Down to the wire: David Cameron battles to secure his deal during late night EU talks February 19, 2016 Prime Minister David Cameron’s hopes of securing a reform deal today on Britain’s relationship with the European Union were called into question late last night, as Downing Street warned that EU leaders had made “no real progress” towards coming to an agreement. A Number 10 source said the first session of the highly-anticipated European Council meeting [...]
The Lord Mayor is taking too many overseas trips, according to a new City of London Corporation report by Sir Simon Fraser February 18, 2016 The Lord Mayor of London should cut down on the number of overseas trade promotion visits he takes, a new report commissioned by the City of London Corporation has recommended. The report, written by Sir Simon Fraser, a partner at consultancy Flint Global who previously worked at the Foreign Office and Department for Business, is aimed at [...]
As institutions from the EU to Opec face becoming irrelevant, could central banks be the next to encounter crisis? February 18, 2016 From the EU to Opec, institutions that have dominated the world since the Second World War are slowly becoming irrelevant. Oil producing countries would once gather in Vienna and with shameless self-interest, manage production levels under the altruistic cloak of preventing prices from tumbling or spiking. No longer. Riven by internal differences and rendered impotent by [...]
City Moves for 18 February 2016 | Who’s switching jobs February 18, 2016 Whistl Whistl, the second largest postal operator in the UK, has appointed Ryan Kinnear as new business manager to lead its expansion in Northern Ireland. Ryan, 40, joins from Neopost and will be based at its depot on Hightown Industrial Estate in Newtownabbey, Belfast, and will be responsible for expanding Whistl’s public and private sector [...]
Oil prices: UK oil baron Algy Cluff warns chancellor George Osborne that the North Sea industry is on the brink of destruction February 17, 2016 One of Britain’s best known oil tycoons has warned that low prices could destroy the UK oil industry if the government fails to slash taxes and encourage exploration in the sector. Speaking exclusively to City A.M., Algy Cluff, who pioneered exploration in the North Sea in the 1970s, has added his voice to a growing [...]
Yahoo to shut down seven digital magazines in a bid to simplify the business February 17, 2016 Struggling online media group Yahoo has announced plans to cut seven of its digital magazines. The company said the move is part of recently announced plans to "simplify our business and focus our effort on our four most successful content areas – news, sports, finance and lifestyle". The magazines being phased out are Yahoo Food, Yahoo [...]
Majority of HSBC UK retail and wealth managers will not receive pay rise in 2016, despite u-turn on pay freeze February 17, 2016 The majority of managers at HSBC’s UK retail and wealth group will not receive a pay rise this year, a spokesman for HSBC confirmed this evening, despite the bank U-turning on a policy to enact a pay freeze. This latest announcement marks the third change in HSBC’s pay policy in as many weeks. Junior-level staff [...]
London startup Curve launches new card that will allow consumers to combine all their payment cards February 17, 2016 London-based startup Curve launched today, the latest in a string of new companies in the payments technology sector, with the aim of allowing consumers to combine all their bank cards into one payment card. The card, which is supported by a mobile app, will be accepted everywhere that MasterCard is. According to the company, the service "offers [...]
UK equity firm 3i Group mulling IPO of Dutch discount gym chain Basic-Fit February 17, 2016 The UK’s largest private equity firm, 3i Group Plc, is reportedly considering an initial public offering valued at €1bn (£779m), including debt, for the Dutch discount gym chain Basic-Fit. If the IPO is launched it could see Basic-Fit listed in Amsterdam by the end of this year. Morgan Stanley and ABN Amro Group NV have [...]
Barclays’ investment bank chief Tom King could be set to retire next month February 17, 2016 Tom King, head of Barclays' investment bank, is reportedly planning to retire as early as next month. King, who is based in New York and has worked for Barclays since 2009, has long been expected to step down from his post at the top of the bank's investment banking business, but multiple media reports out [...]
