Merkel and allies could overrule Cameron on EU commission boss June 2, 2014 DAVID Cameron could face a humiliating defeat in Europe if Germany and its allies vote for Jean-Claude Juncker as EU commission President. The Prime Minister opposes arch-insider Juncker and wants a candidate who is more likely to help him reform the EU ahead of his planned referendum in 2017. But German Chancellor Angela Merkel backs Juncker, [...]
B&M covered for flotation June 2, 2014 HIGH street stalwart B&M Retail is on course to defy growing scepticism in the new issues market after getting commitments from investors to back a stock market debut. The firm is understood to have covered its books on the offering, which came under renewed focus after retailer Fat Face scrapped a share issue last month. [...]
Cross-border lending down as banks cut back to home nations June 2, 2014 BANK lending across borders fell by another $122bn (£72.8bn) in the final three months of 2013, the Bank of International Settlements said yesterday. It is the seventh consecutive quarterly drop in lending and shows banks are still cutting back to home markets. The trend represents a marked change from the pre-crash era when credit flowed more freely [...]
Ex-Aviva chief Moss ventures back into City June 2, 2014 FORMER Aviva boss Andrew Moss has re-emerged in his first role since being deposed from the FTSE 100 insurer two years ago. Moss, who was ousted from the company in 2012 after a revolt from shareholders, will join risk consultancy Parker Fitzgerald as chairman of the advisory board, the company confirmed yesterday. “His market knowledge [...]
King of Spain set to renounce crown after 39 years on throne June 2, 2014 SPANISH King Juan Carlos I announced his unexpected abdication yesterday, handing over the position to crown prince Felipe. It puts an end to 39 years during which he helped Spain transition to democracy. Juan Carlos I, who is 76, told Spanish Prime Minister Mariano Rajoy of his wish to leave his position as monarch, which [...]
Tesco chooses two new execs June 2, 2014 TESCO appointed two new executives in creative roles yesterday, as it seeks new ways to improve sales. Jill Easterbrook has been appointed as chief customer officer. She has worked at Tesco for 13 years. Matt Atkinson has been picked as chief creative officer and will work on new products. “Both have played a big part [...]
Sliding German inflation seen ahead of central bank decision June 2, 2014 GERMAN inflation plunged in May, dropping to just 0.6 per cent from the same month in 2013, a reduction of nearly half from the figure that was recorded in April. The country’s harmonised index of prices was expected to fall, but only to one per cent. “At this stage, it seems likely that part of [...]
New poll shows Tories in line to win in Newark June 2, 2014 NEW POLLING suggests the Conservatives will hold the seat of Newark in a by-election this Thursday, with Ukip coming second, Labour beaten into third place and the Liberal Democrats trailing on just six per cent. The election, triggered after incumbent MP Patrick Mercer stepped down following a lobbying scandal, is being seen as a good [...]
Bank of America poaches top UK corporate broker from Swiss rival June 2, 2014 BANK of America Merrill Lynch (Baml) yesterday bolstered its corporate broking team by hiring Tim Waddell from UBS. He will focus on UK clients, and the bank hopes Waddell can help it become the broker for more than 30 FTSE100 firms – Baml is currently on 29, shortly behind leading bank JP Morgan. Baml hopes to [...]
Belgium probes UBS money launder claims June 2, 2014 SWISS bank UBS is facing an investigation by Belgian authorities who suspect it may have helped clients launder money. The investigation, headed by Judge Michel Claise, began late last year. Its announcement comes after claims in Belgique magazine that UBS had approached wealthy clients and encouraged them to funnel money into undeclared accounts in Switzerland. “We [...]
