Union slams Ofwat decision on pricing and calls for more action December 14, 2014 Private water companies and the industry regulator Ofwat should be scrapped, according to union GMB. Ofwat’s price determination, published late last week, revealed that water bills in the UK would be reduced by five per cent over the next five years. Jonson Cox, Ofwat chairman, said: “We are bringing down bills so customers can expect [...]
Big six market share declines December 14, 2014 INDEPENDENT energy firms in the UK now account for 10 per cent of the residential dual-fuel energy market, according to new research from consultancy firm Cornwall Energy. The data shows that the big six firms accounted for 99 per cent of the market in 2011. By September 2014, this had dropped to 92 per cent, [...]
Spending on delivery grows December 14, 2014 INVESTMENT in commercial vehicles grew by 22 per cent in the last year, according to UK finance provider LDF. The firm said the value of asset finance used by businesses to fund fleets of trucks, vans and other commercial vehicles rose from £4.9bn to £5.9bn in the year to 31 October as companies realised that [...]
London estate agent Knight Frank cuts ties with Zoopla over new website Onthemarket.com December 11, 2014 Property website Zoopla yesterday brushed off the break up of its partnership with London estate agents Knight Frank, with share price dipping by just 0.35 per cent. Knight Frank’s decision to cut ties with the online business comes ahead of a January 2015 launch of Onthemarket.com. Knight Frank is one of the founders [...]
Lending Club: Famous faces John Mack, Larry Summers and Mary Meeker at the top of US loan share firm December 11, 2014 US loan company Lending Club boasts several well-known names among its board of directors, including John “Mack the Knife” Mack and Larry Summers. Founder and chief executive Renaud Laplanche also serves as chairman. He previously founded enterprise software company TripleHop Technologies, and has won a series of awards for entrepreneurialism, as well as taking [...]
FCA chiefs Martin Wheatley and David Lawton cling on despite damning Davis report on insurance market fiasco December 10, 2014 City watchdog Martin Wheatley came in for criticism yesterday as the £3.8m Davis report on the regulator’s handling of media briefings was released to the public. The Financial Conduct Authority’s (FCA) chief executive will forgo his bonus for 2013-14 as a result of the findings, as will David Lawton, director of markets, Zitah McMillan, director [...]
Stansted owner Manchester Airport Group calls for further rail investment in south east December 9, 2014 The airport group which owns Stansted has called on the government to increase investment in rail infrastructure in the south east. Neil Thompson, chief financial officer at Manchester Airport Group, made the comments yesterday as the company reported its results for the first half of the 2014 financial year. The firm posted an eight [...]
BMW appoints Harald Krueger as chairman and shakes up board to stay ahead of rivals December 9, 2014 German car manufacturer BMW made several surprise changes to its board yesterday, appointing Harald Krueger as chairman, effective from the end of a general meeting on 13 May 2015. Krueger, 49, joined BMW in 1992, and has been a member of the board since 2008. He has been responsible for production at the group since [...]
Watchdog reshuffle: Zitah McMillan and Victoria Raffe set to leave FCA ahead of Davis report December 8, 2014 A drastic shakeup of top positions at the City’s main financial watchdog was announced yesterday, ahead of tomorrow’s release of a damning report on failings at the regulator. The Financial Conduct Authority (FCA) confirmed that executives Zitah McMillan and Victoria Raffe are to leave the organisation, which is to undergo a complete restructure. The departure [...]
Petropavlovsk share price plunges as firm reveals plan to raise $235m December 8, 2014 Gold firm Petropavlovsk saw its share price slashed by almost 30 per cent yesterday, after announcing that chairman Peter Hambro is to lead a $235m (£150m) rights issue in order to refinance around 62 per cent of the company’s bonds. The rights issue will be carried out at 5p per share, and will be underwritten [...]
