Co-op Group in turmoil: Sutherland quits and rival factions begin the fight for control March 11, 2014 THE CO-OP was plunged deeper into chaos yesterday as chief Euan Sutherland sensationally quit after just 10 months, inflaming a divisive row over modernising the mutual that threatened to split the board. Sutherland’s exit leaves serious question marks over the business’ future, with his resignation statement pointing to deep divisions at the top of the [...]
City Moves for 4 February 2014 | Who’s switching jobs February 3, 2014 Baker & McKenzie The law firm has announced the appointment of Julian Thurston as a consultant in its global pharmaceutical and healthcare industry group. He was most recently at Morrison & Foerster, where he was a consultant and partner specialising in commercial life sciences transactions. Deutsche Asset & Wealth Management Barbara Rupf Bee has joined DeAWM as head of [...]
City Moves for 18 December 2013 | Who’s switching jobs December 17, 2013 Arbuthnot Latham The private bank has appointed Clara Gandelman Vila as a senior private banker in its executives team. She was most recently at UBS Wealth Management, where she was a client adviser in its key clients and high net worth divisions, focusing on UK and international private clients. Debevoise & Plimpton The law firm has recruited Tony [...]
Saudis refuse to commit to Opec production curb as falling oil price fears continue November 26, 2014 Fears about falling oil prices continued yesterday as the Saudi Arabian oil minister revealed that Gulf countries in the Organisation of the Petroleum Exporting Countries (Opec) would not move to curb production at its meeting in Vienna today. Saudi’s Ali al-Naimi said the Gulf Co-operation Council, which included Opec members Saudi Arabia, Kuwait, Qatar and [...]
Pressure grows over Helge Lund’s proposed £25m pay deal at BG Group November 26, 2014 Shareholders have been urged to vote against BG Group’s proposed pay package for incoming chief executive Helge Lund, which would see him earning a salary of £13.5m as well as a share arrangement worth £12m. The company is seeking approval for the share award, and proxy advisory firm Institutional Shareholder Services (ISS) yesterday recommended that [...]
Friends Life and Aviva started merger talks months ago November 26, 2014 Insurance firm Aviva has been in talks about a potential merger with Friends Life for a number of months, City A.M. understands. Discussions began when Aviva chief executive Mark Wilson contacted his opposite number at Friends Life, Andy Briggs. But it was only on Friday when Aviva was forced to confirm the talks due to [...]
City watchdog consults on new regulations for insurance firms November 26, 2014 THE WAY the insurance sector is regulated is to be changed in order to implement the Solvency II directive, which comes into effect on 1 January 2016. The Prudential Regulation Authority (PRA) is consulting on proposed changes to its rules. It said that it would set out a regulatory framework to “ensure that those individuals [...]
United Utilities celebrates good first-half results November 26, 2014 REVENUE improved at United Utilities in the six months to 30 September, up to £859.4m from £845.7m in the same period of last year, while operating profit also improved, up to £340.5m from £338.3m. Steve Mogford, chief executive at United Utilities, said the firm was “pleased with the progress we have made over the last [...]
Onshore firm grows output November 26, 2014 UK ONSHORE producer Igas has reported a dip in revenue for the six months to 30 September, at £34.5m compared with £36.2m in the same period of last year. Underlying profit before tax fell to £1.1m, from £6.1m, however production climbed from 2,704 barrels of oil equivalent per day (boepd) to 2,766 boepd. Andrew Austin, [...]
US placing gets Kier’s approval November 26, 2014 CONSTRUCTION firm Kier Group has successfully raised £120m through the US private placement market. Haydn Mursell, the firm’s chief executive, said: “We are delighted with the strong support shown by investors. With a significant proportion of our debt now at a fixed rate and committed for at least the next five years, we have successfully [...]