DEBATE: Are technology companies a threat to central banks? January 30, 2020 Are technology companies a threat to central banks? Bhavin Patel, head of fintech research at OMFIF, says YES. Tech companies are rapidly developing solutions to overcome shortfalls in the monetary system and proving flexible in tailoring their services to converge with consumer trends. Wide-scale adoption of privately-issued digital coins is growing more probable, particularly in [...]
Deutsche Bank crashes to massive €5.7bn loss January 30, 2020 Deutsche Bank slipped to a larger than expected loss of €5.7bn (£4.8bn) last year, as the costs of its turnaround drive hit profits. The German banking giant has now posted losses for five consecutive years. Deutsche has struggled with misconduct scandals, failed US growth plans and an abortive merger with rival Commerzbank. Chief executive Christian [...]
H&M appoints new CEO in boardroom reshuffle January 30, 2020 H&M has announced the appointment of a new chief executive following a boardroom reshuffle sparked by the exit of chairman Stefan Persson. Shares jumped more than nine per cent after the Swedish retailer said it has appointed Helena Helmersson as its new chief executive as the company’s current boss steps into the role of chairman. [...]
Prudential appoints former government minister Baroness Vadera as new chair January 30, 2020 Insurer Prudential said today it had appointed former banker and government minister baroness Shriti Vadera to chair its business. Vadera will join from Santander UK where she is chair. She is also senior independent director of mining giant BHP Group. Vadera was a UK government minister between 2007 and 2009, working on issues such as [...]
Jaguar Land Rover boss Ralf Speth to step down in September January 30, 2020 Jaguar Land Rover chief executive Ralf Speth is set to quit the top job at the company this September, the British car manufacturer today confirmed. The 65-year-old will vacate his CEO role but remain on the board of Tata, which owns the historic UK brand. “I feel very honoured to have worked with so many [...]
Unilever misses sales target and launches review of tea business January 30, 2020 Consumer goods giant Unilever missed its underlying sales target in 2019, its results showed today, with the firm citing “challenging” developed markets. The British-Dutch company also suffered a 33 per cent fall in pre-tax profit in 2019 compared to 2018, when the sale of its spread business bumped up income, bringing down earnings per share. [...]
Government’s Huawei 5G cap will cost BT £500m January 30, 2020 BT today warned the government’s decision to cap Huawei’s involvement in the UK’s 5G network will cost the telecoms giant £500m over the next five years. BT welcomed the “clarity” provided by Prime Minister Boris Johnson’s decision to enforce a 35 per cent cap on Huawei’s 5G involvement. But CEO Philip Jansen today warned of [...]
Sajid Javid to back HS2 scheme despite rising costs January 30, 2020 Sajid Javid is poised to throw his weight behind the controversial HS2 project at a key meeting of ministers today, ahead of a decision expected in early February. The chancellor, who has long backed the idea of making the most of low interest rates to support big infrastructure projects, is expected to tell Prime Minister [...]
Mitie expects flat organic growth for the year January 30, 2020 Outsourcer Mitie said today that its organic growth for the financial year would be flat but earnings would be line with guidance. The company said today revenue growth in the nine moths to 31 December was six per cent. This was driven by Mitie’s £14m acquisition of security business VSG from Compass. The company said [...]
Drinks giant Diageo lowers sales target amid trade tensions January 30, 2020 Beverage behemoth Diageo’s net sales grew by four per cent in the final sixth months of 2019, boosted by growth in the North America and Asia Pacific regions. However, the Guinness-maker cut its sales forecast for the year to June to the lower end of its four to six per cent target as it cited [...]