RBS snaps up Ewen Stevenson as new CFO April 4, 2014 The Royal Bank of Scotland has appointed Ewen Stevenson as the company's new chief finance officer (CFO). Stevenson joins the state-backed bank from Credit Suisse where he is co-head of EMEA Investment Banking and its Global Financial Institutions Group, Investment Banking division. Ross McEwan, RBS chief executive, commented on the appointment: I am pleased to [...]
Any Other Business – 04/04 April 4, 2014 The Bank of England published its records yesterday on the hundreds of clerks who were given “war leave” – many of whom returned to Threadneedle Street after 1918. One of those young men was Kenneth Peppiatt, aged 20 or 21 in 1914, who older readers may recognise from his signature on bank notes: Peppiatt became [...]
Asian markets fall as investors await US jobs data April 4, 2014 Asian markets are suffering a small decline as investors wait for US jobs data. Analysts estimate payrolls to rise by around 200,000, which may raise confidence in the strength of the US economy. However, a better than expected hike in payrolls may renew fears that the Federal Reserve will contemplate a rise in interest rates [...]
He’s back: Star stockpicker Neil Woodford returns to City in spectacular style April 3, 2014 THE MOST celebrated stock market guru in Britain made a bold step back into the fray yesterday after clinching a deal to manage more than £3.5bn of cash from one of the country’s biggest wealth managers. Money manager Neil Woodford, whose investment prowess would have turned £1,000 of cash in 1990 into £23,265 today, has [...]
Tesco finance chief Laurie McIlwee poised to step down April 3, 2014 TESCO’S long-serving finance chief Laurie McIlwee is expected to step down as soon as next week, amid mounting pressure on Britain’s biggest supermarket chain to stem falling sales in UK and in Europe. Concerns over McIlwee’s position at the company emerged in October after Tesco unveiled a 70 per cent slump in European trading profits, [...]
Just Eat is off to sizzling start on the market April 3, 2014 SHARES in Just Eat, the online food takeaway group, yesterday finished their first day of trading 23p above an already high issue price, to value a group with underlying earnings of £14m at an astonishing £1.6bn. When the group first started discussing the possibility of floating earlier this year, the assumption was it would fetch [...]
Osborne mauls regulator over insurance mistake April 3, 2014 CHANCELLOR George Osborne slammed last week’s fumbled announcement of a Financial Conduct Authority (FCA) investigation into the insurance sector as an “egregious error” yesterday, speaking in front of a panel of MPs. During a quizzing from the MPs on the Treasury Select Committee, Osborne said that he was also “profoundly concerned” about the incident. Last [...]
What the other papers say this morning – 04 April 2014 April 3, 2014 FINANCIAL TIMES Channel 5 bidders question valuation A war of words has broken out over the valuation of Channel 5, ahead of this month’s deadline for second-round bids for the broadcaster owned by entrepreneur Richard Desmond. In January, people close to the bidding process said Mr Desmond was seeking a price of more than £700m [...]
City watchdog takes on credit card industry April 3, 2014 CREDIT card borrowers may be paying over the odds for their loans because of a lack of competition in the sector, the City watchdog warned yesterday. Although the sector offers a wide range of deals, such as zero per cent balance transfers, the Financial Conduct Authority (FCA) fears the longer-term cost of borrowing is not made clear. [...]
Matomy scraps $300m London premium float April 3, 2014 ADVERTISING tech firm Matomy Media has pulled plans for a $300m (£180.7m) premium listing in London due to a lack of interest from European investors. Matomy is understood to have received ample interest from US investors, where it is now expected to pursue a listing. The Israeli business picked London over the Nasdaq to raise [...]