Euro bank mulls action to push rates negative May 14, 2014 SPECULATION over expected easing by the European Central Bank (ECB) heated up yesterday, with reports that Frankfurt could slash interest rates to negative levels in an attempt to ward off deflation. The International Monetary Fund’s chief economist, Olivier Blanchard, said yesterday that he saw a 25 per cent chance of deflation in the Eurozone as [...]
Emerging market slowdown to hit global economy’s prospects May 14, 2014 GROWTH is slowing down in Russia, Asia and South America, economists at the Ifo Institute warned yesterday. The economic climate index slowed from 103.2 in the first quarter to 102.3 in the second quarter, a firm slowdown which brings the outlook closer to its long-term average level of 95.5. Much of the developed world accelerated in [...]
Weak industry figures spark Eurozone woe May 14, 2014 INDUSTRIAL output fell again in March as the Eurozone economies showed that they were not yet into recovery mode. Production dipped by 0.3 per cent in March, and output was 0.1 per cent lower than in the same month of last year. “The production figures confirmed that industry has made a weak start to 2014, [...]
Bank cutbacks leave dent in Icap’s profits May 14, 2014 POOR trading conditions hit profits again at Icap in 2013, the interdealer broker reported yesterday. Banks have cut back activity in areas such as bond trading, leaving the firm with lower volumes. Trading profits fell four per cent to £272m in the year, as revenues dipped by five per cent to £1.4bn. The broker blamed [...]
Giles Insurance Brokers swing to profit ahead of US takeover May 14, 2014 GILES Insurance Brokers, which was bought last year by Arthur J Gallagher, grew its turnover and swung to profit in the year leading up to its takeover, while its former parent took a £72.5m charge on the sale, recent accounts show. The company’s name change to Arthur J Gallagher Insurance Brokers Limited was made official [...]
OneSavings Bank hires ex-Lloyds and Close Brothers execs to board May 14, 2014 Onesavings Bank, which plans to float on the London Stock Exchange next month, has beefed up its board by hiring two more industry veterans, the lender announced yesterday. Ex-Lloyds executive Graham Allatt and former Close Brothers director Mary McNamara have both joined the bank’s board. McNamara was formerly the group’s commercial division, and previously worked [...]
Old mutual hires Nedbank’s Ingrid Johnson May 14, 2014 OLD MUTUAL yesterday appointed Ingrid Johnson as its finance director, poaching her from Nedbank where she is group managing executive in charge of retail and business banking. Johnson replaces Philip Broadley who has been in the role since 2008. The investment group has also promoted Paul Hanratty to the role of chief operating officer.
Johnson makes £25m from IPO of bakery chain May 14, 2014 SERIAL entrepreneur Luke Johnson has pocketed around £25m after selling down his stake in Patisserie Valerie, which priced its initial public offering yesterday at the lower end of its range. The chain, which runs five brands including Patisserie Valerie, Philpotts and Baker & Spice, listed on Aim yesterday under the ticker “CAKE”, priced at 170p [...]
Tory MP Rory Stewart appointed new chair of defence committee May 14, 2014 CONSERVATIVE MP Rory Stewart has been named as the new chair of the Defence Select Committee today. The colourful politician, who previously served as a soldier and diplomat and wrote a book about his experiences in Afghanistan and Iraq, replaces fellow Conservative MP James Arbuthnot, who announced in January he would be stepping down in [...]
Compass gives back £1bn to shareholders May 14, 2014 COMPASS, the world’s biggest catering firm, announced yesterday that it would return £1bn to shareholders through a special dividend, after strong business gains in North America helped push first-half profits up 5.7 per cent. The UK company said that adjusted pre-tax profit for the six months to 31 March rose to £608m. On top of [...]
