Dame Colette Bowe on her plans for the Banking Standards Board December 7, 2015 Sitting in a small office around the corner from the Bank of England, former Ofcom chair Dame Colette Bowe says that her new job barely resembles her earlier days as a regulator. “We’re very different from being a regulator,” Bowe tells Morning Wire “Regulators have statutory duties, as well as statutory powers. Regulators can say: [...]
Bankers’ bonuses could drop by 10 per cent due to reduced number of IPOs December 7, 2015 Bankers are being warned that bonuses could plummet by almost 10 per cent as the annual salary-sweetener season kicks off, with zero-bonuses expected to make a comeback in 2016. Investment bankers working in mergers and acquisitions and in fixed income, currency and commodities (Ficc) are most at risk of seeing their bonuses slashed, according to [...]
One Undershaft: Plans to build the City’s tallest skyscraper and London’s second highest building revealed December 7, 2015 Plans to build the City’s tallest skyscraper and London's second highest building – rivalled only by the Shard – have been unveiled today. Singapore-based developers Aroland Holdings are seeking planning permission to build a 73 storey tower at One Undershaft in the City, between the Leadenhall Building and 30 St Mary’s Axe. Standing 309.6 metres [...]
UK consumer spending slows in November despite Black Friday sales boom December 7, 2015 Consumer spending edged higher in November as feverish demand for televisions and other bargains online over the Black Friday weekend helped to offset a decline on the high street. Figures released today based on credit and debit card transactions from Visa Europe show consumer spending rose by 1.1 per cent on the year, albeit at [...]
City Moves for 07 December 2015 | Who’s switching jobs December 6, 2015 IG GROUP The online trading firm has named Peter Hetherington (pictured) as chief executive. He took on the role of interim chief exec in October, and has been a member of the IG board since 2002. JP MORGAN JP Morgan Asset Management Global Insurance Solutions (GIS) has appointed James Peagam as head of GIS. He [...]
FTSE 100 hoping for festive cheer to follow European Central Bank’s Mario Draghi – London Report December 6, 2015 Following widespread market disappointment last week after the European Central Bank came in at below expectations with its interest rates and monetary easing policy, this week the big macro-economic numbers to look out for are coming from China We’ll get the country’s trade balance and then consumer price inflation figures tomorrow. Back here in Britain [...]
Big tobacco to fight in court against plain packaging December 6, 2015 Some of the world's biggest tobacco firms are going to court with the UK this week in a row over the introduction of plain packaging for cigarettes. British American Tobacco (BAT), Imperial Tobacco, Philip Morris International and Japan Tobacco International have teamed up in the High Court to argue the plan to ban branding on [...]
Funding crisis puts 1,700 jobs at risk over Christmas at printer Polestar December 6, 2015 An emergency financial review at printer Polestar has reportedly found the firm could run out of money by Christmas. According to a Deloitte report seen by the Sunday Times accountants at Deloitte have warned the printer, which produces the Radio Times, Private Eye and Top Gear, will need to take on additional immediate funding. It’s being [...]
Tata Steel nears sale of Scunthorpe plant as three bidders emerge December 6, 2015 Tata Steel is said to be nearing a sale of its business unit that includes its 150-year-old Scunthorpe plant, with a deal expected to be agreed as early as this week. The company is understood to have received formal bids from three interested parties, according to the Sunday Telegraph. These include Greybull Capital, the investment firm [...]
Home Retail Group’s DIY chain Homebase eyed up by French suitor for takeover bid December 6, 2015 Takeover interest in Home Retail Group’s Homebase is heating up amid reports that a French rival is eyeing a bid for the DIY chain. Leroy Merlin, the French home-improvement and gardening retailer with stores in 13 countries, is said to have examined a bid for the group. It is unclear whether the Family-owned group is [...]