RBS names new deputy chief executive in charge of ring-fenced bank November 14, 2018 The Royal Bank of Scotland (RBS) today appointed a new deputy chief executive to take over ring-fenced bank Natwest Holdings. Alison Rose, who serves as the chief executive of commercial and private banking, will take on the new role from the beginning of December. She will continue in her current job while also deputising for [...]
Transferwise repackages its business banking with a debit card November 14, 2018 Fintech unicorn Transferwise is today relaunching its business banking effort to include a debit card, integration with accounting platform Xero and an open access developer channel. The newly-revised business product will provide a Transferwise Business debit card for spending both online and in-store in 45 currencies, in addition to its previous offering of local bank details [...]
SSE blames high gas prices for 40 per cent collapse in profits November 14, 2018 SSE saw profits suffer a 41 per cent drop this morning, driven by “persistently high” gas prices, as the energy firm cast doubt over its merger with rival Npower. The figures Adjusted pre-tax profits were down 40.9 per cent year on year to £246.4m in the six months to the end of September, the company announced [...]
Sterling retreats as markets await Theresa May’s crucial Brexit cabinet meeting November 14, 2018 Sterling sunk back below $1.30 early this morning despite the Prime Minister having reached a draft agreement with the EU over Brexit. The pound rose on the announcement late yesterday but fell back to $1.296 this morning as politicians reacted negatively to the deal. The DUP has cast doubt over Theresa May’s proposed agreement, calling it [...]
Move over Facebook and Apple, the next generation of customers has other ideas November 14, 2018 A visit to Rochdale Sixth Form College was a cheering experience last week. This year, 55 per cent of A-levels were at grades A* to B. True, Eton and Winchester do better. But this track record shows that even poor boroughs – and Rochdale is one of the poorest – have the capacity to deliver high-quality [...]
DEBATE: With calls to ban milkshakes, is an obsession with ‘public health’ harmful to our personal wellbeing? November 14, 2018 With calls to ban milkshakes, is an obsession with ‘public health’ harmful to our personal wellbeing? Daniel Pryor, head of programmes at the Adam Smith Institute, says YES. Should we ban sugar, spice, and all things nice? The lobby group Action On Sugar thinks so. Its advocates aren’t content to simply jail purveyors of so-called “freakshakes” [...]
Cameroon shows that Britain must learn to stand up to its friends on the world stage November 14, 2018 Aesop’s Fables teach us that a man is known by the company he keeps. The foreign secretary has been on a charm offensive in recent weeks, waxing lyrical about Britain’s future place in the world, our long-standing alliance with France, our unparalleled network of friendships, and our commitment to democracy. Jeremy Hunt has spoken of Britain [...]
The pressure is on to fix the broken audit market November 14, 2018 Accountancy may be “an art, not a science”, but there needs to be less “Jackson Pollock”. That’s according to the Labour MP Rachel Reeves, chair of the Business, Energy and Industrial Strategy Select Committee, who has made it her mission to fix the broken audit market. The Big Four firms (PwC, Deloitte, EY, and KPMG) are [...]
Shares take flight as Flybe confirms it is seeking sale in face of plummeting profits November 14, 2018 Flybe's share price soared 28 per cent this morning as the budget airline confirmed it is seeking a sale after revealing plunging profits. The airline told investors that “it is in discussions with a number of strategic operators about a potential sale of the company”. Flybe has appointed Evercore as its financial adviser, and the airline [...]
Business booms at S4 Capital as it tees up its second takeover November 14, 2018 Sir Martin Sorrell’s new outfit, S4 Capital, posted strong sales growth in the third quarter, the company said today. The firm, which was set up after Sorrell left advertising giant WPP, delivered revenues of over €29m (£26.2m) in the quarter, a rise of almost 45 per cent. Gross profit, meanwhile, shot up 32 per cent [...]