Chatting to the Queen about the smartphone era December 16, 2014 The boss of Imagination tells Ollie Gordon how he discussed tech with Elizabeth II IT WASN’T something I was expecting, it was hugely humbling,” says Sir Hossein Yassaie of the knighthood he received from the Queen in the New Year’s Honours list last year in recognition of his services to technology and innovation. Yassaie, the [...]
Cerberus takes a £2.3bn bite of property loans December 16, 2014 AMERICAN private equity giant Cerberus has agreed to buy two portfolios of distressed property loans for £2.3bn as it looks to up its exposure to the UK and Irish markets, it emerged yesterday. Cerberus struck deals to take on a £1.2bn portfolio of commercial property loans from National Australia Bank and a £1.1bn portfolio of [...]
Jefferies to sell the commodity derivatives arm it bought in 2011 December 16, 2014 JEFFERIES is looking for buyers for Bache, its troubled commodity futures business, the investment bank said yesterday as it reported losses in the fourth quarter. The broking unit has been hit by tougher regulation and competition from electronic trading facilities. Jefferies recorded a loss of $92m (£58m) in the three months to 30 November, compared [...]
AA on track despite a fall in members December 16, 2014 Car repair business the AA has reported revenue of £245m for its subsidiary AA Intermediate Co in the three months to 31 October, narrowly up from £244m in the same period of last year. The business also posted profit before tax of £35.4m, compared with £24.7m in the third quarter of 2013. For the year [...]
Tesco quarterly sales show sign of turn around following profit warning December 16, 2014 Tesco has enjoyed its best quarterly sales performance since June, according to the latest industry data, giving investors in the troubled supermarket chain some reason to cheer following last week’s profit warning. Sales fell by 2.7 per cent in the 12 weeks to 7 December, a slowdown on the 3.7 per cent decline recorded in [...]
Wonga cuts interest rates and fees as FCA clamps down December 16, 2014 Wonga is capping interest rates on its loans at 0.8 per cent per day and is limiting the amount of debt its borrowers can rack up, the troubled payday lender announced yesterday. The move comes in response to new rules from City watchdog the Financial Conduct Authority (FCA). Its crackdown on the sector is expected to [...]
Online growth at record high December 16, 2014 SHOPPERS splurged £12.1bn online last month thanks to the sales frenzy surrounding Black Friday weekend, marking a record spike in November sales. E-tail industry body IMRG and advisory firm Capgemini said online sales increased by 37 per cent on the previous month – the biggest October-November rise in the 14-year history of its index. Electricals, [...]
Global growth slows despite oil price boost, PMI data shows December 16, 2014 Global growth is experiencing an end-of-year cooling despite plummeting global oil prices, a raft of data has shown. The flash Eurozone services purchasing managers’ index (PMI) – a survey of private sector firms in the service sector – edged upward to 51.9 for December from November’s 51.1, according to figures released by Markit yesterday. A [...]
Hector Sants lands new jobs at Oliver Wyman and Abu Dhabi December 16, 2014 THE CITY’S former top regulator Sir Hector Sants is advising Abu Dhabi Global Market (ADGM) on the establishment of a new finance hub in the emirate. It was one of two new jobs announced by the ex-chief of the Financial Services Authority yesterday. Sants will advise ADGM over the next six months on the formation of its [...]
Royal Mail has taken a battering but is still valued brand – Brand Index December 16, 2014 THE CHRISTMAS period is always one of great stress and pressure for the delivery sector. With Royal Mail’s hold over the industry beginning to be threatened, I can use YouGov BrandIndex data to assess how it has been performing in the run up to this crucial time. Of course, Royal Mail has been repeatedly in [...]