London and the South East could get an inch of snow during evening rush hour tonight

Friday 10 February 2017 3:52 pm Emma Haslett Brace yourselves: London could get as much as an inch of snow during evening rush hour tonight, after the Met Office issued a yellow warning for London and the South East.This morning it said showers in and around the capital could bring accumulations of 2cm-3cm, and warned commuters to brace themselves for disruption to transport, as well as slippery conditions on roads and pavements.  Meanwhile, if the cloud does clear, stargazers are in for an astronomical feast tonight, with a lunar eclipse, so-called “snow moon” and the New Year comet all visible. The comet will be visible from earth for the first time since 2011 as it makes its way across the northern hemisphere. Read more: Don’t miss the snow moon, New Year comet and Lunar eclipse this Friday Share whatsapp London and the South East could get an inch of snow during evening rush hour tonight “Sleet and snow showers will feed into parts of Kent and perhaps Sussex during Friday evening and overnight into Saturday,” it said”These may align for a time to bring a small area of more persistent snow with some accumulations.”However, it added: “Many parts, however, will see little or no cover, and and where it falls it is likely to melt through Saturday.” Even if you’re not affected by the snow, wrap up warm over the weekend: temperatures are expected to stay below three degrees celsius today, inching up to four degrees tomorrow and five degrees on Sunday. Bracing. whatsapp Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe 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 IssueVegamourTop 5 Tips If You’re Losing Your EyebrowsVegamourWhat Causes Hair Loss? Every Trigger ExplainedVegamourSmoking and Hair Loss: Are They Connected?VegamourRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapThis Is How Often You Should Cut Your HairVegamour by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFinancial 10NHL Player’s Wife Is Hands Down The Most Beautiful Woman In The WorldFinancial 10UndoHealth & Human Research9 Foods That Naturally Cleanse Your Kidneys – Health & Human ResearchHealth & Human ResearchUndoWeniixTop 5 Best Affordable Sports Cars 2021 – WENIIXWeniixUndoHealthy ZoneWarning! 10 Subtle Signs of Kidney Diseases that Should Never Be IgnoredHealthy ZoneUndoHealth SincereTop 10 Largest Fruits In The WorldHealth SincereUndoSoolideAtlantis finally found! Ancient kingdom discovered under a lake in Turkey.SoolideUndoNutrition ExplainedWhat Happens to Your Body if You Eat Beetroot Every Day?Nutrition ExplainedUndoTip ParentsWhat I Ordered vs. What I GotTip ParentsUndoYahoo! SearchSearch For Walk In Tubs For Seniors, Here’s What It Might Cost YouYahoo! SearchUndo read more

US-China trade war: Markets feel the strain as new tariffs take hold

Thursday 23 August 2018 3:29 pm Fresh tariffs were accompanied by a war of words between Washington and Beijing today as the superpowers’ trade war threatened to escalate.Previously announced tariffs of 25 per cent applying to $16bn (£12.5bn) worth of Chinese goods came into force today, met with equivalent retaliatory measures. IG analyst Joshua Mahony said: “There seems to be little headway being make over the months, and the inability of the Chinese to appease Trump’s demands mean that this is likely to rumble on for some time yet.”However, with the bar set so low, there is also the potential for some sort of half-hearted announcement which sets out an agreement to work towards specific targets, in a similar ilk to that seen with the EU.”Minutes released today from the European Central Bank’s latest policy meeting suggested China’s stock market is suffering most from the trade war. In its global outlook report published today, Moody’s stated that further tariffs are likely to dampen international growth in the coming year.Economists polled by Reuters expected the US economy to become a casualty of the trade war and slow in the coming quarters. A majority of the 56 economists questioned by the agency predicted the present rate of 4.1 per cent growth to halve by the end of next year.Read more: Dollar slides after Trump’s criticism of the Fed whatsapp US-China trade war: Markets feel the strain as new tariffs take hold Tim Abington China has introduced duties on 333 American products, including coal, steel products and fuel. A combined $100bn of products are now subject to tariffs from both countries.Read more: Two days of trade negotiations to begin between US and ChinaAsian shares fell today at the escalation of the trade war. The Hong Kong Hang Seng declined 0.4 per cent, while the South Korean KOSPI and the Tokyo Stock Exchange also slumped. Asian stock markets have declined since January, and the China Securities Index 300 has slid 20 per cent since the conflict began in March.As low-level trade talks continued today between the two nations, a war of words brewed. The Chinese Commerce Ministry described Washington as “obstinate” and said it plans to file a complaint to the World Trade Organisation, citing the US tariffs as a violation of WTO regulations.Meanwhile, US commerce secretary Wilbur Ross told CNBC: “At the end of the day, we have many more bullets than they do.” It follows president Trump calling China “spoiled” earlier this week. Chinese state newspaper Xinhua wrote in its editorial today that “Washington’s huff-and-puff bluster and now-or-never ultimatum will only cut short the odds of a productive dialogue”.China Foreign Ministry spokesman Lu Kang declined to share an update on the progress of the talks, but said: “We hope that China and the US could sit down calmly, talk to each other in earnest, and reach a mutually beneficial outcome.”Trump has previously stated that the tariffs are designed to protect American technology and IP. So far tariffs have been largely limited to immediate goods, but duties planned for September are intended for consumer goods.The US would impose a 25 per cent tax on $200bn of Chinese goods, while China plans to target $60bn worth of US products.Consumer spending contributes to two-thirds of the US economy, and the coming tariffs are expected to have a negative impact on US growth. More From Our Partners Why people are finding dryer sheets in their mailboxesnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years whatsapp Share read more

Mark Carney told to clarify dramatic house price fall warning in case of ‘no-deal’ Brexit

first_img whatsapp Owen Bennett Mark Carney told to clarify dramatic house price fall warning in case of ‘no-deal’ Brexit Bank of England governor Mark Carney needs to clarify whether house prices would be slashed by a third in a ‘no deal’ Brexit, the chair of the Treasury select committee has insisted. whatsapp Thursday 11 October 2018 6:35 pm Share Tags: Bank of England Brexit Mark Carney People Morgan also used the letter to urge Carney to provide a “full and frank” assessment of the various outcomes of Brexit, including the deal agree by the UK and EU.The former Education Secretary asked for that analysis to be handed over to MPs before Parliament has a vote on the deal Theresa May plans to bring back from Brussels.She made a similar request in a letter to the Financial Conduct Authority. Nicky Morgan has written to Carney asking him to clear up exactly what he told the Cabinet on September 13 during a presentation on the risks of the UK leaving the EU without a trade deal.The BBC reported he told ministers that in a worst-case scenario house prices could fall by 33% over three years.However, it was later claimed the governor was setting out what the Bank of England was prepared for – not what it was forecasting.In a letter to Carney, Morgan asked for clarity on the issue, and said: “I note the confusion surrounding your briefing to Cabinet on 13 September, and in particular media reports that this contained a forecast that house prices would fall by a third in a ‘no deal’ scenario.”I would be grateful for confirmation that what you set out to Cabinet was in fact the Bank’s 2018 stress test scenario (which includes a 33 per cent fall in residential property prices as one of its parameters), which in turn is being used to draw inferences about [the] Bank’s preparedness for ‘no deal’.”last_img read more

Aggreko trading on track thanks to Winter Olympics and Ryder Cup

first_img Aggreko trading on track thanks to Winter Olympics and Ryder Cup Tags: Aggreko Company More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comConnecticut man dies after crashing Harley into live bearnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child Aggreko said its North America revenue reflects strong growth in oil and gas, while hurricane-related work was a significant factor.But the company said market conditions in the Middle East are challenging due to the Qatar blockade, while underlying revenue in Africa was also down on last year.Aggreko’s negative results in power solutions utility were expected, the firm said, due to lower rates and off-hires in Zimbabwe, Bangladesh and Japan.What Aggreko saidAggreko said: “We remain on track to deliver our guidance of full year profit before tax in line with 2017, excluding the effects of currency.” James Warrington whatsappcenter_img Wednesday 14 November 2018 12:48 am Share Power generator supplier Aggreko today reported trading in line with expectations for the nine months to the end of September, boosted by contracts with the Ryder Cup and Winter Olympics.The figuresTotal underlying revenue was up 11 per cent. whatsapp Underlying revenue for the rental solutions division, which makes up 52 per cent of the group, increased 26 per cent. In North America revenue was up 32 per cent.Underlying revenue for the power solutions utility division, which makes up 21 per cent of the group, was down 14 per cent.Why it’s interestingAggreko said its results were in line with market expectations and maintains its forecasts for full-year profits before tax.The company, which provides mobile power, temperature control and energy services, received significant boosts from the Ryder Cup in France in September and the Winter Olympics in South Korea in February.last_img read more

Thomas Cook shares plummet further as volatile travel firm’s misery continues

first_img 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?MisterStoryUndoFinancial 10NHL Player’s Wife Is Hands Down The Most Beautiful Woman In The WorldFinancial 10UndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoTotal 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 Thursday 6 December 2018 2:55 pm whatsapp Thomas Cook shares plummet further as volatile travel firm’s misery continues During a turbulent few weeks Thomas Cook has seen its shares fall to their lowest level since 2013.Last week Thomas Cook issued its third profit warning of the year, blaming the hot British summer for its lethargic results. Investor fear is also mounting over the company’s net debt of £389m.Shares had bounced back 50 per cent yesterday after chairman Frank Meysman bought more than £80,000 of shares in the company.The spike also came as Moody’s downgraded its corporate family rating to B2 from B1 and changed its outlook to negative from stable.But there has been no let up for the beleaguered company as shares plunged again today to 29.84p. Stuart Gordon, senior analyst at Berenberg, said yesterday’s spike was likely to be an exception in a general downward trend for the firm.He noted that yields and bonds had stayed “stubbornly high” despite the equity rise, saying this may have contributed to today’s fall. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.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.comKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Tags: Trading Archive whatsapp Share James Warrington Shares in Thomas Cook tumbled more than 13 per cent today as the travel agency reels from profit warnings and debt concerns.The fall wipes out gains made yesterday, when the company clawed back recent losses of nearly 60 per cent.last_img read more

Editor’s Notes: Wherever Brexit takes us, let’s hope it’s not Norway

first_img However, Labour MPs are determined to call a parliamentary vote of no confidence in the government, which could destroy the Tory-DUP alliance once and for all – leaving the government with no majority.Faced with this scenario, May’s withdrawal agreement looks to be on even weaker ground than it was at the start of the week.This political purgatory is further complicated by the fact that no majority exists for any other form of Brexit. A second referendum is a possibility, but it would require the Prime Minister to make it her policy and at present, it absolutely is not.This leaves either May’s deal, a no-deal Brexit or the increasingly popular Norway option: membership of the European Economic Area (EEA).MPs cannot simply grab the wheel and steer the country to this destination. It would need to become government policy. whatsapp Whatever Brexit’s final destination may be, it should be a long way from Norway.Reputation mattersDespite 2018 bringing us the collapse of Carillion, Philip Green’s misconduct allegations and a host of execs on trial, the reputation of British business ends the year on a high.The Institute for Business Ethics annual survey of the public shows 62 per cent consider UK firms to be behaving ethically – the highest rate since 2003 when it stood at 47 per cent.Of all the age groups, millennials show the most positive change in opinion – with just 24 per cent of them concerned about corporate conduct.En Marche! regressesOh, how the mighty have fallen. Emmanuel Macron was once thought of as a centrist hero and the bulwark against populism, not least by Emmanuel Macron. Christian May Tags: Brexit Carillion Company People Theresa May Twitter Theresa May remains in office, and all her difficulties remain with her.By surviving Wednesday night’s vote, she has secured a grace period of 12 months during which time she cannot be challenged again. Editor’s Notes: Wherever Brexit takes us, let’s hope it’s not Norway Remain-leaning Tories and plenty of Labour MPs present the Norway option as an acceptable compromise, taking us out of the EU’s political institutions while leaving us with a smooth trading relationship.They used to call it “Norway For Now” – hinting that we could improve the terms later, but they’ve since dropped this pretence.They claim it is a credible alternative to May’s deal or a no-deal Brexit. They are wrong. Joining the EEA would mean remaining in the single market and therefore accepting all of its rules without having a jot of influence over them.The Bank of England’s position is that this would be intolerable for the City, as it would have no choice but to swallow future EU rules on financial transaction taxes, bonus caps and EU-wide regulation.That’s to say nothing of the fact that the 2016 referendum question was about leaving the EU, not moving sideways into an inferior version of it. Friday 14 December 2018 1:16 am Share whatsapp But after weeks of violent protest he’s caved in and coughed up £9bn of extra spending to ease the burden on citizens angered by the cost of living.Macron’s grand reform agenda is essentially dead, and his expensive apology puts France at risk of breaking the EU’s budget rules. Protesters are emboldened and Macron’s future is uncertain.No jokeDavid Banks, the former Mirror editor, was presenting an award at a media bash earlier this week when he quipped that “getting an overweight, one-eyed former editor with knackered knees and a walking stick” would demonstrate the event organiser’s commitment to diversity.Off stage, he was challenged by a young journalist who told him in no uncertain terms that diversity was nothing to joke about.“You should be more careful,” she told him.By coincidence, just as Banks was writing up this encounter for the Press Gazette, comedian Ricky Gervais was asking on Twitter if there are any subjects that should never be joked about.As if to answer this question, students at a London university sent a “behavioural agreement form” to comedian Konstantin Kisin, who had been booked to perform at a charity gig.The draft contract demanded he make no jokes about sex, gender, age, class, religion… and it went on. Kisin, to his immense credit, pulled out – citing the students’ absurd attack on free speech. last_img read more

Peltarion, the AI startup used by Nasa, Ocado and Tesla, raises $20m

first_imgThursday 14 February 2019 10:19 am whatsapp Peltarion, the AI startup used by Nasa, Ocado and Tesla, raises $20m More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Swedish artificial intelligence (AI) startup Peltarion is heading across the Atlantic after closing a $20m (£15.5m) funding round.The series A funding was led by Euclidean Capital, which has also backed the likes of popular DNA ancestry startup 23 And Me. Existing investors FAM, which is owned by Swedish investor family the Wallenbergs, and EQT Ventures also took part. Tags: Artificial intelligence (AI) and robots Company Nasa Ocado Group Startups Tesla Motors center_img Share Peltarion aims to make AI accessible to all through its operational AI platform, providing technology to companies so they can produce real-world AI processes without the need for highly-skilled engineering talent.Read more: Peltarion opens up shop in LondonMajor names such as Nasa, Tesla and General Electric are listed among Peltarion’s roster of more than 300 clients, as well as British firms Kier Group, Lloyds Bank and Ocado. “AI is a technology that everyone should benefit from. Our mission is to make AI technology useable and affordable for all and this investment will help us to grow and scale in order to do more good in the world,” said Luka Crnkovic-Friis, chief executive and co-founder of Peltarion.Crnkovic-Friis told City A.M. the firm would use the funding to expand its London office, which manages sales and marketing as well as some product development. Peltarion is also targeting a US launch by the end of 2019, settling on New York as its city of choice. Read more: UK fintech investment hits all-time high of $3.3bnToday’s funding is only Peltarion’s second round since it was founded in 2004, having been largely bootstrapped before seeking investment three years ago. The firm has now raised $34m in total.The move comes after the startup founded Sweden’s first AI council last year, establishing a dialogue between government, the EU and industry to build technical partnership agreements that can serve the wider public. whatsapp Emily Nicolle last_img read more

Theresa May faces mounting pressure to resign as cross-party Brexit talks resume

first_img Tags: Brexit Nigel Farage People Theresa May Theresa May will return to parliament today amid mounting pressure on her leadership and the threat of a grassroots rebellion from her own party.MPs will be back in Westminster following the Easter recess as cross-party talks over Brexit continue. Tuesday 23 April 2019 8:26 am whatsapp Share whatsappcenter_img Theresa May faces mounting pressure to resign as cross-party Brexit talks resume Callum Keown The associations called for an extraordinary meeting of the National Conservative Convention to force another vote of confidence.It comes after EU leaders granted the Prime Minister a Brexit extension until 31 October after MPs voted down her withdrawal agreement for a third time earlier this month.Cross-party talks between government ministers and the Labour party will resume this afternoon after the Cabinet are set to convene this morning.Read more: May told to resign over ‘abject surrender’ of Brexit delayThe emergence of Nigel Farage’s newly formed Brexit party has also ramped up the pressure on the Prime Minister.A Yougov poll last week found Farage’s party was on course to win next month’s contentious EU elections with 27 per of the vote, five points ahead of Labour, with the Conservatives languishing on 15 per cent. Read more: Top Tories say leadership contest can only happen after Brexit is agreedBut the Prime Minister’s position is set to come under renewed threat on her return.The backbench 1922 Committee of Tory MPs will meet today to discuss changes to party rules to allow another vote on May’s leadership.The Prime Minister survived a no confidence vote in December and current Conservative party rules dictate that another vote cannot be held until twelve months have passed.A grassroots rebellion has also gathered pace as more than 70 local Tory associations signed a petition calling for May to resign over the weekend. 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!BleacherBreakerbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost 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 photoMisterStorylast_img read more

Deutsche Bank scandal: Courts still chasing billions through tax scams and carbon credits

first_img Deutsche Bank settled in the UK in May last year, without admitting liability. It has refused to tell the Bureau how big the settlement was. Deutsche Bank told the Bureau it “exited carbon emissions trading in 2010 and reimbursed the German state”.The current civil cases involve RBS – now called Natwest Markets – and Citibank, who are being sued for £71.4m and £14m respectively by liquidators of a string of companies involved in the fraud. The firms that absconded with the VAT have gone into liquidation. Accountancy firm Grant Thornton is acting on behalf of the companies in an attempt to recover the money.Citibank said it considers the claim to be “fundamentally misconceived and entirely without merit”. It is “vigorously defending against the allegations”.Natwest Markets said it “denies the allegations and defended them in court in 2018. This is a long-running claim and we are expecting judgment to be handed down shortly.”Raids at Germany’s biggest bankIn April 2010 EU police and tax investigators raided hundreds of offices and homes across Germany, including those of Deutsche Bank in Frankfurt. The bank was ordered to repay €145m (£124m) of lost VAT on trades between August 2009 until the raids in April 2010 that were connected to fraud. This pushed the fraud to the UK – where VAT was still charged on sales of carbon credits – and HMRC had been given only a day’s notice about the changes in France.An internal RBS email sent in early July said “it seems the UK’s carbon emissions market is rotten” and “is being targeted by carousel trading fraudsters”. RBS said this email reflects that individual’s opinion and not the wider team’s.A summer spreeShortly after the Bluenext Exchange reopened on 9 June 2009, court documents show an associate at Deutsche Bank London’s carbon trading desk, a trader, messaged a broker about the closure. “The whole carousel/VAT scam is a bit troubling,” they wrote, “maybe it really is a scam, and clearly illegal and clearly troubling”.In any case, the trader predicted a “summer slowdown” on trades “as we all take holiday”. But in reality, over the next seven weeks trading suddenly exploded as fraudsters cashed in on the UK carbon credit market.In mid-June Deutsche Bank was approached by SVS Securities, a broker with whom Deutsche had not dealt before. It had carbon credits to trade and expected to grow its business.SVS was soon providing Deutsche Bank with many more carbon credits than expected. On 2 July, SVS sold 842,000 credits to the bank, three times the amount it had initially estimated it could supply. In its defence SVS said this was because the initial volume was calculated by an intern. It said the sudden increase can only be said to “appear illegitimate with the benefit of hindsight”.The bank asked SVS for a reason behind the spike in carbon credits. SVS brokers met Deutsche Bank traders at a Corney & Barrow wine bar, and gave a plausible explanation for the uptick in business, according to Deutsche Bank.SVS said another broker, Tradition Financial Services (TFS), had approached it with an influx of clients from Eastern Europe wanting to sell carbon credits, and that SVS and TFS introduced them to Deutsche Bank and split the commission.SVS denies it ever gave the bank this explanation and said the meeting was simply a social occasion.SVS and TFS’s clients were not in fact genuine Eastern European suppliers. They were the “missing traders” who disappeared with the VAT once Deutsche Bank sent in a claims form to HMRC, according to a witness statement given by Rod Stone, a fraud investigator at HMRC, during the German authorities’ investigation.After the meeting trading resumed, and over the next 23 days Deutsche Bank bought more than 24m credits from SVS.The documents reveal that during this summer spree traders at SVS and TFS were raising their own concerns about the carbon credits they were selling on to the banks.Phone calls between Simon Fox, a trader at SVS, and Luca Bertali from TFS reveal they had never met anyone from one of the companies they were trading with and Bertali said one of them “could be an axe murderer”. Fox also questioned whether the company could “do a runner”.After hearing of a presentation by Barclays Bank about how to detect VAT fraud, Bertali phoned Fox and asked: “What are we going to do?… I hope to God they’re not all dodgy, I can’t imagine every single one of these people being fucking dodgy.”In another phone call between two unidentified SVS and TFS employees, the two agreed “the shit” will come down on carbon credit trading.The Bureau spoke to Bertali, who left TFS in 2014 and now owns a yoga studio in Shoreditch, east London. He said he believed the market for carbon credits was genuine, and that clients came to brokers like TFS who took less of a cut of profits than a bank.“It’s very easy to say with hindsight. We were just doing what we thought was the right thing,” he said. “We weren’t the ones stealing the VAT.”A member of the emission trading desk at Deutsche Bank in London claims to have raised concerns about SVS’s trading, though it is unknown exactly when. The trader said she had queried the high volumes of credits coming from SVS.During the civil case in the UK the lawyers acting on behalf of SVS and TFS’ creditors, Grant Thornton, alleged Deutsche Bank should have questioned SVS’s purported business model as it “made no commercial sense”. No other financial institution experienced such a spike in trading.Deutsche Bank London bought increasing numbers of credits from SVS at favourable prices while knowingly failing to investigate SVS’s business properly as it was not in its financial interest to do so, the lawyers allege.They were “wilfully shutting their eyes to the obvious, which was that there was no legitimate explanation for the trades such that there was a significant and unexplored risk that they were connected with criminal activity and in particular VAT fraud,” the claimants allege.While Deutsche Bank settled, Grant Thornton lawyers are still seeking £50m from SVS, two of its former employees and TFS. The case will be heard in March next year.In its defence, SVS said it denies being a knowing party in the fraud and denies that its traders “deliberately closed their minds or failed to ask questions”. They are “not culpable” for any fraud against companies or HMRC, it added.TFS also denies assisting alleged VAT fraud but that if it did assist “it did so unwittingly and not dishonestly”.Suspicions about Deutsche Bank’s trading were later raised at HMRC when in September 2009 the bank submitted a VAT refund claim for £48m, while prior to January 2009, the London branch would normally have paid VAT to HMRC. On investigators’ instruction, HMRC withheld the claim.By this time, carbon credits were no longer charged VAT, putting an end to the fraud in the UK. RBS and Citibank stopped trading with SVS in July over concerns of fraud.Despite this, Deutsche Bank London carried on trading: it stopped buying carbon credits from SVS and started selling to them instead.These credits were coming from the bank’s Frankfurt branch and fraudsters were now stealing from German tax authorities, where VAT was still being charged. Deutsche Bank declined to comment further.Almost a decade after the first suspicions of fraud emerged at HMRC, it has still been unable to recoup the full amount stolen from British taxpayers, estimated to be up to £300m. Even if it wins in court, it’s likely HMRC will only get back around half of what it is owed.For Grand Theft Europe, the Bureau of Investigative Journalism teamed up with a network of 35 European media partners from every European country, coordinated by the German non-profit newsroom Correctiv, to investigate VAT carousels, the biggest ongoing tax fraud in the EU. Read more at whatsapp Tuesday 7 May 2019 12:01 am Traders in London facilitated the so-called “carousel” fraud by organised crime gangs in 2009, which involved the trading of carbon credits, permits which allow a country or organisation to emit greenhouse gases.The gangs imported millions of carbon credits from outside the UK before selling them on in Britain, charging VAT to the customer but disappearing with the money instead of passing it on to HMRC. These credits were eventually bought and sold by Deutsche Bank, Royal Bank of Scotland (RBS) and Citibank among others, a key step in the fraudsters’ plans, court documents show.To hide the scam, the fraudsters set up a chain or “carousel” of bogus companies which traded the carbon credits, before selling them on to major banks through brokers. The carousel allows criminals to recycle the carbon credits and then re-sell them, allowing the fraud to continue for longer.The fraudsters moved their operations from country to country. Now, German non-profit media organisation Correctiv has coordinated 28 newsrooms across Europe to put the jigsaw together. Teams of journalists including the Bureau have scoured thousands of newly obtained documents and talked to some of the participants as part of a project called Grand Theft Europe.The documents reveal in great detail the allegations made against Deutsche Bank, RBS and Citibank and the broker companies who sold them the carbon credits. It is alleged the banks and brokers did not do enough to ensure the credits they traded were not connected to fraud. Major banks enabled fraudsters to steal billions of pounds of public money through VAT scams, according to documents obtained by the Bureau of Investigative Journalism.A decade later, tax authorities are still chasing the money through the courts. Court documents reveal allegations that the fraud uncovered in Germany had its seeds in the UK in the months before the raids.Seven Deutsche Bank employees in Germany have been prosecuted to date. None of the traders in Deutsche Bank’s London office have faced criminal charges so far.The documents piece together how the carbon credit carousel fraud began in France, moved to the Netherlands and the UK, before migrating to Germany and Italy, in a pan-European fraud that is estimated to have cost EU governments €5bn.By early June 2009, a series of scandals meant it was widely known across Europe that the market for carbon credits was teeming with frauds. The Paris-based Bluenext Exchange, the main trading exchange for carbon emissions, closed for two days on 8 and 9 June as the French tax administration opted to charge a zero rate of VAT on carbon credits to prevent carousel fraud.A few days later, the Paris prosecutor’s office admitted it was investigating a multi-million-euro VAT fraud in the French carbon emissions market. Within a week, the Netherlands had also introduced a mechanism to combat the fraud.center_img Bureau of Investigative Journalism Deutsche Bank scandal: Courts still chasing billions through tax scams and carbon credits Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks whatsapp Tags: Trading Archivelast_img read more

PwC awarded £16.5m contract to manage Northern Rock remaining assets

first_imgRead more: Moody’s forecasts fast growth for Islamic banking in next five years It has also repaid the £48.7bn of state loans it used to fund the bailouts. “We launched a transaction aimed at selling the legal entities of Northern Rock and Bradford & Bingley, along with their remaining assets, which would allow us to complete our objective and dispose of the government’s investment in these businesses,” a spokesman told City A.M. whatsapp The Big Four accountancy firm will be paid £16.5m to manage UKAR until 2030, but the holding company will remain in government ownership, according to a UKAR spokesman. PwC declined to comment. “Using the Official Journal of the EU (OJEU) process, we have agreed to outsource this work to PwC once UKAR has completed its objective.” whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeWolf & ShepherdNFL Star Rob Gronkowski Loves These ShoesWolf & ShepherdUndoBill CruncherArizona Drivers With No DUI’s Getting A Pay Day This Month (Check If You Qualify)Bill CruncherUndoStuff AnsweredBest Mattress Deals for Seniors 2020Stuff AnsweredUndoElvenarIf You Are Above 30, this Fantasy Game is a Must-Have. No Install.ElvenarUndoNational Injury BureauJury Finds Roundup Responsible For Lymphoma | Bayer To Pay $10 BillionNational Injury BureauUndoFinance DailyHomeowners Born Before 1985 Can Get This Huge Benefit in June (But You Must Request It)Finance DailyUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoProFind Bath Bathroom Renovation Quotes1 Day Shower Installation: How Much Does it Cost?ProFind Bath Bathroom Renovation QuotesUndoDental Implant Info | Search AdsActual Dental Implant Costs In 2021 Might Make You Amazed!Dental Implant Info | Search AdsUndo Michael Searles Read more: Rabobank profits fall by a quarter as lender hit with chargescenter_img However, PwC came under fire for failing to highlight the risk involved in Northern Rock’s business model, which saw it require rescuing from the state. The Treasury took over UKAR, a bank set up to sell Northern Rock and Bradford & Bingley assets, following the financial crisis. PwC awarded £16.5m contract to manage Northern Rock remaining assets It comes 12 years after the accountancy firm was criticised for being complacent in its audits of the failed lender, which collapsed in 2007. PwC will now take control of UK Asset Resolution (UKAR) according to a government contract notice. Share It was also accused of a conflict of interest as helped Northern Rock sell off its mortgage assets at the same time it was responsible for checking its books. PwC has been awarded a contract worth £16.5m to manage the government’s remaining assets in Northern Rock. Friday 16 August 2019 9:54 am UKAR initially managed more than £100bn worth of assets from the failed lenders, but by April this year had reduced its balance sheet to £8bn after a string of asset sales.last_img read more