VIRGIN GROUP NAMES NEW CO-CEOS
Richard Branson’s Virgin Group has announced a management reshuffle. Stephen Murphy, chief executive since 2004, will step down at the end of the year to take an advisory position in the group. He will be replaced by co-chief executives: David Baxby, head of Virgin Asia-Pacific and the aviation arm, and Josh Bayliss, general counsel.
NYLON AND BARCLAYS SETTLE £250M DISPUTE
Barclays and Nylon Capital, a hedge fund, have settled legal action brought by the UK bank which is connected to its decision to invest £250m of “seed capital” into Nylon’s funds.
CO-COS NOT ACCEPTABLE AS BANKS’ CAPITAL
Hopes that innovative securities devised in the wake of the banking crisis could count as top-quality capital were dashed yesterday. Central bankers on the Financial Stability Board ruled that “co-cos” — or contingent capital — would not qualify for the capital surcharges to be imposed on 80 of the biggest banks.
BBC TRUSTEES CLAIM £40,00 EXPENSES IN SIX MONTHS
The BBC trustees claimed expenses of £41,528 in the six months to the end of March this year, the Trust said yesterday. The outgoing chairman, Sir Michael Lyons, who retired at the end of April, claimed £11,566.