BHS appoints KPMG as it pursues CVA in bid to end deadlock with landlords over unsustainable rents March 3, 2016 Struggling department store chain BHS is set to enter into a company voluntary arrangement (CVA) in an effort to deal with "unsustainable" rents, which could see the group, previously owned by retail mogul Sir Philip Green, disposing of a number of stores. A CVA allows insolvent companies to pay creditors over a fixed period, while continuing [...]
New Barclays much like the old Barclays, a hard pill to swallow for GlaxoSmithKline and Wilson’s next Legal & General move March 3, 2016 John McFarlane is a man fond of bold actions and even bolder words. The Barclays chairman confidently predicted last July that the bank’s shares – then worth 260p – would double within three years. After this week, though, even returning to the anaemic level of last summer looks a lofty ambition. “Investors” and “long-suffering” have become inseparable [...]
City Moves for 3 March 2016 | Who’s switching jobs March 3, 2016 Watson Day Chartered surveyor firm Watson Day has appointed Richard Turnill as a partner. He joins partners Nick Threlfall, Ian Gutteridge, Julian Scannell and Kevin Dempster, who founded Watson Day in 1989. Richard qualified as a chartered surveyor in 2007, following a graduate position at Cluttons. In 2009 Richard joined Glenny’s south east London and [...]
Barclays, HSBC, Lloyds, RBS and Standard Chartered have lost billions since the start of the year – the British economy needs a vibrant banking sector March 3, 2016 Spare a thought for Britain's banks. Between them, Barclays, HSBC, Lloyds, RBS and Standard Chartered have lost almost £40bn in value since the start of the year. A savage cocktail of market volatility, increased costs, low interest rates, fines, regulatory burdens and sluggish global growth is taking its toll. In a dramatic illustration of the [...]
Chesapeake Energy founder Aubrey McClendon dies in car accident March 2, 2016 Aubrey McClendon, co-founder of Chesapeake Energy, one of the world's largest natural gas producers, died today following a car accident in Oklahoma City in the US. He was 56. McClendon's death comes one day after the US Department of Justice indicted him for allegedly violating antitrust laws by colluding to rig bids for oil and [...]
LSE Group considering spin off of French division ahead of potential Deutsche Boerse deal, according to reports March 2, 2016 London Stock Exchange Group (LSE) is said to be considering a spin off of part of its clearing house, LCH.Clearnet, in an effort to make a potential £20bn takeover by Deutsche Boerse, announced last week, easier. According to the Financial Times, LSE could spin off the French division of LCH.Clearnet, and may also shift control of [...]
London risks taking its global status for granted if housing crisis carries on unabated and cost of living continues to rise March 2, 2016 It's awards season, and from the Oscars to the Grammys gongs are being handed out left, right and centre. It’s an opportune time, therefore, to reflect on the accolades bestowed recently on our capital city. London cleaned up last year, taking the top spot in a clutch of surveys including EY’s European Attractiveness Survey, MasterCard’s [...]
In the wake of crises at TalkTalk and VW, Mars and Snickers aim to bar reputational damage with recall March 2, 2016 As Mars and Snickers recall millions of chocolate bars, YouGov data indicates the early impact this has had on consumer perception of both brands, and what the incident means for the future strategies implemented by both companies. A piece of plastic was found in a Snickers bar in Germany, leading to a mass recall across [...]
City Moves for 2 March 2016 | Who’s switching jobs March 2, 2016 Avon Rubber Avon Rubber has announced that Chloe Ponsonby has been appointed as a non-executive director with immediate effect. Chloe will chair the remuneration committee and will be a member of the audit and nominations committees. She is a partner at the Lazarus Partnership, an independent research and advisory firm. She has spent the past 10 [...]
Schroders boss Michael Dobson reported to be preparing to stand down March 1, 2016 Michael Dobson, chief executive of asset manager Schroders, is to announce he is stepping down tomorrow, according to reports. Dobson has led the company for over 14 years. He previously worked for Deutsche Bank, among other City firms. He will reveal his intended departure when the company reports its annual results tomorrow, the Financial Times [...]
