Invesco hit with £18.6m fine for process failure April 28, 2014 INVESTORS in Invesco Perpetual lost £5m because the fund exposed them to more risk through the financial crash than those customers had expected, the City watchdog said yesterday. The Financial Conduct Authority (FCA) fined the asset manager £18.6m for the failings, which occurred between May 2008 and November 2012. Invesco broke the rules on 33 [...]
UK’s top bosses more likely to have worked around the world April 28, 2014 BRITISH chief executives are more likely to have worked abroad and in several sectors than their international counterparts, but many are still older, male and from financial backgrounds, according to two reports published today. Just over half of CEOs who took over one of the world’s 2,500 largest listed firms stationed in the UK in [...]
Bank of America’s shares dive as it suspends share buybacks April 28, 2014 BANK of America Merrill Lynch suspended its plans to buy back shares and hike its dividend yesterday, after it found it had mis-calculated its capital position. The bank mis-counted the value of structured notes issued by Merrill Lynch before the financial crisis and the firm’s subsequent merger. The mistake overstated its capital position by roughly [...]
BG boss makes shock exit after just 16 months April 28, 2014 BG GROUP chief executive Chris Finlayson has resigned after just 16 months at the helm, the FTSE 100 oil and gas producer said yesterday. BG said his departure, which takes place with immediate effect, was for personal reasons, although in the same announcement it trimmed its production guidance for its Egypt operations and warned issues [...]
Price of three-bedroom homes in prime London up £729 daily April 28, 2014 AVERAGE-sized homes in the most in-demand parts of the capital have surged in value by a shocking £250,000 each during the last 12 months, almost eight times a typical Londoner’s annual salary. According to London estate agents Marsh & Parsons, an average three-bedroom house in the most desirable parts of London has risen by £5,120 [...]
Analyst Views: What did you make of Finlayson’s resignation and the Egypt update? April 28, 2014 NEILL MORTON | INVESTEC He cites “personal reasons” yet the board seems happy to usher him through the exit while reiterating its commitment to his strategy. His focus was on project delivery and Brazil and Australia still appear to be on track. Egypt may have worsened, but this is a political situation over which he [...]
Aston Martin sales accelerate April 28, 2014 LUXURY car maker Aston Martin has reported a 13 per cent rise in revenues to £519m for last year. The British firm, whose vehicles are regularly used in James Bond films, said it shipped around 4,200 cars in 2013, up 11 per cent.
Gatwick Obviously didn’t Bank on a week of major Tube strikes April 28, 2014 THERE are plenty of Londoners hoping that TfL could still cut a deal with union leaders and halt the current Tube strikes, but Gatwick’s ad men might well be crossing their fingers more tightly than most. The airport has staged a week-long advertising takeover in both Bank and Westminster Tube stations but with the Tube [...]
Angry Birds in a flap as Rovio’s profits tumble April 28, 2014 FINNISH game developer Rovio, creator of the hit Angry Birds mobile gaming phenomenon, saw its profits halved last year as sales of its mobile games stalled. Despite Rovio expanding its reach into television, with an Angry Birds animated TV series, and the launch of a range of toys and clothing, the company’s profits fell to [...]
Quindell struggling for investor confidence after Gotham attack April 28, 2014 SHARES in insurance outsourcer Quindell tumbled further yesterday despite the firm’s 12,500-word response to Gotham City’s shorting attack last week, which wiped £950m from Quindell’s market valuation. Quindell’s shares closed down 18.37 per cent at 20p, a fall of over 48 per cent since Gotham published its controversial blog attacking the company on 22 April. [...]
