City Moves for 30 September 2016 | Who’s switching jobs September 30, 2016 KPMG KPMG has appointed Paul Martin as UK head of retail. Paul will succeed David McCorquodale who has led KPMG’s retail practice in the UK since November 2012 and will be retiring at the end of April 2017 after 32 years with the firm. Paul is managing director of KPMG Boxwood and was formerly managing director of Planet Retail, [...]
Our response to #Tube_chat says something important about Londoners September 30, 2016 It appalled Londoners and baffled outsiders, it broke the internet and sent the capital’s commuters into paroxysms of fear – yes, yesterday, someone tried, very gently, to persuade Tube users to speak to one another. The effort did not go down well. Reports of badges bearing the legend “Tube chat?” being handed out at Old [...]
National living wage fears grow ahead of Autumn Statement as two-thirds of affected firms will hike prices September 30, 2016 Employers have warned they will be forced to raise prices, freeze hiring or cut hours if the government pushes ahead with plans for a £9 an hour national living wage (NLW) by 2020. A new survey from the British Chambers of Commerce (BCC) found one-third of business had been affected by the new £7.20 minimum [...]
Japanese carmaker Nissan to seek Brexit compensation or may pull investment at Sunderland plant as UK approaches “hard Brexit” September 29, 2016 Nissan has said it may pull potential new investment in its Sunderland plant if the UK does not commit to compensation for any tax barriers that arise from Brexit. Chief executive Carlos Ghosn, speaking at the Paris auto show yesterday, said Britain could be heading towards a “hard Brexit” that could leave Nissan and other companies [...]
French group Areva signs more than €5bn worth of services contracts for Hinkley Point C plant September 29, 2016 The French nuclear power company that is supplying Hinkley Point with its nuclear reactors today said it has signed contracts worth more than €5bn (£4.3bn) to provide services to new plant. Areva NP has won subcontracts to deliver two nuclear steam supply systems and will supply, install and commission the plant's operational and safety control system. The French group has [...]
Imperial Brands “on track” but cigarette packaging changes and end of Philip Morris International distribution agreement take their toll September 29, 2016 Big Four tobacco group Imperial Brands is on track to meet its full-year expectations but has taken a hit from new packaging regulations and the termination of a distribution agreement with Philip Morris. The Winston and Gauloises maker is set to make £7.16bn in total tobacco revenue and total group adjusted profit of £3.51bn. This will [...]
Deutsche Bank US share price plunges after reports suggest funds have lost faith in the lender September 29, 2016 Troubled financial giant Deutsche Bank saw its shares plummet again in New York last night, dragging Wall Street into the red. The German lender's New York-listed stock dived after reports emerged that several key funds have slashed their exposure to the bank. The news sent shivers through banking sector equity markets, with the S&P 500's financial [...]
As the Opec cartel agrees to cut oil production, should central banks prepare for a rise in inflation? September 29, 2016 David Morrison, senior market strategist at Spread Co, says Yes. Crude soared on Opec’s announcement not just to freeze, but to actually cut production. Yet the upside momentum appears to have petered out for now. No wonder, given the lack of detail over who will bear the brunt of the proposed cuts and uncertainty concerning a [...]
Jeremy Corbyn should keep his job even if he loses a general election, more than half of Labour supporters say September 29, 2016 Over half of Labour supporters say that Jeremy Corbyn should be retained as party leader, even if he loses the next general election. Research by pollster BMG for Huffington Post found that 54 per cent said Corbyn should stay, regardless of the next election result. Just one in eight Labour supporters said he should step [...]
The new sick man of Europe is the continent’s entire banking sector September 29, 2016 The “sick man of Europe” has been a popular phrase for describing countries in Europe beset by economic woes since the mid-nineteenth century. The UK, Italy, Germany, France and Greece, among others, have all borne this unwanted diagnosis at some point. But in 2016, this moniker can no longer be solely applied at a country level. [...]