Asmussen exits ECB as he joins Merkel coalition December 15, 2013 EUROPEAN Central Bank (ECB) board member Joerg Asmussen yesterday accepted a job as deputy labour minister in the new German coalition government, stepping down from his banking role. Asmussen, who has two young daughters, cited family reasons for the switch. He will form part of the Social Democrat Party’s wing in Germany’s grand coalition, which [...]
RSA seeks calm from investors after stock slide December 15, 2013 RSA INSURANCE yesterday scrambled to reassure shareholders about its future after investors wiped more than £260m off the company in the wake of chief executive Simon Lee’s resignation. Chairman Martin Scicluna and senior executives have spent the weekend speaking with top investors about the next steps for the firm after it flagged a £130m black [...]
Bottom Line: Japanese firms are hungry for UK assets December 15, 2013 JAPAN’S demographic challenges are nothing new. For years the country has been struggling with an ageing population, with the IMF predicting that its working-age headcount will fall to just 55m by 2050 – well below its peak of 87m in 1995. The country’s leaders are well aware of the problem. Prime Minister Shinzo Abe’s programme [...]
Ringfence could hike bank costs and end free current accounts December 15, 2013 SPLITTING up retail banks from their investment arms could end up costing consumers dearly, as it would end the subsidies given to current accounts from other parts of banking groups, think tank Policy Exchange warned today. The ringfence could mean the end of free banking, with customers instead being charged by lenders to use their [...]
Ashley scores in the weird world of business tiffs December 15, 2013 MIKE Ashley is not happy with Adidas, after the German sports company refused from next season to let Ashley’s retail giant Sports Direct sell its replica Chelsea kits – incidentally one of Sports Direct’s bestsellers. Ashley is understandably miffed, and it has even been suggested the billionaire plans to build a hostile stake in Adidas [...]
How to get your name into the Tower without losing your head December 15, 2013 LONDON has more historical sites than you can shake an A-level text book at, but the chance to be more involved in the capital’s history is a rare thing. Step forward the Tower of London and its newly launched 1535 Society, which aims to restore the Chapel of St Peter ad Vincula (the resting palace [...]
Three things you didn’t know about… December 15, 2013 Moneycorp chief executive Mark Horgan 1 He was almost a physicist. Mark’s first job was industrialising the colour coating process of Smarties at Rowntree. This involved spending six months watching Smarties dry. Enough to put anyone off. 2 He’s the first person to say he’s “non musical” but that didn’t stop him going for a [...]
Ireland’s leader hails the end of €85bn bailout December 15, 2013 IRELAND’S exit from its international bailout has restored national pride and set the stage for a swift recovery, Prime Minister Enda Kenny said in a televised address yesterday to mark the end of three years of economic policy dictated from abroad. The first Eurozone country to leave a bailout, Ireland’s exit has been hailed by [...]
Ukraine protests rage on as EU formally suspends discussions December 15, 2013 AS MASS protests against the government flared in Kiev, the European Union announced yesterday that it will halt talks with Ukraine indefinitely. European commissioner for enlargement Stefan Fule said that the Ukrainian government’s arguments “have no grounds in reality” as he confirmed the curtailment of discussions. Late last month, President Viktor Yanukovych abruptly cancelled negotiations [...]
Lenders give Birds Eye owner Iglo more space on its debts December 15, 2013 IGLO’S lenders have relaxed the terms of one its loan covenants, giving the frozen-food maker more headroom as its new chief executive Elio Leoni Sceti looks to carry out ambitious growth strategy for the group. A source close to the company behind the Birds Eye brand said lenders had reset one loan covenant last week [...]