Former Prudential boss Tidjane Thiam earned £1m a month last year before jumping ship to Credit Suisse March 31, 2016 Former Prudential boss Tidjane Thiam took home £5m in 2015, despite only being in the job until the end of May before taking the helm at Credit Suisse. The majority of the pay packet came from £3.7m from a long-term incentive scheme, according to the British insurer’s annual report. This basic salary for the first five months [...]
Is China reforming fast enough? Standard and Poor’s doesn’t think so March 31, 2016 China has been told to get a move on with economic reforms if it wants to maintain its top-notch credit rating today, after Standard & Poor’s (S&P) warned that its economic rebalancing is taking too long. The ratings agency said it was downgrading its outlook for China’s sovereign debt from “stable” to “negative”, firing a [...]
Cash-strapped EDF reportedly facing £2bn rise in Hinkley Point C costs March 31, 2016 Cash-strapped EDF could have to find an additional £2bn to build the Hinkley Point C nuclear power plant. There's rising pressure at the French utility giant over whether its already strained balance sheet will be able to shoulder the hugely expensive project. An independent report regarding the controversial project seen by the Times claims the updated cost could be as high [...]
Sweden’s Landvetter Airport evacuated over “serious” threat after suspicious packages found March 31, 2016 Part of Sweden's second largest airport Landvetter has been evacuated following a "serious" bomb threat made this morning. The domestic hall has been evacuated and cordoned off, the paper reports. Although there is limited information at this stage, Swedish paper Expressen is reporting that the airport, which is just outside Gothenborg, received threats against it earlier this morning [...]
Booking.com co-founder among investors as workforce management startup Planday raises $14m and plans US expansion March 31, 2016 Planday, a workforce management startup for shift-based businesses, has raised $14m (£9.7m) in its second funding round. The round was led by Idinvest and also included angel investor Arthur Kosten, a co-founder of Booking.com. Read more: London legal tech startup raises £1.7m in funding round Planday received $3.75m in its first funding round, in 2014, and received [...]
George Osborne gives former Bank of America Merrill Lynch banker top job at RBS manager UK Financial Investments March 31, 2016 A former Bank of America Merrill Lynch (BoAML) banker has landed the top job at government financial asset manager UK Financial Investments (UKFI), following media reports last month. Oliver Holbourn, who was appointed chief executive by chancellor George Osborne, previously worked for BoAML as head of UK equity capital markets before joining UKFI in 2013. Current chief executive James Leigh-Pemberton will become UKFI's chairman [...]
Has Labour’s business Eagle landed? Shadow business secretary talks about boosting UK’s productivity March 31, 2016 Angela Eagle, shadow secretary of state for business,innovation and skills, is in a bullish mood, declaring she is always willing to listen to business and that the financial services industry is key to the UK’s growth. She also believes she has a recipe that will tackle the UK’s productivity problem: investment in skills, training and business. [...]
China-led infrastructure bank eyes India for first loan March 31, 2016 India is in line to receive one of the first loans from the China-led Asian Infrastructure Investment Bank (AIIB) later this year. The AIIB was created to fund energy, transport and infrastructure projects in Asia, and is touted as a rival to Western-centric financial institutions like the World Bank. Indian officials said today that the cash would be [...]
**Lack of clarity on NLW rate could put investment at risk – Social Market Foundation March 31, 2016 NULL