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☆ 'I was too trusting': Ex-Post Office boss apologizes after widespread miscarriage of justice in Britain
▼ + stars: | 2024-05-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Former Chief Executive Officer (CEO) of Post Office Limited Paula Vennells (C) arrives to give evidence to the Post Office Horizon IT Inquiry, in central London, on May 22, 2024. The scandal has been described at an ongoing public inquiry as "the worst miscarriage of justice in recent British legal history". The Post Office took 700 people to court between 1999 and 2015 based on faulty evidence resulting from central I.T. Questions remain over what Vennells and other executives knew, all while the Post Office continued to push for sub-postmaster prosecutions. Vennells joined at a time when the Post Office was losing significant amounts of money and was under pressure to improve its financial performance.

Persons: Paula Vennells, Vennells, Martin Griffiths Organizations: Post, Britain's, Fujitsu, Post Office Locations: London, I.T

☆ Fujitsu role in Britain's Post Office scandal could have severe reputational consequences, analysts say
▼ + stars: | 2024-01-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

(Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images) Tolga Akmen | Afp | Getty ImagesLONDON — Fujitsu 's role in the U.K. Post Office scandal, dubbed the "most widespread miscarriage of justice" in British history, has analysts wary of what the fallout could look like for the Japanese IT giant. Between 1999 and 2015, a fault with the company's Horizon computer software used by the Post Office, a state-owned private company employing thousands of people across the country, resulted in more than 700 sub-postmasters being subjected to false prosecutions. watch nowIn a statement Thursday, Fujitsu said it regards the matter with the "utmost seriousness and offers its deepest apologies to the sub-postmasters and their families." "Based on the findings of the Inquiry, we will also be working with the UK government on the appropriate actions, including contribution to compensation." A spokesperson for Fujitsu wasn't immediately available for comment when contacted by CNBC.

Persons: Tolga Akmen, TOLGA AKMEN, Akmen, postmasters, Paul Patterson, Patterson, Fujitsu Tim Morse, —, CNBC's, Mio Kato Organizations: subpostmasters, of Justice, Appeal, Getty, Afp, Fujitsu, Post Office, Post, Business, Trade, Asymmetric Advisors, CNBC, Fujitsu wasn't, Treasury, Fujitsu —, ICL, Tokyo Stock Exchange, LightStream Locations: London, AFP, U.K, Japan

☆ Replacing Fujitsu in UK government contracts could be 'very expensive,' says equity advisory firm
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReplacing Fujitsu in UK government contracts could be 'very expensive,' says equity advisory firmTimothy Morse, founding partner of Asymmetric Advisors, discusses Fujitsu's involvement in Britain's Post Office scandal, and says replacing the company may be very expensive as it's "very well embedded in U.K. government IT contracts."

Persons: Timothy Morse Organizations: Fujitsu, Asymmetric Advisors Locations: Britain's

☆ UK Post Office scandal: Analyst discusses Fujitsu's reputational costs
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFujitsu reputational costs may be more severe than cost of compensating Post Office victims: AnalystMio Kato, founder of LightStream Research, says Fujitsu may need to increase spending in quality control after Britain's Post Office scandal, pointing to issues in Japan such as those relating to ATM systems and national ID cards.

Persons: Mio Kato Organizations: Fujitsu, LightStream, Britain's Post Locations: Japan

This, regulators say, makes it harder for banks to cut costs and absorb losses in a downturn. But many bankers are expected to resist swapping guaranteed pay for potentially higher bonuses, which can swing wildly across economic cycles. UK Finance, the industry body for banks in Britain, did not respond to the public consultation, leaving individual members to comment if they wanted to. Others warned against overplaying the significance of bonuses in Britain's battle to grow its financial sector, still reeling from the loss of big-ticket listings, such as Arm Holdings. "Compensation is a small point in the grand scheme of things of a vibrant financial sector.

Persons: Toby Melville, Luke Hildyard, there'll, Suzanne Horne, Paul Hastings, Horne, Simon Patterson, Edelmann, Oliver Wyman, Sinead Cruise, Huw Jones, Tomasz Janowski Organizations: City of, Regulators, European Union, Bank of England, Financial, Bankers, Reuters, European Banking Authority, International Employment, Britain, EU, Finance, Arm Holdings, Thomson Locations: City, City of London, Britain, Banks, European, New York, Singapore, EU, Paris, Frankfurt, United States, Japan, Switzerland, London, Europe

☆ UK minister says talks to restore Northern Ireland government moving slowly
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 20 (Reuters) - Britain's Northern Ireland minister said on Tuesday talks to restore the province's devolved government were moving slowly because there was a lack of clarity on the right legislative approach to end the impasse. Northern Ireland's devolved executive collapsed in February last year when the Democratic Unionist Party pulled out in protest at Britain's post-Brexit trade deal with the European Union. They then also rejected a revised deal, the Windsor Framework, reached last February. The British government is in talks with the DUP on restoring the power-sharing system but Northern Ireland minister Chris Heaton-Harris declined to be drawn on the details of how those talks were going. Speaking separately in Dublin, U.S. Special Envoy to Northern Ireland Joe Kennedy said that while there is real interest from U.S. companies to invest in Northern Ireland, they want to see how that Windsor Framework is implemented.

Persons: Chris Heaton, Harris, Northern Ireland Joe Kennedy, Kennedy, Alistair Smout, Padraic Halpin, Jonathan Oatis, Mark Heinrich Our Organizations: Northern, Democratic Unionist Party, European Union, DUP, Heaton, Good, Northern Ireland, Windsor, Thomson Locations: Northern Ireland, Northern, Windsor, London . London, United Kingdom, Dublin, U.S, British, Ireland, Stormont, London

☆ UK is committed to making electric vehicle batteries, Hunt says
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 18 (Reuters) - Britain will ensure that batteries needed to power electric vehicles (EVs) are produced domestically, finance minister Jeremy Hunt said on Thursday, a day after carmakers warned insufficient production could hurt investment in the country. "We are absolutely committed to making sure the UK is able to source onshore EV batteries that we need," Hunt said in a presentation to manufacturers on Thursday. Under the deal, 45% of the value of an EV sold in the EU must come from Britain or the EU from 2024 to avoid tariffs. On Wednesday, Hunt urged the industry to "watch this space" on the issue of British battery production. Reporting by William Schomberg; writing by David Milliken; Editing by Alistair SmoutOur Standards: The Thomson Reuters Trust Principles.

☆ Swinging Sixties fashion designer Mary Quant dies aged 93
▼ + stars: | 2023-04-13 | by ( Farouq Suleiman | ) www.reuters.com time to read: +2 min

LONDON, April 13 (Reuters) - Fashion designer Mary Quant, often credited with popularising the miniskirt that helped define Britain's "Swinging Sixties" era, has died aged 93. Born and brought up in Blackheath, south east London, Quant helped pioneer bold new styles during the 1960s - a decade in which fashion, music and art subculture challenged and forever changed Britain's post-war national identity. "It’s impossible to overstate Quant's contribution to fashion," the Victoria and Albert Museum, which held a 2019 exhibition focused on her work, said in a statement. "She represented the joyful freedom of 1960s fashion, and provided a new role model for young women. A self-taught designer, Quant opened a west London boutique called Bazaar in the 1950s alongside her fashion entrepreneur husband Alexander Plunket Greene and their business partner.

☆ Britain's post-Brexit asset management revamp eyes liquidity, tokenisation
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Until Britain's departure from the European Union in 2020, rules for the UK funds sector were written in Brussels. The sector has fallen short in dealing with stresses in recent years in Britain and elsewhere due to inadequate liquidity, prompting scrutiny globally. "The regulatory framework contains rules around liquidity management. "But the growth of the fund industry means that liquidity management in funds is also relevant to the good functioning of markets," the discussion paper out for public consultation said. The FCA said it wants to see fund managers complying with liquidity stress testing guidelines issued by the EU's securities watchdog ESMA, which will be converted into UK rules.

☆ UK economy to shrink in 2023, risks 'lost decade': CBI
▼ + stars: | 2022-12-05 | by ( David Milliken | ) www.reuters.com time to read: +2 min

"Britain is in stagflation - with rocketing inflation, negative growth, falling productivity and business investment. Firms see potential growth opportunities but ... headwinds are causing them to pause investing in 2023," CBI Director-General Tony Danker said. The CBI's GDP forecast is less gloomy than that of the British government's Office for Budget Responsibility - which last month forecast a 1.4% decline for 2023. But the CBI forecast is in line with the Organisation for Economic Co-operation and Development (OECD), which expects Britain to be Europe's weakest performing economy bar Russia next year. The CBI forecast business investment at the end of 2024 will be 9% below its pre-pandemic level, and output per worker 2% lower.

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