Mining sector burning through cash reserves after commodity price crash February 8, 2016 The value of cash held by London Stock Exchange-listed mining companies fell by £1.1bn in the last year, according to research released today by Banc De Binary. The findings show a fall in cash reserves across all LSE-listed mining companies from £24.3bn to £23.2bn over the last 12 months. A drop of £780m was recorded in [...]
UK steel crisis: Companies to ramp up pressure on British government to take action over China and Russia driving commodity prices down February 8, 2016 Steel companies will this week ramp up pressure on the government to come to the industry's defence ahead of an emergency European conference on 15 February. The conference, called at the behest of the UK and involving executives from Tata Steel and Celsa, will call on the European Commission to take action against cheap steel flooding [...]
Rolls-Royce could unveil another profit warning and suspend its dividend this week February 7, 2016 Engine maker Rolls-Royce will report its results for 2015 at the end of this week, and shareholders are bracing themselves for a profit warning and cuts to the dividend. Chief exec Warren East may announce the firm’s sixth profit warning in two years. Analysts are expecting profits to fall by around £320m to £1.3bn while profits [...]
BT finance chief Tony Chanmugam to announce retirement February 7, 2016 BT's finance director is expected to announce his retirement within weeks and will step down later this year. Tony Chanmugam, who has been BT's group finance director since December 2008, will also step down from the BT board. Before becoming head of finance at the telecoms major, he held two senior positions at BT Retail, as [...]
Tory MP Jacob Rees-Mogg discusses David Cameron and the proposed EU reforms in an interview with City A.M. February 5, 2016 Thin gruel is hardly an appealing image, yet that’s how Tory MP Jacob Rees-Mogg first described David Cameron’s proposed EU reforms. As the Prime Minister outlined the details of his EU deal on Wednesday, the North East Somerset MP suggested that the gruel had been watered down yet further. I spoke to this colourful, popular Old Etonian MP [...]
City Moves for 5 February 2016 | Who’s switching jobs February 5, 2016 Robertson Baxter Independent financial advisory firm Robertson Baxter has added chartered financial planner Kate Davenport to its growing technical team. Kate brings the total number of financial professionals at Robertson Baxter to 12. As well as her chartered status, Kate has a degree in law and is currently training to become STEP (Society of State and Trust Practitioners) qualified. [...]
London loses out following former Prudential boss Tidjane Thiam’s pivot east as head of Credit Suisse February 5, 2016 When Tidjane Thiam announced last year that he was leaving Prudential, the market reaction was unambiguous: £1bn was wiped off the value of the company. Thiam had presided over share price growth of 175 per cent during his five-and-a-half years at the top. His loss was never going to go unnoticed. Prudential chairman Paul Manduca [...]
Former pensions minister Steve Webb warns chancellor George Osborne: Don’t become the ghost of Gordon Brown February 5, 2016 Former pensions minister Steve Webb will today urge chancellor George Osborne to abandon proposals for a controversial change to the pensions system. Webb, who was pensions minister in the coalition and is now director of policy at Royal London, will warn Osborne not to repeat the mistakes of his Labour predecessor Gordon Brown by fiddling [...]
News Corp relies on digital real estate business to bolster revenues as news division faces challenges over print advertising February 4, 2016 Media group News Corp has reported revenue of $2.16bn (£1.48bn) for the three months to 31 December, down from $2.26bn in the same period of 2014. Earnings per share also dropped, to $0.20 compared with $0.30 a year earlier. The company, which owns News UK, Dow Jones, the New York Post and Harper Collins Publishers, among [...]
Editor’s Interview: Christian May meets Labour’s mayoral candidate Sadiq Khan February 4, 2016 Clement Attlee dominates one wall in the meeting room of the Khan campaign HQ. I’m reading the plaque when Labour’s mayoral candidate bursts into the room. “Funny story,” he says, “you’ll like this.” He offers a handshake and points to the portrait at the same time. “The only reason that’s here is because the party can’t [...]
