Car registrations surge to highest point since 2008 October 4, 2013 September has seen a surge in car registrations with the highest monthly total since March 2008. The upswing in private sector growth has fuelled customers returning to the market after a prolonged period of withdrawal. Increased fuel efficiency has also helped to drive down running costs leaving a more attractive prospect for consumers. Success with [...]
Banks too slow to pay out compensation says regulator October 4, 2013 The Financial Conduct Authority (FCA) has concluded that banks have been too slow in paying out compensation to businesses which were mis-sold interest-rate hedging products. So far, only £2m of the £3bn which has been allocated to compensate company's, has been paid out. The FCA began investigating interest-rate swap mis-selling in May. FCA chief executive [...]
Barclays raises 95 per cent of £6bn rights issue October 4, 2013 Barclays has announced a 94.63 per cent take-up of a £6bn rights issue. (Release) The books closed last night with the bank raising £5.8bn in the sale of New Ordinary Shares. Underwriters are picking up the remainder today following trading starting on the London Stock Exchange. The bank may blame local trading laws in China, [...]
Carpetright CEO steps down as profits drop October 4, 2013 Darren Shapland, CEO of the UK's largest floorings retailer Carpetright has stepped down, and will be replaced by chairman and founder of the company Philip Harris. Shapland is standing down after 17 months in the job and initiating an overhaul of the of the company's products and digital marketing strategy. The company expects profits this [...]
Tate and Lyle says profits down after slow summer in US October 4, 2013 Tate and Lyle has announced its expectation that its operating profit for the first half of 2013 will be slightly down on last year after a cold spring and slow start to the summer affecting the US beverage sector. (Release) Overall, however, the company anticipates delivering another year of profitable growth. When it came to [...]
Jamie Dimon steps down as JP Morgan chairman October 4, 2013 JP Morgan's chief executive officer Jamie Dimon has stepped down as chairman of the company's main bank subsidiary to conform with a new internal policy on multiple roles. Dimon will be replaced as chairman by former Johnson & Johnson chief executive William Weldon; Dimon will be referred to as "chairman emeritus". Following the London Whale [...]
What you need to know before the open – 04/10 October 4, 2013 Day four of government shutdown in the US and traders may be starting to realise that a solution could be some way away. The impasse is weakening US and European markets alike, with Asian markets closing down for today and US markets dropping for a second day yesterday. London pre-open: FTSE 100 to give back [...]
CITY MOVES | WHO’S SWITCHING JOBS October 4, 2013 Avanti Communications Group Paul Walsh, chief executive of Diageo, has joined the board of satellite data company Avanti Communications as a non-executive director. He is also a non-executive director of FedEx Corporation and Unilever. Prior to joining Diageo, Walsh held financial and commercial positions with InterContinental Hotels and in the GrandMet food business, becoming CEO [...]
US treasury says default could mean worse crisis than in 2008 October 3, 2013 The US treasury has said that a government default would be unprecedented and potentially catastrophic, and could lead to a financial crisis worse than that seen in 2008. The United States has never defaulted on its obligations, and the U. S. dollar and Treasury securities are at the center of the international financial system. A [...]
Co-op bidder advised by ex-head of Northern Rock October 3, 2013 As first reported by Sky News' City editor Mark Kleinman, a private equity firm that is being advised by the former boss of Northern Rock, Adam Applegarth, is among the bidders for Co-op's blighted insurance arm. The bank was left with a £1.5bn hole in its finances following the Prudential Regulation Authority's ruling that it must [...]