Energy index and China data drag US stocks – New York Report December 8, 2014 THE S&P posted its biggest daily percentage drop since 22 October yesterday as oil’s slump to a five-year low caused a selloff in energy shares. Worries about global growth added to the bearish tone. Data showed China’s exports grew at a slower-than-expected pace and imports dropped in November, while Japan’s economy shrank more than expected [...]
24 Hour Party People? George Osborne and Boris Johnson confirm plans to turn London into 24-hour city February 20, 2015 London is just months away from taking tentative steps towards becoming a 24-hour capital, and the government is already planning the next phase. Chancellor George Osborne and London mayor Boris Johnson this morning confirmed a wider rollout of the 24 hour service across the Tube and Overground lines from 2017. That will follow [...]
Capital Markets Union: Europe’s bid to reboot lending to businesses February 18, 2015 Creating large-scale, US-style capital markets in the EU could boost lending to businesses by hundreds of billions of euros, providing a vital boost to its struggling economies, European Commissioner Lord Hill said yesterday. The vast majority of small firms in the EU rely on bank lending for finance, a dependency which became a serious weakness [...]
TalkTalk boss Dido Harding doesn’t fear quad play UK December 2, 2014 As deal fever sweeps the sector, the head of Britain’s budget broadband business isn’t fazed. Dido Harding feels quite relaxed despite the past two weeks’ explosive telecoms deal talk that foreshadows what could be the largest period of consolidation the sector has ever seen. If anything, the chief executive of Britain’s budget broadband provider – [...]
Co-op fails Bank of England stress test, RBS and Lloyds at risk December 16, 2014 The Co-operative Bank has failed the Bank of England’s (BoE) stringent new stress test, while Lloyds and RBS would be at risk in a new economic crisis. The prudential regulation authority (PRA) tested seven banks and building society Nationwide to see how they would handle a financial meltdown of epic proportions. While Lloyds, Standard Chartered, [...]
London’s top tech advocate October 27, 2014 Universities are not producing the graduates needed for London’s booming tech sector. While that’s not a new problem, it is the number one issue affecting businesses in the capital, according to a private sector-led group of 1,000 so-called Tech London Advocates – including BT boss Gavin Patterson, Facebook’s EMEA vice president Nicola Mendelsohn and Lastminute.com [...]
Barclays picks Jonathan Moulds to ring fence the bank January 14, 2015 Barclays hired former Bank of America Merrill Lynch executive Jonathan Moulds yesterday to split the bank up to fit incoming ring fence law. Implementing the rules which split the investment banking arm from the retail banking and payments systems represents a major challenge for the new chief operating officer. Domestic rivals such as Lloyds [...]
Morrisons ousts boss after poor holiday season January 13, 2015 BRITAIN’S embattled grocery sector claimed its first casualty of the year after Morrisons sacked its chief executive Dalton Philips following poor Christmas sales. Shares climbed 4.5 per cent as the City welcomed the prospect of a new boss to revive the supermarket’s fortunes. Morrisons’ incoming chairman Andy Higginson said Philips has “had a good run” [...]
TheTrainline.com IPO: Chief executive Clare Gilmartin is ready to test the markets January 8, 2015 Stock market flotations are very much at the glamorous end of business in the City. Relatively young firms are suddenly exposed to public markets, and gain huge recognition – not to mention financial rewards – for their hard work building the business. It is certainly an adventure for bosses and owners. Visits to investment banks [...]
Abercrombie & Fitch announces chief executive Michael Jeffries’ retirement December 9, 2014 Embattled teen retailer Abercrombie & Fitch has said Michael Jeffries will step down from his roles as chief executive and board member with immediate effect. Jeffries, who had long been out of favour with investors, already lost his chairmanship role in a board restructuring earlier this year. Its shares surged nearly seven per cent in pre-market trade [...]