Bad bankers to pay back bonus seven years on July 30, 2014 BANKERS will be allowed to enjoy their bonuses only more than seven years after being awarded, under new rules announced yesterday to keep financiers on the straight and narrow. Regulators believe the rules would have cut the pension and bonus Fred Goodwin received after the RBS bailout. Proposed rules to stop bosses delegating responsibility are intended [...]
EU sanctions Putin’s cronies as G7 nations say more may come July 30, 2014 The European Union yesterday extended sanctions against the Russian government to another group of individuals and organisations, freezing the assets of “cronies” of Russian President Vladimir Putin, according to one EU official. The eight individuals included Arkady Rotenberg, a friend of Putin, who has benefitted from public contracts and the gains of Moscow’s state-owned firms. The [...]
What does The Engine Group do? July 30, 2014 ■ Nestled in offices behind Oxford Circus, the Engine Group describes itself as an integrated marketing communications group, which owns ad agency WCRS, PR group MHP Communications, digital shop Jam and direct marketing specialist partners Andrews Aldridge, among others. ■ Engine’s UK chief executive, Debbie Klein, stressed that the group would retain its independence after [...]
Barclays’ Antony Jenkins says his bank has turned corner July 30, 2014 Antony Jenkins had a new spring in his step yesterday. Payment protection insurance mis-selling might have blown another near-billion pound hole in his profits, but he had the look of a man who knows he is on the verge of something great. Like most post-crisis banking chiefs, Jenkins took the reins at Barclays in the wake [...]
Barclays’ progress frustrated by legal costs and PPI July 30, 2014 Mounting PPI payouts and weak investment bank performance knocked Barclays’ profits in the first half of 2014, the bank said yesterday. Pre-tax profits fell seven per cent to £3.3bn, down from £3.6bn in the same period of 2013. Operating income fell nine per cent to £12.2bn, while operating expenses rose nine per cent to £8.9bn. [...]
Astrazeneca and Pfizer: It’s a conscious uncoupling as drugmakers go separate ways July 30, 2014 Drugmakers Astrazeneca and Pfizer yesterday put to bed their “will they, won’t they” bromance by signing new deals with other companies. FTSE 100-listed Astrazeneca, which fought off a £69bn takeover approach from larger US rival Pfizer in late May, said it had agreed to buy Spanish firm Almirall’s lung drugs business for up to $2.1bn [...]
Bottom Line: Driverless cars aren’t on a risk-free road July 30, 2014 THE decision to put the UK in the forefront of the development of driverless cars is a brave, smart choice. Smart because this technology is accelerating fast and it makes sense to have a hand on the steering wheel. With firms such as Ricardo UK doing great work on autonomous road train projects, and experiments [...]
Dazzling performance at World Cup boosts ITV’s bottom line July 30, 2014 Broadcaster ITV yesterday saw its profits rocket 40 per cent over the past six months, as the media giant was boosted by the World Cup and an uptick in advertising. ITV’s total revenue leapt six per cent to £1.38bn, helped by growth in broadcast and online advertising as well as original content sales from its [...]
Diageo likes Facebook’s Nicola Mendelsohn July 30, 2014 DRINKS giant Diageo has bolstered its digital marketing expertise by appointing Facebook’s vice-president of Europe, Middle East and Africa to its board. Nicola Mendelsohn will join as a non-executive director at the beginning of September. She joined Facebook last year from Karmarama advertising agency.
Investors pat Pets at Home after sales rise following share price decline July 30, 2014 Shares in Pets at Home leapt seven per cent yesterday after the newly-listed group won over unconvinced investors and delivered strong first quarter sales. The company, which provides pet food, accessories and veterinary services across more than 380 outlets, has seen a sharp decline in its share price since floating in March. It is one [...]