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Metro Bank founder quits amid fallout from an accounting error
Metro Bank shares jumped more than a quarter on Wednesday after its founder and chairman, Vernon Hill, quit following the wake of a significant accounting error that misclassified almost £900 million worth of loans.
According to Metro, Hill would quit the group by December 31 as they deal with the fallout from the error. They had also announced plans to install one of its existing independent directors as chairman if they failed to find a candidate in time.
The announcement came as Metro Bank launched a new bond sale initially worth £300 million, a week after pulling a similar offer due to a lack of interest from investors.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...
Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the ...
South Korea on Wednesday announced that it would scale back its plans to impose capital gains taxes on stock investments after numerous complaints from retail investors. However, taxes will, instead increase for top earners as part of changes ...
KYC Policy