Chinese economic crisis: China cuts rates as a pick-me-up after stock market crash August 26, 2015 Aftershocks from Monday’s chaos rippled through global markets yesterday, with shares bouncing back in parts of the west and China providing a shot in the arm for its battered trading floors and wavering economy. Following the worst worldwide stock market rout in years, the FTSE came out fighting and recorded its biggest one-day rise [...]
What’s next for Stephen Hester? August 25, 2015 WITH Zurich’s takeover of RSA looking increasingly likely, the question remains: What happens to Stephen Hester? Hester, the former boss of RBS, became chief executive of RSA in February 2014. Since then, he has led an ambitious turnaround plan for the ailing insurer, raising capital, reorganising the business and building investors’ trust – despite multiple [...]
Gulf Marine Services boosted by positive outlook for second half August 25, 2015 GULF Marine Services (GMS) yesterday revealed increased revenues and slightly decreased earnings for the first half of the year. The UAE-based firm, which operates a global fleet of support vessels for the off-shore gas industry, reported that revenue for the year to the end of June was $98.2m (£62.6m), up from $90.7m. The company’s adjusted [...]
Business survey gives cause for optimism on German economy August 25, 2015 A WIDELY followed German business confidence survey has suggested that the Eurozone’s biggest economy is set for stronger growth ahead after a disappointing growth figure was confirmed yesterday. The German-based Institute for Economic Research (IFO) yesterday said its business climate index, derived from a survey of around 7,000 firms in services, manufacturing and construction, edged [...]
Puretech’s first results post-float show medical firm in good health August 25, 2015 HEALTHCARE research company Puretech Health yesterday released its maiden half-year results, reporting details of the expansion that has followed the firm’s flotation in January. Puretech’s arrival on the market generated $196m (£125m) for the company, bringing its gross proceeds to around $250m. The company reported an operating loss of $11.6m. It currently has holdings in [...]
Bocca di Lupo restaurateur says he would charge any striking Tube driver double the price August 25, 2015 The Tory crackdown on union strike action has been pretty hardcore in recent months, but it looks like a ceasefire is on the horizon after London Underground protests were called off earlier this week. City chef Jacob Kennedy hit back at Tube staff this week, saying that he would charge any striking workers double [...]
Summer break inspires City slickers to switch careers for a job in the sun August 25, 2015 Two weeks in a tropical paradise is seemingly enough to tempt even the richest City slickers into packing it all in to become a surf instructor, as apparently over 50 per cent of UK workers seriously consider a career change immediately after the summer holidays. After returning from a summer break, one in two workers [...]
City Moves for 26 August 2015 | Who’s switching jobs August 25, 2015 Close Brothers Asset Management Nicholas Cliffe has been appointed investment director at the investment management firm. He joins from HSBC Global Asset Management, where he spent five years as a discretionary wealth manager. Ashurst The law firm has appointed Shaun Lascelles as a partner in its global private equity team. He joins from the London [...]
US hammered after earlier rally in trading – New York Report August 25, 2015 A STRONG rally on Wall Street evaporated and turned into losses yesterday, as concerns about China’s economy heavily outweighed lower valuations that some investors earlier saw as bargains. The Dow Jones industrial average fell 204.91 points, or 1.29 per cent, to 15,666.44, the S&P 500 lost 25.59 points, or 1.35 per cent, to 1,867.62 and [...]
The poorest have most to gain from the Financial Conduct Authority making it easier to innovate August 25, 2015 One of the FCA’s statutory objectives is to promote effective competition in the financial services sector in the interests of consumers. As the economy continues to settle into a new phase, it is fair to ask whether the FCA should adjust the balance of its focus on market enforcement and instead ensure resources are [...]
