A third of new KPMG partners women – but chair wants more September 1, 2014 Consultancy giant KPMG yesterday announced 52 new partners, pushing the total number over 600 and improving the firm’s gender balance at senior levels. A third of the new promotions are women – in comparison to only 15 per cent of KPMG’s existing partners. The firm said that it made particular efforts to bring in more [...]
Goldman Sachs faces BES losses September 1, 2014 GOLDMAN Sachs lent over £500m to Banco Espirito Santo (BES) just a month before the Portuguese government was forced to bail out the crisis-hit bank. The Wall Street bank bought up $835m (£503m) worth of the Portuguese lender’s bonds in July through a special investment vehicle, Oak Finance, with the intention of selling on the [...]
Quindell buys out RAC partner September 1, 2014 QUINDELL is poised to announce today that it is buying the RAC’s stake in a joint venture for black boxes in cars. The London-listed insurance claims processor, whose shares have slumped this year after criticism about its business model, will inform the stock market today that it is to take full control of Connected Car [...]
Perform Group mulling £700m takeover bid by Len Blavatnik September 1, 2014 Ukrainian-born billionaire Len Blavatnik’s investment group Access Industries said yesterday it is planning to buy out the remaining stake in Perform Group that it does not already control, in a deal that would value the London-listed internet sports distribution firm at £701.6m. Perform, which floated in 2011, saw its shares soar 26.35 per cent [...]
Tower Hamlets on top as London districts dominate high growth index September 1, 2014 Nine London boroughs are among the top 10 most dynamic local economies in the country, leading the rankings based on both their recent progress and potential. A report yesterday by accountancy network Grant Thornton ranked Tower Hamlets first on its high growth index, an analysis of the districts which have the strongest demographic and economic [...]
All change at the top as companies reshuffle their boardrooms September 1, 2014 TWO TOP NISA EXECUTIVES TO DEPART Convenience store group Nisa said yesterday that two of its most senior executives are to leave the business. Chief executive Neil Turton is stepping down in spring next year after 23 years with Nisa for a role at a “non-competing business.” Chief operating officer Amanda Jones is also leaving [...]
Barclays’ Spanish sell-off gets positive response despite loss September 1, 2014 BARCLAYS was given a generally positive response from analysts and shareholders yesterday to the sale of most of its Spanish arm, as the bank pursues a major restructuring including disposal of non-core assets. Spain’s third largest bank Caixabank will pay €800m for parts of Barclays Spanish business, but Barclays revealed it will make a £500m [...]
Growth slips to lowest in a year for UK factories September 1, 2014 BRITISH manufacturers reported the slowest growth in more than a year for August, hinting at a slowdown for the UK’s economic recovery in the second half of the year. Markit and the Chartered Institute of Purchasing & Supply’s purchasing managers’ index fell to just 52.5, the firms said yesterday. Although the figure is above the [...]
Italy and France’s manufacturers signal shrinkage as Europe slows September 1, 2014 MANUFACTURING firms in two of the largest Eurozone economies are shrinking, according to Markit’s latest purchasing managers’ index (PMI) data. France’s reading came in at 46.9 for August, and Italy’s at 49.8, both below the neutral 50 level. While Spain and Germany’s scores are higher at 52.8 and 51.4 respectively, both have fallen in recent [...]
Size of Help to Buy mortgages getting smaller September 1, 2014 The average size of a Help to Buy mortgage is falling, with the typical loan now nearly £10,000 lower than the limit imposed by one of Britain’s biggest banks. According to Mortgage Advice Bureau (MAB), the average Help to Buy loan now runs to £140,138, down by more than £6,000 from the average in May. [...]