City Moves for 1 February 2016 | Who’s switching jobs February 1, 2016 EEF Dame Judith Hackitt, who is stepping down as chair of the Health and Safety Executive at the end of March, has been appointed as chair designate of EEF, the manufacturers’ organisation. She will take up the post on 4 April, replacing Martin Temple, who will step down after more than 17 years as director [...]
Snooper’s Charter will undermine UK tech firms February 1, 2016 London’s technology scene is booming. To get an understanding of the scale of this growth, just consider that investment in the sector was ten times higher in 2015 than it was in 2010, with over $2bn (£1.4bn) of venture capital invested in the city last year. Half of this came from the UK, with 29 [...]
City Moves for 29 January 2016 | Who’s switching jobs January 29, 2016 Marsh Rob Powell has been appointed claims advocacy international leader at insurance broker Marsh. Based in London, Rob will report to Michael Poulos, global head of Marsh’s client advisory services. He joined Marsh in 2014 as a managing director in the international claims advocacy practice. Before joining, Rob was global chief claims officer at Torus [...]
Chancellor George Osborne facing Budget squeeze after postponing Lloyds share sell-off January 28, 2016 George Osborne was dealt a double blow yesterday, as Britain’s economic growth slowed and the government was forced to postpone the sell-off of Lloyds, with economists warning that taxes could be raised to make up for a shortfall in the public finances. The sale of the final chunk of Lloyds shares – which was expected to [...]
Amanda Staveley’s PCP Capital Partners sues Barclays for almost £1bn January 28, 2016 Amanda Staveley's investment vehicle PCP Capital Partners is suing Barclays over its emergency £5.8bn fundraising in 2008. The deal-maker is said to be seeking almost £1bn from the bank. PCP invested on behalf of Abu Dhabi’s Sheikh Mansour bin Zayed Al Nahyan, who has since offloaded much of his stake in the bank through a hedging deal with [...]
Microsoft shares take off in after hours trading after tech firm unveils higher cloud sales January 28, 2016 Microsoft reported revenue of $23.8bn (£16.6bn) for the second quarter of the 2016 financial year, down from $26.5bn in the same period of last year. However, revenue in its Intelligent Cloud division was up five per cent to $6.3bn, with server products and cloud services seeing a 10 per cent increase in turnover. The firm's cloud [...]
Amazon share price dives as retailer unveils 22 per cent revenue growth and profit misses the mark January 28, 2016 Amazon shares tumbled more than 12 per cent in after hours trading as the company missed profit expectations, despite reporting income had more than doubled year-on-year in the final quarter of 2015 to $482m (£336m) from $214m, or $1.00 per share from $0.45. However, this was significantly wide of analysts' expectations of $1.56 per share. The firm also [...]
Rolls-Royce set to reveal senior management shakeup with dozens of departures January 28, 2016 Rolls-Royce Holdings chief exec Warren East is set to announce a raft of job cuts from the company's senior manager team tomorrow. Around one quarter of the senior managers – up to 50 in total – will leave over the coming months. “We are giving details of the latest stage of our transformation to our [...]
Time Warner Cable profits beat expectations as company reverses tide of declining subscriber numbers January 28, 2016 Time Warner Cable (TWC) posted a better than expected profit of $486m (£338m) for the fourth quarter of 2015, down from $554m in the same quarter of 2014. Revenue rose by 4.9 per cent to $6.07bn during the final three months of last year, up from $5.79bn the year before. The group, which is being bought [...]
Ford Motor shares drop three per cent despite record profits in 2015 January 28, 2016 Shares in car manufacturer Ford dropped by more than three per cent today, as the company's record profit of $10.8bn (£7.5bn) failed to assuage investor fears over the state of the motor market. The firm increased profit by $3.5bn last year, and doubled quarterly profit to $2.6bn from $1.3bn in the final quarter of 2014. [...]
