Wealth manager drafts in TSB chairman to drive future business growth January 3, 2017 One of the key players who oversaw the TSB split from Lloyds Bank will take over as chairman of a City wealth manager with over 150 years of history. Will Samuel will add the role at Tilney Bestinvest to the same position he holds at TSB. Outgoing chair Mike Covell hailed the appointment after six years in the [...]
Germany’s inflation soars to highest since 2013 while France posts steady increase January 3, 2017 Inflation in Germany more than doubled in December 2016 while France also posted an increase, in a sign of further economic recovery in the Eurozone which will be welcomed by the European Central Bank (ECB). German consumer prices soared by 0.7 per cent compared to November, bringing the annual rate of increase to 1.7 per [...]
Ginsters owner to team-up with celebrity-backed Cornish pasty firm January 3, 2017 Baker Greggs' UK pasty dominance is to come under increasing pressure as two of its rivals are set to announce a tie-up as part of a multi-million pound deal. Samworth Brothers, which owns a variety of brands including Ginsters, will announce this week plans to buy West Cornwall Pasty Co – a celebrity-backed firm that was saved [...]
Banking supervisors still stuck on Basel III reforms, as key meeting on capital rules postponed January 3, 2017 A key meeting to sign off on impending changes to banking capital rules has been postponed, after it was revealed today that more time was needed to iron out the final details. The Group of Central Bank Governors and Heads of Supervision (GHOS), the organisation responsible for the oversight of the Basel Committee on Banking Supervision, had [...]
Britain’s ambassador to the EU has unexpectedly resigned January 3, 2017 Sir Ivan Rogers, Britain's ambassador, has unexpectedly resigned from his role, just months before negotiations with the EU were due to begin. Rogers was due to finish his fixed-term role in October, but has told staff this afternoon that he will step down earlier than expected. The news came as the government prepares to trigger Article 50 [...]
Shareholder advice group Pirc and Aberdeen Asset Management call for Sports Direct chairman to be axed January 3, 2017 Shareholder advice group Pirc has called on investors to drop Sports Direct's chairman in a vote on Thursday. Aberdeen Asset Management has also backed calls for chairman Keith Hellawell to go. Read more: Sports Direct chairman: I have dealt with killers, I can survive board heat Hellawell faces expulsion after the majority of the retailer's independent [...]
China’s manufacturers’ confidence sends PMI to almost four-year high, boosting Asian shares January 3, 2017 Confidence in China’s manufacturing sector rose sharply above expectations in December, with the widely followed purchasing managers’ index (PMI) reaching an almost four-year high. Stocks across Asia gained in response to the surprise increase. The Shanghai Stock Exchange Composite Index rose by 1.04 per cent on Tuesday, while the Hang Seng – a measure of [...]
Newspapers step up fight against “insane” new Section 40 law January 3, 2017 The newspaper industry is stepping up efforts to avert a new law, which has been condemned as “insane” by the editor of the Sun. What is going on? Next week, a government consultation on whether to implement Section 40 of the Crime and Courts Act will end. If passed, the new rules would mean that [...]
JP Morgan’s Dimon voices concerns on post-Brexit London, as Paris says it is wooing thousands of British bankers January 3, 2017 The boss of one of banking's best known names has hinted he is concerned about the fate of London as financial hub following the Brexit vote. Even before the UK headed to the polls in June, JP Morgan's Jamie Dimon warned that a Leave vote could leave the lender with "no choice" but to reorganise its business model, [...]
Farage: Brexit indecision is putting the UK on the back foot January 3, 2017 Former Ukip leader Nigel Farage has warned that a failure to rapidly move forward with Brexit will harm the UK, especially in the context of the collapse of Italian bank Monte Dei Paschi. Speaking this morning, Farage accused Prime Minister Theresa May of doing "nothing" on implementation since the summer vote. Read More: Monte dei Paschi shares [...]