GrandVision IPO: Global optician eyes €1.3bn for float January 26, 2015 HAL Trust, the owner of global optician GrandVision, is looking to raise as much as €1.3bn (£971m) through the company’s initial public offering on Euronext, it emerged yesterday. GrandVision is the world’s largest optical retailer and operates under a gamut of national brands, including Vision Express in the UK. It owns over 5,600 stores across [...]
Inside Track: HSBC to get one over on Barclays with capture of Moreno April 9, 2014 LIKE hands-on managers who get rebranded as directors of football, senior advisers at investment banks often find their august titles are merely stepping-stones on the way to a graceful exit. HSBC’s latest recruit suggests that theory is unfounded at Europe’s largest bank. City sources say it has signed up Glen Moreno, the chairman of Pearson, [...]
From Burma to the City, trust and accountability are essential for growth February 22, 2015 I returned this past weekend from one of my most exciting overseas business trips so far, visiting the burgeoning international markets of the Philippines, Burma and Thailand. Although these countries in South East Asia are all at different stages when we talk about the size, growth and focus of their economies, the common factor is [...]
Golf Comment: Rory rightly favourite but I fancy Stenson to master magical Major April 6, 2015 THE MASTERS is always very special, not least because we know it so well. We in Britain all grew up watching it on television, beamed from that same immaculate Augusta National setting year after year. We all have favourite parts that we’ll get excited about seeing again this week. I can’t wait to see them [...]
Introducing Yummy: The rise of HSBC’s metrosexual shopper March 21, 2014 It hasn’t been an easy ride recently for luxury brands operating in emerging markets. This week, Mulberry lost its chief executive, following a shock profit warning in January, and brands Hermes, Kering and LVMH have seen their stocks slide over ten per cent since the autumn. The continued worries about the slowdown in the Chinese [...]
The 100 City people you need to follow on Twitter this year, day four: Economists January 8, 2015 The financial crisis may have been a tough time for most of the City, but one group did pretty well out of it. There’s no doubt about it: economics has got sexy, as the popularity of everything from Thomas Piketty’s missive on inequality to “economics made easy” books such as The Undercover Economist, shows. Whether [...]
JP Morgan: US Department of Justice investigates forex trading as bank sets aside additional $1.3bn for litigation November 4, 2014 JP Morgan has increased the amount of money set aside for potential litigation costs by $1.3bn (£813m) as it revealed the US Department of Justice (DoJ) has launched a criminal investigation into the banks currency trading. The investigation by the DoJ follows a number of similar probes by regulators, including the Financial Conduct Authority (FCA) [...]
Standard Chartered bonus bungle shows investors need to speak up March 4, 2015 Falling profits, boardroom turmoil and a declining return on equity: by any measure, Standard Chartered’s 2014 was a year to forget. So the decision of Peter Sands (whose resignation last week was met with a surge in the bank’s share price) to forgo a variable pay award for the year was necessary to avoid a [...]
City Moves for 26 January 2015 | Who’s switching jobs January 26, 2015 Spencer Ogden The energy recruitment specialist has announced two appointments. Brad Lewington (pictured) has been promoted to director of Europe, the Middle East, and Africa, alongside his existing position as head of Asia Pacific. Kristen Zeilerbauer becomes managing director in London. Renaissance Capital The investment bank has announced the appointment of Seki Mutukwa to its [...]
HSBC shares dive on profits miss February 24, 2014 HSBC, Britain’s largest bank, has reported full-year pre-tax profit of $22.6bn (£13.6bn) – up nine per cent, but below its own $24.6bn estimate and market consensus of $25bn. But shares have tumbled this morning, down almost five per cent, as investors respond to the disappointment. The bank has been on a drive to tighten its belt, [...]