Regulator who championed bans on regulators joining banks takes top role at Santander January 29, 2014 A former head of the Federal Deposit Insurance Corporation (FDIC) who previously championed the cause of banning regulators from taking jobs in firms they previously regulated, has performed an extraordinary volte-face and joined the board of one of Europe's biggest banks. Sheila Bair said in an emailed statement: I hope that my service on the [...]
Google days away from clinching EU antitrust probe settlement January 29, 2014 The three-year EU antitrust probe into Google is nearing an end, according to Reuters sources. The internet giant and EU regulators are close to settling the investigation, which was looking into the company’s suspected anti-competitive behaviour. Google has, say the sources, offered to improve concessions to reduce competition fears. Google’s last offer, made in December, [...]
5 things you didn’t know about new Sainsbury’s boss Mike Coupe January 29, 2014 Sainsbury's CEO Justin King is leaving the supermarket in July – but what do we know about his replacement and current commercial director, Mike Coupe? 1. A country boy at heart, Coupe was born in Watford in 1960 but was brought up in West Sussex. His mum was a housewife and his dad was an [...]
Tesco and Waitrose set to open Tube shops January 29, 2014 Tesco and Waitrose are opening six click-and-collect points each in the London Underground this year, as part of TfL’s efforts to get more retailers using the Tube. The supermarkets will follow Asda, which is running a six-month trial in carparks near Tube stations, with ambitions to open more outlets. Tesco will launch at station car [...]
Samsung takes on Apple with dedicated Carphone Warehouse stores January 29, 2014 Samsung and Carphone Warehouse have signed an agreement for the high street retailer to convert 60 of its stores across Europe into dedicated Samsung stand-alone stores. Of the 60 stores, that will stock only Samsung products, around 20 will be opened in the UK with the others spread across Ireland, Germany, Spain, Portugal, Sweden and [...]
Mulberry profit warning sends shares tumbling 27pc January 29, 2014 Luxury brand Mulberry has issued a surprise profit warning this morning, after Christmas trading in the UK got worse and wholesale cancellations in Korea were worse than anticipated. Shares have nosedived on the news, currently down well over 25 per cent. The fashion house, which has furnished the likes of Victoria Beckham and Katherine Jenkins [...]
Labour promises to make smoking in cars a thing of the past January 29, 2014 Smokers are set to face a fresh wave of restrictions as the House of Lords prepares to vote on whether to make it an offence for drivers of a private vehicle to smoke when a child is present. Labour peers Lord Hunt, Lord Faulkner and Baroness Hughes are set to table the amendment to the [...]
The 3 big changes set to shake hedge funds in 2014 January 29, 2014 A great deal of opportunity it turns out, if you listen to the world’s biggest money manager BlackRock. Despite citing some startling statistics at a briefing in London today – more on that later – its strategists think increased volatility in markets this year will open up a pandora’s box of opportunity for smart managers. [...]
Here’s how Turkish tightening could prompt global rate hikes January 29, 2014 Last night's decision from the Central Bank of Turkey managed to catch everyone off guard. An emergency meeting saw the overnight lending rate hiked from 7.75 per cent to 12 per cent, and the one week repo rate up from 4.5 per cent to 10 per cent. The central bank's hand was forced into announcing [...]
Justin King to leave Sainsbury’s in July January 29, 2014 Justin King is stepping down as chief executive (CEO) of Sainsbury’s in July, it's been announced. King’s been in charge for ten years; he’ll be replaced by Mike Coupe, current group commercial director. He only formally told chairman David Tyler that he was stepping down this morning. The decision, he said, was entirely his own [...]