Two analyst downgrades take big chunk out of Rio Tinto shares as iron prices set to drop March 7, 2019 Rio Tinto weighed on the London exchange today after the miner was hit by two analyst downgrades in two days, wiping around £4bn off its market value. Shares dropped around 7.6 per cent in the mid afternoon to 4,137p as Societe Generale advised investors to sell their shares in the iron miner. Read more: Iron ore [...]
Fedex creates Segway-inspired delivery robot with Pizza Hut and Walmart February 28, 2019 Fedex has unveiled a pizza delivery robot that will hit the streets this summer. Read more: What’s on your tech radar for 2019? Pizza Hut and Walmart are both on board, with trials set to begin soon in cities across the US, including in Fedex’s hometown of Memphis. The autonomous bot, which is powered by an [...]
Citigroup closes in on £1.2bn purchase of Canary Wharf headquarters February 17, 2019 Citigroup is in talks to buy its Canary Wharf headquarters for a reported £1.2bn in a major show of confidence in London’s status as a global financial centre. Citi is looking to secure the purchase of the 25 Canada Square skyscraper, which it currently leases, from owner AGC Equity Partners in a bid to double [...]
Dentsu Aegis names Euan Jarvie as new chief executive amid leadership overhaul February 11, 2019 Advertising agency Dentsu Aegis has appointed Euan Jarvie as its new chief executive in a bid to shake up its leadership team and focus on the UK market. Jarvie will take on the role as UK and Ireland boss with immediate effect, following a stint as the firm’s president of global clients. Read more: Dentsu [...]
Dentsu Aegis appoints UBS boss Volker Doberanzke as global president February 7, 2019 Dentsu Aegis today said it has appointed former UBS banker Volker Doberanzke as its global president of business operations. The newly-created role is one of the first major appointments made by executive chairman Tim Andree, who took over as chief executive at the beginning of this year after the retirement of Jerry Buhlmann. Read more: [...]
The bonus is on you: Santander’s recent saga highlights the problems with deferred rewards February 4, 2019 Star investment banker Andrea Orcel was about to take the top job at Santander. And then he wasn’t. It turns out that the bank hadn’t quite realised how expensive Orcel would be, resulting in an unprecedented U-turn, as the board announced that Santander wouldn’t be hiring him after all. While Jose Antonio Alvarez will continue [...]
London listings in slowest start since 2010 as Brexit worries dampen market January 30, 2019 London’s IPO market has got off to its slowest start since the financial crisis this year as the looming Brexit date dents investor confidence. London Stock Exchange (LSE) data, shows that in the year to 29 January just £680,000 has been raised in London initial public offerings (IPOs). By 29 January 2018 £40m had been [...]
Case alleging Libor-rigging launched against raft of major banks January 20, 2019 A string of major banks have been accused of rigging the Libor benchmark again, five years on from a major scandal. A class action has been filed in the US against banks such as the Royal Bank of Scotland, Barclays, Lloyds Banking Group, HSBC, UBS, Bank of America, Citi and Deutsche Bank. The action, which [...]
Santander cancels appointment of Orcel over compensation January 15, 2019 Banco Santander stunned the banking world this evening by announcing the reversal of its decision to appoint Andrea Orcel as its new chief executive because of the cost of compensating him for leaving his previous role. The bank had announced the high profile appointment of Orcel, former head of investment banking at UBS, in September. [...]
CapitaLand to buy real estate group in Asian mega-deal January 14, 2019 Plans to create Asia’s largest real estate investment manager were revealed today after Singapore’s CapitaLand said it will pay $8bn (£6.2bn) to buy logistics and industrial assets from Temasek. The Singaporean developer is purchasing the holding companies for a combination of cash and stock from the business of the Ascendas-Singbridge Group, which manages Ascendas Real Estate [...]