Citigroup names James Bardrick as UK head February 3, 2014 CITIGROUP has appointed one of its leading corporate bankers as head of its UK operations, where he will be manage the bank’s relationships with UK regulators and government, it said yesterday. Former engineer James Bardrick joined Citi in 1987 and took charge of corporate and investment banking for Europe, Middle East and Africa alongside Manuel [...]
Russian retail giant Lenta set for London float February 3, 2014 RUSSIA’S second biggest hypermarket chain Lenta has become the latest retailer to take part in this year’s IPO revival after announcing plans to float on the London Stock Exchange as early as next month. Lenta, which has 77 hypermarkets and 10 supermarkets in 45 cities across Russia, is aiming to raise finance as it looks [...]
Amazon sales growth halves February 3, 2014 AMAZON’S sales only grew by 12.6 per cent to £4.5bn in the UK last year, a slowdown from its previous growth of 21 per cent in 2011 and 2012. The online retailer’s UK sales rose by around $800m compared to sales a year earlier, but came in under 2012’s rise of $1bn and 2011’s $1.4bn. [...]
Call to assist new UK banks February 3, 2014 COMPETITION in banking would be helped if small lenders did not face unnecessary burdens, the boss of the British Bankers’ Association will say at a conference today. Anthony Browne wants rules to be changed to allow challenger banks to accept deposits from local councils – giving them access to a £30bn pool of deposits – and [...]
Card protection compensation set to hit £1.3bn February 3, 2014 CARD Protection Plan (CPP) redress payments could total up to £1.3bn as customers who bought card or identity protection are encouraged to claim compensation for mis-selling. The Financial Conduct Authority (FCA) yesterday launched the scheme for those who bought or renewed the products from CPP or their bank or card provider from January 2005 onwards. [...]
Administration rescued fewer stores in 2013 as retail struggles February 3, 2014 THE NUMBER of stores surviving when major retailers fall into administration dropped significantly this year, despite interest rates being held at historically low levels. According to restructuring and insolvency firm FRP Advisory, the proportion of shops staying open when big retail chains go into administration has dropped, from 50 per cent in 2012 to only [...]
Travelodge to create 1,000 jobs as part of £100m expansion plan February 3, 2014 BUDGET hotel chain Travelodge announced plans yesterday to open 15 hotels this year under a £100m investment programme that will create over 1,000 jobs. The group said five of the hotels will open in London, bolstering its position as the biggest hotel chain in the capital, where it will have 65 sites by the end [...]
Euro banks get ready for round of stress testing February 3, 2014 THE EUROPEAN Central Bank (ECB) laid out more of the terms of its stress tests yesterday. ECB vice president Vitor Constancio said that the tests would provide “total transparency”. He said that there will be “no more doubts about European banks”, which he said are crucial to fund an economic recovery in the Eurozone. Constancio [...]
Former Anglo Irish bank bosses face court over share dealings February 3, 2014 ANGLO Irish bank’s ex-chairman and two other bosses are appearing in court in Dublin today over claims they helped some investors buy shares during the credit crunch. It is alleged that former chairman Sean Fitzpatrick, ex-finance director William McAteer and then-managing director Patrick Whelan illegally loaned money to favoured clients so they could buy more [...]
Julius Baer knocked by Merrill integration February 3, 2014 WEALTH management company Julius Baer fell nearly six per cent in trading yesterday as its integration of funds from Merrill Lynch’s wealth business continued to pose problems. The firm, which bought Merrill Lynch International Wealth Management from Bank of America in August 2012, said net profit for the full year fell 30 per cent to [...]
