up to £50m. But while 81,124 firms applied for coronavirus business loans of up to £5m by 17 May, just 40,564 have been approved. That gives CBILS a 50 per cent approval rate, with £7.25bn lent out since its launch on 23 March. UK banks have only approved 50 per cent of applications to the coronavirus business interruption loan scheme (CBILS), data showed today, even as overall lending hit £22bn. (AFP via Getty Images) Of 581,516 UK businesses to apply for a bounce back coronavirus loan, 464,393 have received the money – an 80 per cent approval rate. That equates to 33,000 loan approvals each day since the scheme launched earlier this month. CBILS lending data showed British lenders have distributed that cash to more than half a million UK companies, with over £14bn lent out in the form of bounce back loans. whatsapp UK banks have only approved 50 per cent of applications to the coronavirus business interruption loan scheme (CBILS), data showed today, even as overall lending hit £22bn. (AFP via Getty Images) Also Read: Coronavirus loans hit £22bn, but just 50 per cent of CBILS lending approved Tags: Coronavirus Save our SMEs Coronavirus loans hit £22bn, but just 50 per cent of CBILS lending approved From next week companies with turnovers of above £45m will be able to borrow to £200m on the CLBILS programme. But UK firms have criticised banks’ criteria for approving coronavirus loans. SMEs have seen their applications rejected for being classified as an “undertaking in difficulty” under EU rules. Applications for larger coronavirus interruption loans (CLBILS) have the worst approval rate of all three schemes. Save our SMEs Joe Curtis UK Finance said it has widened the CBILS programme so SMEs can now apply for coronavirus loans from 70 lenders. “The banking and finance industry is committed to helping businesses get through these tough times,” Stephen Jones, chief executive of UK Finance, said. One firm that spoke to City A.M. fell into this classification after two contracts fell through before a late payment compounded its balance sheet issues. And bounce back loans for firms struggling amid the coronavirus lockdown are available from 17 financial institutions. Bounce back loans allow small businesses to receive a loan worth a quarter of their turnover, up to £50,000, within as little as 24 hours. Show Comments ▼ “It’s important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.” UK Finance said some applications are still being processed and may not have resulted in a rejection. “These are just one part of a range of measures from the industry available to businesses including extended overdrafts, capital repayment holidays and asset-based finance. UK banks have only approved 50 per cent of applications to the coronavirus business interruption loan scheme (CBILS), data showed today, even as overall lending hit £22bn. (AFP via Getty Images) Also Read: Coronavirus loans hit £22bn, but just 50 per cent of CBILS lending approved More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comConnecticut man dies after crashing Harley into live bearnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Share whatsapp Known as the General Bloc Exemption Regulation, the rule allows banks to disqualify companies from aid. “Banks stand ready to support businesses large and small, and the changes announced by HM Treasury means firms can access loans from £2,000 to £200m through the coronavirus loan schemes. UK banks have only approved 50 per cent of applications to the coronavirus business interruption loan scheme (CBILS), data showed today, even as overall lending hit £22bn. (AFP via Getty Images) Also Read: Coronavirus loans hit £22bn, but just 50 per cent of CBILS lending approved UK banks have only approved 50 per cent of applications to the coronavirus business interruption loan scheme (CBILS), data showed today, even as overall lending hit £22bn.last_img read more

Germany to shake up accounting industry following Wirecard collapse

first_imgSunday 28 June 2020 3:15 pm The UK’s independent accounting regulator, the Financial Reporting Council, last year found that more than a quarter of UK audits fell short of quality thresholds. whatsapp “The solution requires the model to change, and become more technology-based,” he added. “Part of the problem is that the audit firms are still relying on people to do the audits. Until we see that we’ll still see fraud and accounting failures causing all sorts of challenges.” Germany to shake up accounting industry following Wirecard collapse Germany is set to overhaul its accounting industry as part of measures to soften the fallout from the collapse of payments fintech Wirecard last week. German regulators have faced criticism that they did not sufficiently supervise the German fintech, after auditor EY failed to request account information from a Singapore bank relating to the missing €1.9bn for more than three years. Wirecard, which premiered on Germany’s main Dax index with a €24bn (£21.8bn) valuation just two years ago, filed for insolvency last week after auditors found a €1.9bn black hole in its accounts.  The German government today said it will terminate its contract with the Financial Reporting Enforcement Panel – the country’s accounting watchdog — as early as tomorrow, the Financial Times reported, as the country seeks to cushion the damage of the Wirecard debacle. (Getty Images) Also Read: Germany to shake up accounting industry following Wirecard collapse More From Our Partners Porsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com (Getty Images) Chancellor Angela Merkel said the Wirecard case was “alarming”, while finance minister Olaf Scholz described it as “a scandal which is most unprecedented in the world of finance”. Senior figures have long called for reform within the accounting industry, after a series of high-profile accounting blunders involving companies such as Enron, Tesco and Carillion. Before the Open: Get the jump on the markets with our early morning newsletter Show Comments ▼ Big Four accounting firm KPMG was hired to conduct a special audit into Wirecard’s finances last year, resulting in an inconclusive report. In April, KPMG failed to verify that large chunks of Wirecard’s business, in addition to €1bn in company cash, actually existed.  The collapse of Wirecard last week marked a significant fall from grace for a company once regarded as a European fintech darling. Shares hit an all-time high of €191 in the summer of 2018, but fell to as little as €1.28 on Friday. (Getty Images) Also Read: Germany to shake up accounting industry following Wirecard collapse Share Poppy Wood Jorg Kukies, Germany’s deputy finance minister, told the FT that the Wirecard affair showed “self-regulation by the auditors doesn’t work properly”. Simon Bittlestone, chief executive of financial analytics technology firm Metapraxis, told City A.M: “Wirecard’s plunge poses a really broad question around how in 2020 we can still have accounting failures that orientate around cash at the bank not being present. It is just madness.” whatsapplast_img read more

UK launches £238m Covid unemployment programme

first_img The unemployment rate rose to 4.1 per cent last month, with many more job losses expected when the government’s furlough scheme ends at the end of the month. Before the Open newsletter: Start your day with the City View podcast and key market data Shadow work and pensions secretary Jonathan Reynolds said the package did not go far enough. The government has today launched a £238m unemployment programme to provide skills and training to people who have lost their jobs during the Covid crisis. “By the government’s own admission at least four million people could lose their jobs during the crisis,” he said. The Job Entry Targeted Support scheme will provide participants with CV and interview training, individual work coaches and “specialist advice  on how people can move into growing sectors”, according to the Department for Work and Pensions. whatsapp (AFP via Getty Images) Also Read: UK launches £238m Covid unemployment programme Anyone who has been unemployed for at least three months is eligible for the programme, which will go live in London on 19 October. Monday 5 October 2020 12:01 am whatsapp Stefan Boscia “This new scheme offers very little new support and relies on already overstretched Work Coaches on the ground, while many of the new Work Coaches promised have yet to materialise.”center_img The Bank of England forecasts that the jobless rate will hit 7.5 per cent by the end of the year. (AFP via Getty Images) Also Read: UK launches £238m Covid unemployment programme Today’s announcement comes just weeks after the government began its £2bn Kickstart scheme, which provides funding for businesses to create six-month apprenticeships. Share “All it can muster in response are piecemeal schemes and meaningless slogans. UK launches £238m Covid unemployment programme Work and Pensions secretary Therese Coffey said the new Job Entry Targeted Support programme would “boost the prospects” of 250,000 people across the UK. She said: “This scheme will help those left out of work as a result of Covid-19, and is one strand of our wider Plan for Jobs which will also support young people onto the jobs ladder through Kickstart, offer the training needed to pivot into new roles through our Sector Based Work Academy Programme and prepare people for getting back into work.” (AFP via Getty Images) Show Comments ▼last_img read more