Wolseley appoints interim chief executive ahead of Ferguson spin off December 18, 2019 Ferguson has named Simon Oakland as interim chief executive of Wolseley to replace current boss Mark Higson, as the group continues preparations to spin off Wolseley next year. Higson is stepping down at the end of January to become chief executive of building services company Algeco, and Ferguson has begun a search for a permanent [...]
FTSE 100 surges after UK election result and trade deal ease uncertainty December 16, 2019 The FTSE 100 has soared after the Conservatives’ election victory and a phase one US-China trade deal helped ease long term uncertainties that have consistently weighed on markets. UK stocks rallied again today after making substantial gains on Friday, with the benchmark FTSE 100 rising as much as 2.57 per cent by mid-afternoon to 7,542.46 [...]
Hargreaves Lansdown recruits Schroders veteran to board December 16, 2019 Hargreaves Lansdown has recruited Schroders’ global head of distribution, John Troiano, to join its board as an independent non-executive director. Troiano will join the board when he retires from Schroders at the end of 2019, after 38 years at the firm. He will also join the board of Hargreaves’ subsidiary asset managers, Hargreaves Lansdown Fund [...]
Private equity fundraising to fall in 2020 after record year, analysts predict December 16, 2019 Private equity fundraising next year may fall below the record levels seen in 2019 as large firms shift their focus on to capital deployment, analysts have predicted. Firms will also try to hold on to some of their top performing assets for longer in 2020, according to a note from private equity data firm Pitchbook. [...]
Former Serco directors charged with defrauding Ministry of Justice over tagging contract December 16, 2019 The Serious Fraud Office (SFO) has charged two former Serco executives with fraud and false accounting as part of an investigation into the outsourcing giant’s electronic tagging contract. Nicholas Woods and Simon Marshall have both been charged with fraud by false representation and false accounting in relation to representations made to the Ministry of Justice [...]
Carrie Lam: China to offer Hong Kong economic support amid continued protests December 16, 2019 China will continue to support Hong Kong and offer the troubled financial hub favourable economic policies, leader Carrie Lam said on Monday. Speaking in Beijing after a closed-door meeting with Chinese President Xi Jinping, Lam said she believed the level of violence that has plagued the city for months and the number of “rioters” were [...]
UK PMI: Manufacturing malaise sinks economy to 41-month low December 16, 2019 Private sector activity in the UK slumped again in December, dragged down by the fastest drop in manufacturing output since July 2012. Overall UK output dropped to 48.5 in December from 49.3 the previous month, hitting a 41-month low, according to the UK’s flash composite purchasing managers’ index (PMI), compiled by IHS Markit. Read more: [...]
Trump: US to suspend planned tariffs after reaching China trade deal December 13, 2019 President Donald Trump said on Friday the US would suspend scheduled tariffs after reaching a “phase one” trade deal with China in a significant de-escalation of tensions between the world’s two largest economies. Under the deal, Washington will suspend the tariffs on Chinese imports scheduled to be introduced on Sunday, while Beijing would step up [...]
UK stocks and sterling surge after Conservative election win shuts out Labour December 13, 2019 UK stocks surged today after the Conservatives secured a decisive majority in the General Election, boosted by rallying retailers, housebuilders and utility firms. The FTSE 100 index climbed over one per cent in morning trading, but was held back slightly by a strong sterling, while the FTSE 250, however, leapt as much as four per [...]
Timetable set for Neil Woodford fund repayments December 13, 2019 Administrators have finalised details for the winding up of Neil Woodford’s Equity Income Fund (WEIF), the suspension of which triggered a scandal that led to the collapse of his investment empire. In a letter to investors today, Link Fund Solutions said the process of winding up the fund will begin on 18 January. The final [...]
