Claims companies cash in on PPI April 23, 2012 THE INSURANCE mis-selling scandal has become a “cash bonanza” for claims management companies looking to exploit bank customers, according to consumer rights advocates Which? magazine and MoneySavingExpert.com. They hosted a meeting yesterday, where major providers of payment protection insurance (PPI) and regulators discussed the scandal, in which thousands of borrowers were inappropriately sold useless insurance. Which? publishing [...]
Sky News faces Ofcom probe over hacking April 23, 2012 OFCOM yesterday announced it has launched an investigation into Sky News after the broadcaster accessed private email accounts. Prompted by Sky News’ admission a few weeks ago that it had “authorised a journalist to access the email of individuals suspected of criminal activity”, Ofcom is investigating fairness and privacy at the news channel. The media [...]
Cobham picks BAE man Murray to be its new chief executive April 23, 2012 Defence company Cobham has hired Robert Murphy, a member of BAE Systems’ executive committee, as its new chief executive. Murphy will take up his new role on 25 June, replacing Andy Stevens, who is taking early retirement due to a recurring back injury but will remain on the board until further notice to smooth the [...]
Digby Jones joins Flybe board April 23, 2012 ● Airline Flybe said yesterday Lord Digby Jones would be joining the company as a non executive director. The former trade minister and director general of the CBI has a string of other boardroom roles such as the chairmanship of Triumph motorcycles.
Carnival’s Costa chief steps down April 23, 2012 ● The chief executive officer of the Carnival unit whose ship ran aground off the coast of Italy in January is retiring and will be replaced by the head of another of the cruise operator’s European lines. Pier Luigi Foschi, 65, will retire as Costa Crociere chief on 1 July, but will remain as Costa’s [...]
ICE Futures to auction CO2 permits April 23, 2012 ● Britain has awarded a contract to ICE Futures Europe to auction carbon permits in the third phase (2013-2020) of the EU emissions trading scheme in a move that will boost volume on the most liquid carbon bourse. They could be auctioned as early as November, subject to approval by the EU.
Wal-Mart faces US investigation April 23, 2012 ● US politicians said yesterday they were launching an investigation into allegations of bribery at Wal-Mart’s Mexican affiliate. Two Democratic lawmakers sent a letter to Wal-Mart chief executive Mike Duke to request a face-to-face meeting with company officials over claims the company halted an internal probe into bribery in Mexico. Wal-Mart shares fell 4.7 per [...]
London needs a champion to revive new issue market April 23, 2012 THERE’S been a drama playing out over the past few days in London that in recent times we haven’t seen enough of. A maker of luxury cashmere sweaters worn by Prince William and James Bond met fund managers to gauge interest in a share flotation. The fund management groups in attendance, who included Citadel Group, [...]
BAA offloads Edinburgh for shock £800m April 23, 2012 THE dismantling of BAA’s British interests moved forward yesterday when it agreed to sell Edinburgh airport to City airport owner Global Infrastructure Partners (GIP) for a surprise £807m. GIP, an investment fund founded by Credit Suisse and General Electric, beat a consortium led by JP Morgan Asset Management’s infrastructure fund. The price dwarfs the £500m [...]
Entrepreneur makes a £25m offer for station April 23, 2012 Former City worker Ajit Chambers has been in touch to say that he is being partnered by a billionaire investor to make a £25m offer for the disused Brompton Road railway station in west London. Chambers left the City to set up the Old Underground Company with a mission to make something of London’s disused [...]
