Doug McMillon named new CEO of Walmart November 25, 2013 The world's largest retailer has appointed a new chief executive officer (CEO), 47 year old Doug McMillon. He will succeed Mike Duke at the beginning of February. Ron Walton, chairman of Walmart said: A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally [...]
Reading the HS2 bill before consultation ends is equivalent to finishing War and Peace every other day November 25, 2013 Want to be properly informed about the HS2 debate, and you've maybe even considered reading the bill? An estimated length of around 49,000 pages might make you reconsider. The Woodland Trust say that attempting to finish the document is roughly equivalent to reading Leo Tolstoy's Russian classic "War and Peace" every other day. Here are [...]
World Trade Organisation talks fail to make progress November 25, 2013 The World Trade Organisation's (WTO) global trade reform meeting in Geneva has failed to reach agreement on the text of a deal to be put to ministers. A worldwide agreement now depends on whether ministers can hammer out their remaining differences at next month's WTO biennial conference in Bali. The International Chamber of Commerce (ICC) [...]
Full steam ahead as government publishes HS2 hybrid Bill November 25, 2013 The Bill for phase one of HS2, which gives the government the power to start building the railway, is being published today. The hybrid Bill, which is effectively the planning application for the scheme, will also give individuals the chance to petition parliament both for and against the proposals. Transport secretary Patrick Mcloughlin said: The Bill [...]
Thomas Cook sells Neilson Active Holidays to private equity firm November 25, 2013 Thomas Cook announced today that it has agreed to sell its tour operator Neilson Active Holidays. The specialist activity tour operator will be sold to London-based private equity firm, Risk Capital Partners, for consideration of £9.15m. The deal is expected to be completed around 10 December 2013. None of Thomas Cook's other UK tour operations [...]
RBS says review of its lending was a tough read but accepts recommendations November 25, 2013 RBS has called the review it commissioned into its lending to small and medium-sized businesses a "tough read". In a letter sent to the leader of the review, Sir Andrew Large, from the bank's chief executive Ross McEwan (pictured), the bank also confirmed that it has asked law firm Clifford Chance to investigate the treatment [...]
Analysts say US Fed is like a virus which learns and adapts November 25, 2013 Ashmore analysts have likened the US Federal Reserve to a virus, which will try its hand at harder medicine after markets ignored chairman Ben Bernanke's verbal guidance in May. They expect the Fed to attempt to begin tapering of QE – a reduction in the rate of expansion of the monetary base – in early [...]
Regulator’s more transparent rules on commission for investment managers November 25, 2013 The Financial Conduct Authority (FCA) has put forward improvements to the rules on how investment managers use client commissions. The changes will make sure that charges paid by consumers for the executing of trades and other related services, known as dealing commission, are "fairer and more transparent". The proposals are designed to ensure investment managers [...]
Financial Transaction Tax may reduce GDP by 0.3 per cent November 25, 2013 The proposal by the European Commission for a Financial Transaction Tax (FTT) may reduce GDP by as much as 0.3 per cent, according to a study by PwC. The tax may also fail to address the issue of systemic risk in the financial sector, one of the central aims of the proposal. The report noted [...]
Boris pledges £1bn to support London housebuilding November 25, 2013 London mayor Boris Johnson has acknowledged that the dearth of London housing supply has become the biggest challenge facing the capital's economic development. Boris announced that "for over 30 years, regardless of boom and bust, governments of every hue have failed to build enough homes". London's minimum target for home building stands at 42,000 for [...]