One of the world's leading fund managers has been forced to resign after the BBC discovered he had broken investment rules.Mark Denning helped to manage more than $300bn (£229bn; €265n) of investors' money at Capital Group.Panorama has discovered evidence that suggests he was secretly acquiring shares for his own benefit in some of the same companies as his funds.Mr Denning, who had worked at the firm for 36 years, denies any wrongdoing.The 62-year-old fund manager left his job five days after Panorama wrote to Capital Group about the findings of its investigation.Capital Group - which manages almost $2 trillion of assets - said Mr Denning was no longer with the firm."We have a Code of Ethics and personal investing disclosure requirements that hold our associates to the highest standards of conduct. When we learned of this matter, we took immediate action," it said.Fund managers are not supposed to invest in the same companies as their funds, because they could potentially … [Read more...] about Top fund manager forced to resign after BBC investigation
Court asked to consider if PM’s Brexit delay tactic is lawful
Scotland's highest court is to consider whether Prime Minister Boris Johnson has fully complied with a law requiring him to ask for a Brexit delay.He sent an unsigned letter to Brussels asking for an extension along with a signed letter saying he believed a further delay would be a mistake.The Court of Session will be asked to decide whether this broke a promise not to "frustrate" the so-called Benn Act.The government maintains it has fulfilled its legal obligations. Boris Johnson's delay letters in full Reluctant EU considers delay request How would another delay work? The court was originally asked earlier this month to consider using "nobile officium" powers to request a Brexit extension on the prime minister's behalf - but the judges delayed making a ruling until the political situation become clearer. One of the campaigners bringing the action, SNP MP Joanna Cherry, said the legal action had already been instrumental in forcing Mr Johnson to send the request for an extension late … [Read more...] about Court asked to consider if PM’s Brexit delay tactic is lawful
The map store boss who took the long route
The BBC's weekly The Boss series profiles different business leaders from around the world. This week we speak to Vivien Godfrey, chief executive of maps and travel books retailer Stanfords.You'd imagine that any secret service worth its salt would be interested in who buys what maps from specialist UK retailer Stanfords.Home to the world's largest collection of maps, travel books and globes, its customers include governments and armed forces from around the world.So if two countries really don't get along, and one of them is buying a lot of detailed maps of the other from Stanfords, it might be time for alarm bells to be going off in the second of those two nations."We have a number of military customers around the world," says current boss Vivien Godfrey diplomatically.Based in Covent Garden, in the centre of London, family-owned Stanfords is a 166-year-old British institution. Opening its doors in 1853, it harks back to the great expeditions of the 19th and early 20th Centuries.Its … [Read more...] about The map store boss who took the long route
Hoping for a vote? Greasy Remainers had other ideas: HENRY DEEDES sees a gorgeous Saturday wasted in the Commons
Well that was a waste of a perfectly good Saturday. Not just any Saturday, either. One of those gorgeous, cobwebs-in-the-dew autumn mornings where any sane human being was slouched on the sofa, mug of something freshly percolated on the go and two enticing rugger matches in the pipeline. But no, down some of us trudged to Parliament instead, those most dreaded of words ‘rail-replacement bus service’ blaring over the Tannoy, to view what we hoped would be a vote on Boris Johnson’s new Brexit deal. Those creamy, know-it-all Remainers had other plans, of course. Sir Olive Oil Letwin, greasier than two scoops of Swarfega, had tabled an amendment to delay the vote even further. The chamber was rammed. Even Chancellor of the Duchy of Lancaster Michael Gove was forced to park himself on the floor in front of the Speaker. Dotty Lord Adonis looked on. Ben Bradshaw (Lab, Exeter) played kissy-face with Sally Bercow (wife of John). Was that ex-Speaker Betty Boothroyd, 90, … [Read more...] about Hoping for a vote? Greasy Remainers had other ideas: HENRY DEEDES sees a gorgeous Saturday wasted in the Commons
Barclays made £17m A DAY in profits over the summer – £10m more than the bank expects to save from its controversial cash ban at post offices
Barclays raked in almost £17million in profits a day over the summer – £10million more than it expects to save annually from its cash ban at post offices. Figures this week are expected to show that the bank made £1.5billion in profits from July to September. But they come amid the bank’s decision to stop its customers from withdrawing money at post offices from January – a move that is supposed to save Barclays £7million a year. Figures this week are expected to show that the bank made £1.5billion in profits from July to September David Amess, Conservative MP for Southend West, said: ‘This is appalling. ‘I’ve been banking with Barclays since I could open a bank account and its customer service has become increasingly poor. They only care about their shareholders. Youngsters are much more tolerant of using new technology, like online banking. But we really do have an ageing population and many people struggle to use … [Read more...] about Barclays made £17m A DAY in profits over the summer – £10m more than the bank expects to save from its controversial cash ban at post offices