Tyrrells buys Yarra Valley Snack Foods for global growth August 2, 2015 Upmarket crisps maker Tyrrells is speeding up its global expansion after announcing its acquisition of Melbourne-based organic snacks company Yarra Valley Snack Foods. Tyrrells launched a range of products in Australian supermarket Coles in April last year, and says the purchase will “accelerate the international growth”. It reported a net worth of over £26m last [...]
Tesco’s share price rises as it agrees to sell Korean arm Homeplus to consortium of investors led by MBK for £4.2bn September 7, 2015 Tesco's share price opened up this morning after revealing it has agreed to sell its South Korean arm Homeplus for £4.2bn to a consortium of investors, led by MBK Partners, the beleaugered supermarket has confirmed. The consortium also includes the Canada Pension Plan Investment Board, the Public Sector Pension Investment Board and Temasek. [...]
Home loan rates set to drop more as HSBC introduces record low mortgage of 0.99pc November 19, 2014 Mortgage rates are poised to break new records and edge even further down. HSBC recently made headlines by introducing a record low mortgage rate of 0.99 per cent, with economists from the bank predicting policy rates would stay at their all-time lows of 0.5 per cent until at least 2016. It looks unlikely to end [...]
Competition and Markets Authority chastises HSBC over small business loan “bundling” October 22, 2014 HSBC is one of two banks chastised by the government's new competition watchdog over the way it sells loans to small businesses. The Competition and Markets Authority (CMA) said today it had previously warned banks over "bundling", the practice of forcing small and medium-sized firms taking out a loan with them to open business accounts, [...]
Credit Suisse and ING looking at possible reduced presence in UK June 29, 2015 CREDIT Suisse and ING have warned the Treasury that they may move some of their activities out of London. The banks voiced their concerns during pre-Budget talks, according to a report in the Financial Times. The threat of departure comes despite efforts by the government to appease banks who are becoming increasingly frustrated at the [...]
Banks pull FTSE up after rising on news of Greek agreement – London Report July 13, 2015 AGREEMENT between the Eurozone leaders on a third bailout for Greece helped to push banks up yesterday, dragging the FTSE to a two-week high. Shawbrook and HSBC rose the most among banks, gaining 4.6 and 2.1 per cent respectively. News of a deal was met with a mixture of relief and anger in Greece, after [...]
Bank of England mortgage lending figures show a rush to remortgage as interest rate hike comes closer July 30, 2015 The mortgage market is hotting up, according to new figures, as rock bottom rates and the prospect of an interest rate rise fuel extra home buying and remortgaging. Net lending secured on dwellings jumped to £2.6bn in June, from £2.4bn in May, the highest figure since July 2008, the Bank of England said today. The [...]
Tom Hayes recruited accomplices to manipulate Libor, court told May 27, 2015 Former UBS and Citi trader Tom Hayes spent years recruiting other bankers and brokers to help him manipulate Libor submissions, prosecutors claimed yesterday. Hayes, the first trader to face accusations in front of a jury, denies eight charges of conspiracy to defraud. Southwark Crown Court yesterday heard that he tried to recruit his step-brother, who works at [...]
Barclays is still months from hiring new chief executive after Antony Jenkins sacking July 14, 2015 Barclays, which abruptly sacked chief executive Antony Jenkins last Wednesday, might have to wait six months for a permanent replacement. The bank’s deputy chairman Sir Mike Rake told City A.M. yesterday: “We will take the time to find the person with the right level of experience. It will take a few months, but we would [...]
HSBC’s Carole Plant joins 100 leading ladies October 1, 2014 Somerset House played host to some of the UK’s most successful women last night as photographer Nancy Honey launched her new portrait book, 100 Leading Ladies. The business world got more than a passing nod, with Coast chief Kate Bostock, former chief of Lloyds TSB Scotland Lady Susan Rice and HSBC’s Carole Plant. “I came [...]