City Moves for 5 February – who’s switching jobs at eGym, Real Estate Management and BSI? February 5, 2019 Who’s on the move today? eGym Sir George W. Buckley, the former chief executive of 3M, is joining the Munich-based sports technology company eGym as its chairman. Founded in 2010 in Munich, eGym uses a combination of connected gym equipment and cloud-based software to provide a fully data- and software-driven gym experience. Sir George steered [...]
January discounts give retailers a boost but high street caution remains February 5, 2019 Retail sales rose last month thanks to a boost from January discounting, but retailers remain cautious as uncertainty on the high street continues. Total sales were up 2.2 per cent in January compared to the month before, an improvement from the 1.4 per cent increase seen in the same period last year and the highest [...]
Theresa May travels to Northern Ireland to warn of ‘concerning time’ over Brexit February 4, 2019 Theresa May will head to Northern Ireland on Tuesday in a bid to win support for her Brexit renegotiation strategy as the row over the Irish border backstop intensifies. The Prime Minister has vowed to seek “alternative arrangements” to stop a hard border on the island of Ireland if a UK/EU trade deal isn’t ready when [...]
Moody’s puts Vedanta on downgrade watch after deal which perplexed analysts February 4, 2019 Ratings agency Moody’s has lowered its outlook for Vedanta Resources, after a subsidiary paid $200m (£153m) for a stake in Anglo American. Shares plunged by nearly 18 per cent on Friday to 162.15 rupees after Vedanta announced the move, their lowest since 2016. Read more: Investors reduce Anglo American short stakes as company looks up The [...]
Auditors should not be ‘policemen’ – but that could change, MPs told February 4, 2019 A government-commissioned review will examine how far auditors should go in detecting fraud at companies. London Stock Exchange chair Sir Donald Brydon said there was a need for “greater clarity” on the subject, after the new boss of Grant Thornton, David Dunckley, clashed with MPs over the topic last week. “Is it [auditors’] job to [...]
Thomas Cook joint venture secures €51m from Spanish bank to fund hotel investments February 4, 2019 Thomas Cook has secured €51m (£45m) in funding from Spain's CaixaBank to build new hotels in Spain and the Mediterranean. Thomas Cook Hotel Investments (TCHI), the travel group's joint venture with LMEY Investments, today secured its second round of debt funding, taking the total amount raised in the last three months by TCHI to €91m after Piraeus Bank [...]
HMRC says EU goods will be waved through UK ports without checks in event of no-deal Brexit February 4, 2019 HM Revenue and Customs (HMRC) has said EU imports will not be subject to extra checks at UK ports in the event of a "no deal" Brexit. In recent months freight companies have warned that leaving the EU without a deal would lead to miles-long queues at major ports such as Dover due to the possibility [...]
Home secretary Sajid Javid approves extradition of Indian tycoon Vijay Mallya February 4, 2019 Home secretary Sajid Javid has approved the extradition of Vijay Mallya, the Indian tycoon behind Kingfisher, who is facing criminal fraud charges in India over the collapse of his airline. Last December a UK court ruled that Mallya should be extradited to India and left the decision in the hands of Javid, who has today approved the decision. [...]
Shadow banking assets grow to record global share as regulators urged to remain vigilant to risks February 4, 2019 Shadow banks have amassed their largest ever share of global financial assets as the Financial Stability Board urged regulators to “remain vigilant” to financial stability risks. The FSB’s annual monitoring report revealed that non-banks’ assets grew to $116.6 trillion (£89 trillion) in 2017, representing 30.5 per cent of global financial assets. Non-banks, the term now [...]
Patisserie Valerie reveals which London cafes are set to close as timeline charts cafe chain’s collapse February 4, 2019 Administrators have closed 71 stores owned by Patisserie Holdings after the firm collapsed in late January, resulting in 920 redundancies. A total of nine Patisserie Valerie branches have been shut down in London, with a further three Debenhams concessions closed. Read more: Patisserie Valerie shareholders consider legal action after company collapses The firm’s two Glasgow stores [...]