HSBC unfairly sold loans to small firms October 22, 2014 HSBC and First Trust Bank broke competition rules by wrongly indicating that small businesses had to have an account with them if they wanted a loan, the Competition and Markets Authority (CMA) said yesterday. Former regulator the Office of Fair Trading (OFT) began the investigation, last year telling HSBC to review its sales process. In response, [...]
Euan Sutherland relaxes into SuperGroup’s clothing after taking on chief exec role October 22, 2014 Euan Sutherland looked relaxed and rested yesterday as he announced his new role as chief executive of high street fashion retailer SuperGroup. As if to prove his unswerving loyalty to the cult brand, the soft-spoken 6ft 6in Scotsman is dressed head-to-toe in Superdry clothing, including a navy blue pea coat, which he enthuses is “absolutely [...]
Volatility index calms down as panic subsides October 22, 2014 DON’T panic, as the cover of the Hitchhiker’s Guide to the Galaxy by the late Douglas Adams exhorted. After surging to a 28-month high last week, the Chicago Board Options Exchange Volatility Index (Vix) has fallen at least a point a day since 16 October, reflecting a dissipation of investor concern that hasn’t occurred in [...]
Metro Bank closer to profit as lending levels more than double October 22, 2014 Challenger bank Metro lost £9.4m in the third quarter, improving on the £11.4m loss in the same period of 2013. The lender, which has been nominated for a City A.M. award this year, saw its deposits jump 118 per cent on the year to £2.34bn. At the same time, its loan book increased by 146 [...]
Handelsbanken gets up to 180 British branches October 22, 2014 SWEDISH lender Handelsbanken grew its loan book to £13.3bn in the third quarter, its financial results showed yesterday. The group is on track to open its 180th branch in the UK, as it rolls out its localised model of lending. Handelsbanken, which is along with Metro Bank is nominated for a City A.M. award, has [...]
Spirit delivers growth despite tough summer October 22, 2014 PUB CHAIN Spirit Pubs, currently the £723.3m takeover target of rival Greene King, yesterday reported its full-year profit grew 11 per cent due to strong growth in its managed pub division. Revenues from the 1,227 managed and leased pubs that Spirit controls, including Chef & Brewer, Fayre & Square and Flaming Grill, rose 5.6 per [...]
Total appoints new chairman and chief exec October 22, 2014 OIL FIRM Total has named two successors for its chief executive and chairman Christophe de Margerie, who died in a plane crash in Moscow on Monday night. Following a meeting of the company’s governance and ethics committee yesterday, Total announced that it had separated the role into two positions, and named Thierry Desmarest as chairman [...]
In pictures: Here’s what Battersea’s stunning roof garden will look like October 22, 2014 Battersea Power Station yesterday unveiled the look of its Foster and Partners designed roof gardens, ahead of the third phase of the closely watched project. The developers of the scheme said the Battersea Roof Gardens and Prospect Park would house one of the biggest roof gardens in London. “We have worked on many gardens, but [...]
EE boss Olaf Swantee aims for 7m 4G customers October 22, 2014 Britain’s biggest mobile operator, EE, saw its 4G customer base grow by 1.4m during the third quarter to 5.6m total subscribers. The growth puts EE on track to beat its 2014 goal of signing up 6m customers to its superfast offering, the largest 4G network in Europe. “We’re going to exceed that number, and it’s [...]
Johnson & Johnson to start human testing on Ebola vaccine October 22, 2014 US PHARMA giant Johnson & Johnson announced today that it would begin human trials of its Ebola vaccine in January. The company said it would spend $200m (£124m) on speeding up its research programme, and begin testing in America, Africa and Europe early next year. The vaccine combines a formula from one of its subsidiaries, [...]