Argentina turns up the heat on HSBC with demand for £2.3bn of offshore cash March 9, 2015 Argentina is demanding that HSBC repatriate £2.3bn of its clients' money. The bank stands accused of moving the money offshore for tax advantages. The head of Argentina's tax authority, Ricardo Echegaray, claimed HSBC's actions threatened the stability of the Latin American state. Speaking at the Argentine embassy, Echegaray told a host of journalists "HSBC built [...]
Tesco loses Harris + Hoole and Giraffe chief Michael Holmes amid Dave Lewis restructure March 9, 2015 Tesco has lost another senior executive, after the man in charge of its Harris + Hoole coffee shops and restaurant chain Giraffe stepped down. Chief executive of new food experiences Michael Holmes, the man behind Tesco’s strategy to offer dining experiences in-store in a bid to pull in customers, has fallen on the wrong side [...]
Lord Adair Turner joins board of challenger bank OakNorth March 9, 2015 It seems that everywhere you look these days, another challenger bank is opening its doors. And it seems OakNorth will be the latest to jump on the bandwagon, after it gained approval from the Financial Conduct and Prudential Regulation Authorities, and appointed three City grandees to its board. OakNorth announced plans last month to launch an [...]
Lloyds share price falls as government sells off one per cent stake March 9, 2015 Shares in Lloyds Banking Group opened at 80.9p this morning, 0.6 per cent lower, after the government announced it had sold off another one per cent stake in the bank, worth £500m. The sale means the stake owned by UK Financial Investments, the government body formed to manage part-nationalised banks, is now a relatively modest [...]
Bullish results for Martin Sorrell’s WPP: World’s largest advertising group reports 12 per cent jump in profits March 9, 2015 2015 has started well for the world’s largest advertising group and its chief Martin Sorrell. The figures WPP has announced a 12 per cent boost in profit before tax during 2014: it rose to £1.5bn, with sales of £11.5bn, five per cent higher than in 2013. The company also started January well, with like-for-like sales rising an [...]
Exclusive: Prudential to hire ex FCA regulator Clive Adamson March 9, 2015 Clive Adamson, who quit the Financial Conduct Authority (FCA) as director of supervision ahead of a critical report into its conduct before Christmas, is joining the Prudential, two sources have told City A.M. Adamson is understood to be joining Prudential’s UK business, possibly in a non-executive capacity. Although Adamson’s departure from the FCA was widely [...]
Firms accused of failing to be smart with energy bills: Almost half have never switched suppliers March 9, 2015 UK businesses are failing to save money on energy bills by staying with existing power suppliers rather than switching. Almost half, 47 per cent, of businesses have never switched suppliers or tariffs, despite 75 per cent of SMEs, which represents 3.9m businesses, believing they pay too much for their utilities, according to research from energy [...]
First Utility calls on rivals to help customers save March 9, 2015 ENERGY supplier First Utility has challenged its competitors to scrap variable tariffs, and make it easier for customers to switch to cheaper tariffs. The company says more needs to be done to help consumers avoid overpaying on their energy bills. According to First Utility, 70 per cent of Big Six customers are overpaying by an [...]
John Lewis Partnership poised to reduce bonus payout to staff March 9, 2015 THE JOHN Lewis Partnership will this week seek to cut its bonus pot for staff for a second year in a row after the supermarket price war took its toll on sales at its upmarket grocery chain Waitrose. Waitrose has grown sales and market share faster than its traditional supermarket rivals in recent years, thanks [...]
Zegona Communications IPO: Peppa Pig backer Marwyn puts aside £12m for new Aim entry March 9, 2015 Investment fund Marwyn will be the chief investor in Zegona Communications once the company lists on the Alternative Investment Market (Aim), it was revealed yesterday. The fund, which is also a backer of Peppa Pig, will be investing up to £12m in the new company which was set up earlier this month by former executives [...]