Three things you didn’t know about… October 12, 2014 Chief executive of the Association for Financial Markets in Europe, Simon Lewis 1 His first job was working for property guru Gerald Ronson, when he did a gap year stint as a petrol pump attendant in Ronson’s flagship HR Owen garage in Hampstead Garden Suburb. The cashier was Jon Sopel, also on his gap year [...]
Europe’s banks take stress tests more seriously October 12, 2014 EUROPE’S biggest banks have raised far more capital ahead of this year’s stress tests than they did last time their books were scrutinised, according to an analysis of capital markets activity by lawyers at Linklaters. Banks have raised €34.7bn (£27.3bn) so far this year, 32 per cent more than they raised in the 12 months [...]
Entrepreneurs complain of a lack of funds for investment October 12, 2014 ENTREPRENEURS in the UK are being held back by a lack of credit and investment availability, survey data released this morning shows. Half of the entrepreneurs surveyed by accountancy firm EY cited access to finance as the main barrier to setting up a new business. In stark contrast, market conditions were considered bad by only [...]
Insurers should invest in tech, report warns October 12, 2014 INSURERS need to make significant investment in technology and improve how they analyse data in order to keep pace with newer entrants to the market, according to a new report from State Street. The report, Platforms for Growth: Technology Innovations in the Insurance Business, claims that although insurers show an appetite for change, they are [...]
Paperchase sent greetings from potential buyers October 12, 2014 HIGH street stationery chain Paperchase has brought in advisers to help with a potential £150m sale of the business after receiving approaches from several suitors. Paperchase is owned by private equity firm Primary Capital, which acquired the business four years ago in a management buyout from the now defunct US book chain Borders. The retailer [...]
Argos to launch online workshops October 12, 2014 ARGOS has pledged to help some of the 9.5m Britons who still lack basic online skills by offering training courses at over 120 of its UK stores. In a statement released today, Argos said around 10,000 people will be able to sign up to workshops across the UK designed to teach the basic skills such [...]
Record St Leger festival fails to stave off loss for Arena Racing October 12, 2014 THE UK’s biggest racecourse owner Arena Racing galloped to a loss last year despite a record-breaking St Leger festival. The horse-racing giant, which was created through a merger of Arena Leisure and Northern Racing this year, reported losses of £5.7m for the year ending December 2013. However, the group said its St Leger festival, held [...]
Chain Reaction cycles itself to earnings surge October 12, 2014 CHAIN Reaction Cycles, the family owned online bicycle seller, pedalled to a huge increase in profitability last year after cutting costs and boosting margins. The northern Irish business, which celebrated its 30th anniversary this year, said profits rose to £4.8m despite a fall in sales to £144.9m from £155.6m last year. The company’s directors said [...]
EE’s Olaf Swantee: In Britain’s super-competitive mobile space growth can be the hardest game October 12, 2014 As chief executive he’s overseen two re-brandings, launched 4G in the UK and now plans to take on rivals in the living room with EE TV – but Olaf Swantee’s greatest challenges may still lie ahead Jogging through Richmond Park most mornings couldn’t be further from Olaf Swantee’s day job. The boss of Britain’s [...]
City Moves for 13 October 2014 | Who’s switching jobs October 12, 2014 BNP Paribas Investment Partners Susan Gostick has been appointed head of pension fund segment at the asset management arm of BNP Paribas. She has over 20 years’ experience in investment and pensions, and was previously head of institutional relationship management at Newton Investment Management. Gostick has also held roles at Lazard Asset Management, Merrill Lynch [...]