Shareholders lambast Standard Life over excessive boadroom pay deals May 17, 2016 Standard Life faced a backlash from shareholders at its annual general meeting on Tuesday with 22 per cent of votes cast going against the investment group’s executive pay report. Other big companies caught up in a so-called shareholder spring in the past few weeks include BP, Smith & Nephew, Shire, Regus, Weir Group and Anglo American. [...]
The race to save BHS: Matalan boss John Hargreaves teams up with Select Fashions owner for rescue bid May 17, 2016 Matalan founder John Hargreaves is teaming up with Cafer Mahiroglu, owner of Select Fashions, to rescue BHS. Hargreaves has formed a consortium with the Turkish entrepreneur to rescue the struggling retailer which went into administration last month putting up to 11,000 jobs at risk. According to The Telegraph, the entrepreneurs plan to make an announcement by [...]
London Eye Finnish-ed? Helsinki gets world’s first giant ferris wheel with sauna cabins May 17, 2016 Finland’s Skywheel Helsinki is set to steal London Eye’s thunder with the launch of SkySauna, the world’s first sauna cabin mounted on an observation wheel. Due to launch next month, each cabin will carry up to five people who’ll be able to bask in temperatures of up to 94F (90C). Visitors on the two-and-a-half-minute ride [...]
Preston millionaire Yousuf Bhailok pulls out of BHS bidding May 17, 2016 Today is the deadline for bidders to improve their offers in the battle for acquiring BHS, ahead of a final decision on the sale which could come as soon as tomorrow. Administrators Duff & Phelps have been assessing bids from various parties over the past week and it is understood that a decision will be made [...]
British banks are chalking out strategies to deal with Brexit fallout, says BoE’s Andrew Bailey May 16, 2016 Bank of England Deputy Governor Andrew Bailey is having “daily” conversations with British banks to chalk out coping mechanisms in the face of a Brexit. Analysts expect that Britain voting to leave the EU is likely to result in sterling losing up to a fifth of its value. "All the banks are looking at this [...]
Deutsche Bank hires former EDF finance director Thomas Piquemal as global M&A head May 16, 2016 Deutsche Bank has appointed former EDF finance boss Thomas Piquemal as its global head of mergers & acquisitions. Piquemal, who was until March group senior executive vice president for finance at EDF Group, will also become chairman of corporate & investment banking in France. He quit the energy group after disagreements over investment in Hinkley Point which he [...]
City Moves for 16 May 2016 | Who’s switching jobs May 16, 2016 L’OREAL Beauty giant L’Oreal has appointed Vismay Sharma as its UK & Ireland country managing director to strengthen its position in the beauty and cosmetics market. Vismay will start his new role in July and lead the company’s consumer products division encompassing brands like L’Oreal Paris, Maybelline, Garnier, Essie, and Soft Sheen Carson. Vismay comes [...]
Public hungry for challenger banks, research finds May 16, 2016 Challenger banks are gaining traction as consumers want to see smaller players competing against the sector's established names, a new research has found. Figures from Netherlands-based Triodos bank indicate that just over three quarters (77%) of UK adults say that greater competition from challenger banks should be encouraged. A total of 49 per cent say that challengers could differ by providing [...]
Two killer reasons why Moody’s upgraded Ireland’s debt rating May 16, 2016 Irish political stability and positive economic fundamentals were the two reasons cited for a rating upgrade over the weekend. Moody’s raised the long-term bond ratings one notch from Baa1 to A3 and reaffirmed a positive outlook. Despite fears over the implications for Ireland of a Brexit, 10-year bond yields were at a one-month low last [...]
