FCA chiefs Martin Wheatley and David Lawton cling on despite damning Davis report on insurance market fiasco December 10, 2014 City watchdog Martin Wheatley came in for criticism yesterday as the £3.8m Davis report on the regulator’s handling of media briefings was released to the public. The Financial Conduct Authority’s (FCA) chief executive will forgo his bonus for 2013-14 as a result of the findings, as will David Lawton, director of markets, Zitah McMillan, director [...]
Stansted owner Manchester Airport Group calls for further rail investment in south east December 9, 2014 The airport group which owns Stansted has called on the government to increase investment in rail infrastructure in the south east. Neil Thompson, chief financial officer at Manchester Airport Group, made the comments yesterday as the company reported its results for the first half of the 2014 financial year. The firm posted an eight [...]
BMW appoints Harald Krueger as chairman and shakes up board to stay ahead of rivals December 9, 2014 German car manufacturer BMW made several surprise changes to its board yesterday, appointing Harald Krueger as chairman, effective from the end of a general meeting on 13 May 2015. Krueger, 49, joined BMW in 1992, and has been a member of the board since 2008. He has been responsible for production at the group since [...]
FTSE tumbles on Tesco share price turmoil as banks take a hit – London Report December 9, 2014 Britain’s main equity index yesterday fell to one-month lows, hit by supermarket retailer Tesco’s fourth profit warning this year. Shares in Tesco at one stage fell as much as 17 per cent to their lowest in around 14 years, wiping some £2.6bn off the firm’s market capitalisation. It later regained some ground to close 6.6 [...]
Watchdog reshuffle: Zitah McMillan and Victoria Raffe set to leave FCA ahead of Davis report December 8, 2014 A drastic shakeup of top positions at the City’s main financial watchdog was announced yesterday, ahead of tomorrow’s release of a damning report on failings at the regulator. The Financial Conduct Authority (FCA) confirmed that executives Zitah McMillan and Victoria Raffe are to leave the organisation, which is to undergo a complete restructure. The departure [...]
Petropavlovsk share price plunges as firm reveals plan to raise $235m December 8, 2014 Gold firm Petropavlovsk saw its share price slashed by almost 30 per cent yesterday, after announcing that chairman Peter Hambro is to lead a $235m (£150m) rights issue in order to refinance around 62 per cent of the company’s bonds. The rights issue will be carried out at 5p per share, and will be underwritten [...]
Esure share price drops as insurance firm ups stake in GoCompare to 100pc December 8, 2014 Insurance firm Esure Group has bought the remaining 50 per cent of GoCompare.com, having purchased the other half of the price comparison website in 2007, one year after its launch. Esure paid £95m to bring its holding up to 100 per cent and Jon Morrell, currently the firm’s deputy chief operating officer, is to [...]
GoCompare founder Hayley Parsons will take home £44m from sale December 8, 2014 Businesswoman Hayley Parsons, founder and chief executive of Go Compare, will pocket £44m when she cashes in her 23 per cent stake in the company she created. Parsons, who worked at Admiral Group for 14 years before launching the price comparison website in 2006, will step away from the firm when the Esure Group acquisition [...]
City regulator sweats ahead of Davis probe December 8, 2014 The FCA will be opened up to scrutiny this week as a review of its insurance work is published Roman poet Juvenal, one of the world’s first great satirists, left an important legacy in the form of the phrase “quis custodiet ipsos custodes?”. It translates as “who will guard the guards themselves?” The quotation is [...]
Aviva in danger of losing major Asian contract as rivals close in December 7, 2014 INSURER Aviva is facing a sale of one of its biggest contracts in Asia, according to market sources. If the company does not want to lose its bancassurance deal with Singapore’s DBS, which is due to end in 2015 after 14 years, it may be forced by a competitive auction process to pay in excess [...]