A two-speed high street January 9, 2014 A CLEAR split between Britain’s winners and losers in the battle for consumers’ cash this Christmas emerged yesterday, as three of the biggest retail chains revealed worse-than-expected trading. Poor results from Tesco, Morrisons and Marks & Spencer added to dreary updates from Sainsbury’s and Mothercare, with heavy discounting, weak consumer spending and the rising discount [...]
City Moves for 18 February 2014 | Who’s switching jobs February 17, 2014 Morrison & Foerster The law firm has announced the appointment of Philip Slater as a partner in its financial transactions group. He joins from Reed Smith, where he led its acquisition and leveraged finance practice in London. Prior to that, Slater was a partner at Addleshaw Goddard. Santander Corporate & Commercial Charles Garfit has been appointed head [...]
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 [...]
What you need to know before the US open March 13, 2014 US stock futures are pointing to a slightly better open for markets today, and no doubt the slew of data just out – all of which is better-than-expected – means investors have plenty to digest. Bonds have slipped after the encouraging data, with the dollar gaining ground against the euro, too. Initial jobless claims fell [...]
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 [...]