Co-op director quits due to board leaks April 29, 2014 BOARD director Stuart Ramsay resigned his position at the Co-operative Group last night after an investigation into leaks of confidential board information. Ramsay’s exit is the latest in a string of embarrassing revelations for the embattled mutual business, and comes ahead of another report into the governance failings which led to the near-collapse of the [...]
City & Gild: Time to get back on track April 25, 2014 So, as I was dozing-off watching another lack-lustre F1 race this past weekend (Bernie is right, it’s missing the awe and thunder), I was briefly awakened by the exchange between Red Bull’s lead driver – Sebastian Vettel, and his team. For those of you who were also asleep, the world champion was asked to let [...]
Labour to leave Co-op bank for Unity Trust deal April 24, 2014 LABOUR is in discussions with Unity Trust Bank after it emerged the party plans to end its long-standing commercial relationship with the troubled Co-operative. Labour is understood to be planning to move a loan worth over £1m to the trade-union owned bank, although a spokesperson would not confirm the deal had been done yesterday. “The [...]
Inside Track: Behind the scenes of the Pfizer and Astrazeneca talks April 23, 2014 IT WAS ever thus: investment bankers kick off the year talking up a economic environment ripe for throwing up industry-defining mergers and acquisitions. By Easter, they’re conjuring up myriad reasons why said deluge of deals has failed to materialise. To date, 2014 has done little to disabuse that idea. There are exceptions, of course, one [...]
Why breakfast staples could be about to get more expensive April 23, 2014 The surge in coffee futures documented over the last couple of weeks isn’t the only thing that could up the cost of breakfast. A Brazilian drought, which significantly damaged crops, is pushing up prices. Changes will most likely felt by global wholesalers over the next couple of months as harvests begin, says Thomas Pugh, a [...]
Beleaguered Co-op reveals £2.5bn loss April 17, 2014 The Co-op has unveiled losses of £2.5bn. The group admitted it had been a "disastrous" year, going so far as to say it was the worst in its 150-year history. Interim chief executive Richard Penny cook, commented "these results should serve as a wake-up call to anyone who doubts just how serious the challenges we [...]
Paul Flowers charged over drug claims April 16, 2014 THE CO-OP Bank’s ex-chairman Paul Flowers was yesterday charged with possession of class A and C drugs. Flowers was chair of the bank until last summer, when a £1.5bn capital hole was discovered in its finances. In the Autumn a Mail on Sunday article alleged that he had been using illegal narcotics, including crystal meth. West [...]
Co-op’s Paul Flowers charged with drugs offences April 16, 2014 The former chairman of the Co-op bank, Paul Flowers, has been charged with offences over class A and class C drugs. Flowers held the role until last summer, when it was alleged by the Mail on Sunday that he had been using illegal narcotics, including crystal meth. It was revealed in January that Flowers had [...]
Co-op chair Lidbetter to fast track Lord Myners’ reforms April 15, 2014 THREE Co-op Group directors are working on implementing Lord Myners’ reforms as fast as possible, City A.M. understands, hitting back at the non-execs who have campaigned against the changes. Group chair Ursula Lidbetter has publicly backed Myners’ bid to streamline the ungainly democratic structure. But others, led by Midcounties Co-operative boss Ben Reid, have opposed [...]
Unite union says Co-op needs to reform to thrive April 14, 2014 TRADITIONALISTS at the Co-operative were under fire from workers yesterday, as Unite the Union backed major reforms to the mutual’s governance structure. The business has stood still while rival firms have modernised, the union said in a letter, leaving the Co-op vulnerable. Lord Myners is leading a review of the Co-op’s historic democratic structure. He [...]