Guy Hands’ Terra Firma mulls sale of Wyevale Garden Centres February 14, 2016 Guy Hands’ Terra Firma is considering a sale of its garden centre business Wyevale after four years of ownership. The private equity house has already been approached by several suitors and has also held talks with advisers to work on the sale including Goldman Sachs, according to The Sunday Times, citing a price tag of [...]
LFW Autumn-Winter ’16: Who are the London Fashion Week brands to bank on? How share prices for Marks & Spencer, Burberry and Mulberry are shaping up ahead of the the shows February 14, 2016 In a little over four days time, London will be buzzing with trendsetters as Fashion Week arrives in the capital. But, apart from rerouting your commute so it doesn't head through Soho, what does this mean for the average City A.M. reader? Here's a run down of the business news you need to know for some [...]
Banks are employing staff to listen in on traders’ conversations, after jargon and banter outsmarts surveillance technology February 14, 2016 Banks are now hiring staff to listen in on traders' conversations, after banter was found to flummox sophisticated surveillance technology, according to a new report on market abuse. The report from professional services firm PwC discovered that banks plan to spend £156m on surveillance technology over the next 18 months to make sure that trading [...]
Hungry suitors circle Pizza Hut as owners put the restaurant chain up for sale February 14, 2016 The Private equity owner of Pizza Hut has put the restaurant chain up for sale after hiring advisers at PwC to find a buyer. Rutland Partners bought Pizza Hut’s UK franchise business from US firm Yum! brands in 2012 and set out on a £60m revamp of its 285-plus outlets to boost trading. Efforts have [...]
Former chief executive Martin Winterkorn warned of Volkswagen defeat device probe, according to reports February 14, 2016 The former chief executive of Volkswagen Martin Winterkorn was notified as early as May 2014 that US regulators would be probing into emissions-cheating devices, over a year before the scandal emerged, according to reports. Winterkorn and other senior figures have denied knowing about the so-called defeat devices, which can detect when a car is being tested for emissions. [...]
Sir John Vickers warns Bank of England “too big to fail” bank buffers are not enough February 14, 2016 New requirements for banks to hold enough capital to prevent them from going under in the event of another financial crisis have been questioned by Sir John Vickers. In a stark warning Vickers, the author of 2011's Independent Commission on Banking (ICB) report in the wake of the financial crisis and subsequent bailouts, has called the wisdom of the BoE's [...]
Oil price rout gets Opec members cooperating, says Nigerian oil minister Emmanuel Ibe Kachiwku February 14, 2016 The world's biggest oil producers are cooperating more after the prolonged rout which has left oil prices languishing around the $30 per barrel mark. The Organisation of Petroleum Exporting Countries (Opec) are closer to cooperating, indicated Nigerian oil minister Emmanuel Ibe Kachiwku in an interview with Reuters. "There's increased conversation going on. I think when we met in December … [...]
Challenger banks: Hampshire Trust Bank says customer deposits are up more than 800 per cent as it posts first profit since 2014 management buyout February 14, 2016 Hampshire Trust Bank has posted its first profit since a management buyout in 2014, reporting strong growth in total assets, customer deposits and customer numbers for 2015. Hampshire Trust Bank, a specialist challenger bank focusing on small and medium-sized businesses, reported that its total assets had multiplied by more than four times during the year [...]
China’s central bank governor plays down fears over currency regime February 14, 2016 The governor of China’s central bank has downplayed fears over the country's dwindling level of foreign exchange reserves, saying there is no reason for them to fall to dangerously low levels. Zhou Xiaochuan, governor of the People’s Bank of China, blamed “speculative forces” for attacking the value of the yuan. China's stock market will open tomorrow after closing [...]
Reduce red tape for self-employed, Cambridge Satchel Company entrepreneur Julie Deane tells David Cameron February 14, 2016 The self-employed should have the burden of red tape reduced, one of the UK's top entrepreneurs has said. Julie Deane, founder of the Cambridge Satchel Company, has recommended the regulatory burden on those who are self employed should be addressed among other suggestions in a review of self-employment commissioned by David Cameron. She has also called for [...]