Business

Libor rigging inquiry shut down by Serious Fraud Office

Image copyright Getty Images An investigation into the rigging of Libor, the benchmark interest rate that tracks the cost of borrowing cash, has been unexpectedly closed. The decision comes despite evidence that implicates the Bank of England. It means no one will now be prosecuted in the UK for so-called “low-balling”, where banks understate interest […]

Business

The spectacular fall of money manager Neil Woodford

Image copyright PA MediaImage caption Neil Woodford was trusted by thousands of investors Every rider knows that after a bruising fall you should get back on the horse, if you can. This week, stockpicker Neil Woodford – an equestrian enthusiast – was unseated, told his champion was being sent to the knacker’s yard, and responded […]

Business

Boeing staff messaged about 737 Max issue in 2016

Image copyright AFP Boeing employees exchanged instant messages about issues with the automated safety system on the 737 Max as it was being certified in 2016. In documents provided by Boeing to lawmakers, a pilot wrote that he had run into unexpected trouble during tests. He said he had “basically lied to the regulators [unknowingly]”. […]

Business

Bonmarché appoints administrators

Image copyright Geography Photos Women’s fashion chain Bonmarché has appointed administrators, putting the future of the business in doubt. The chain’s 318 shops will remain open while a buyer is sought for the chain. Bonmarché chief executive Helen Connolly said she had made the decision with “deep regret and sadness”, and blamed tough High Street […]

Business

The UK universities benefitting from opioid money

Image copyright Alamy King’s College in London received £2m from members of the Sackler family, whose pharmaceutical firm is accused of helping to fuel the US opioid crisis. The Dr Mortimer and Theresa Sackler Foundation gave £5.2m to mostly UK universities and charities in 2018, according to its latest accounts. King’s College was the top […]

Business

Barclays board approved ‘sham’ Qatar deal

Image copyright Getty ImagesImage caption Richard Boath is one of the three ex-Barclays executives on trial An agreement at the centre of fraud charges against ex-Barclays executives was written by the bank’s lawyers and approved by its board, a court heard. Barclays agreed to pay Qatari investors £42m for advisory services in June 2008 after […]

Business

Savile Row in firing line as US tariffs hit the UK

Image copyright Richard James Sean Dixon, co-founder of Richard James, says the Savile Row tailor feels “a bit like collateral damage”. He and the other bespoke tailoring firms who line the world-famous London street feel bruised because, from Friday, every suit they sell to the US faces a new export tax of 25%. They are […]

Business

Facebook chief rules out banning political adverts

Image copyright FacebookImage caption Mr Zuckerberg gave his speech to an audience of students and others at Georgetown University in Washington DC Facebook’s founder Mark Zuckerberg has said he does not think it is right for a company to censor politicians or the news in a democracy. He was giving a speech in Washington DC […]

Business

Pound’s gains erased amid Brexit deal jitters

Image copyright Getty Images The rally in the pound triggered by news of a Brexit agreement has failed to last following concerns that the deal could still be scuppered. Sterling had surged to a five-month high against the dollar, coming close to $1.30, after the UK and EU’s negotiating teams agreed a deal. However, the […]