Bottom Line: Thiam can fulfil his ambitions for growth November 14, 2013 PRUDENTIAL boss Tidjane Thiam likes to cite an incredible statistic: 10,000 people retire in the US every single day. It is this stark fact – and the ballooning middle class across Asia – which lends credence to Thiam’s ambitious plan to make the £30bn insurer even bigger. Although still enjoying a reputation among some dozy [...]
UK’s bad banks pay another £3bn back to the government November 14, 2013 THE REMAINING chunk of Northern Rock and Bradford and Bingley is paying the government increasingly quickly, UK Asset Resolution (UKAR) said yesterday. It paid £3.8bn to the government in the first nine months of the year, £3.1bn of which were loan repayments. That compares with payments of £2.6bn in the same period of 2012 and [...]
Asda promises to invest £1bn in lower prices November 14, 2013 ASDA pledged yesterday to invest £1bn in lowering prices of some of its products over the next five years and expand its UK presence, as the supermarket reported a slowdown in third quarter sales. The Walmart-owned group, which is vying with Sainsbury’s to be the UK’s second largest supermarket, said the move will help it [...]
United score big as commercial and TV deals drive record results November 14, 2013 THE BOOM in income for English football’s top clubs is showing no sign of slowing down, with Manchester United raking in nearly £100m in its first three months of a new fiscal year. Releasing its first quarter results yesterday, executive vice-chairman Ed Woodward also said that the new £900m BT deal to show the European Champions League [...]
Mayor searches for olympic homes partner November 14, 2013 THE MAYOR’S development agency has launched a competition to find a partner to help build the next phase of housing on London’s Queen Elizabeth Olympic Park. The London Legacy Development Corporation said yesterday it hopes to have a shortlist by February. The schemes at East Wick and Sweetwater will have 1,500 homes and are expected [...]
Prince Harry off on South Pole trek for charity November 14, 2013 PRINCE Harry will leave London on Sunday to battle icy winds and survive in temperatures of minus 40 degrees as he treks with a group of injured soldiers to the South Pole. A far cry from the climate of Afghanistan – where Harry was based on deployment with the army earlier this year – the [...]
JP Morgan feels the sharp end of Twitter November 14, 2013 ASK NOT for whom the tweets troll, JP Morgan – they troll for thee. The bank, which was one of the underwriters on last week’s Twitter float, threw senior investment banker Jimmy Lee to the snarks overnight on Wednesday by inviting students to quiz him on “leadership and life” using the hashtag #askJPM. “What’s your favourite [...]
Green: The colour of money? November 14, 2013 WHAT’S more important for a struggling lender: being seen to be green or actually running a bank in a viable and profitable way? The Queen certainly recognised the green credentials of the Co-operative Bank yesterday as she toured its new head office in Manchester. While dealing with financial woes and a £1.5bn capital shortfall, it [...]
Barclays to cut branch staff in efficiency drive November 14, 2013 BARCLAYS is to lay off around 1,700 staff, unions said yesterday, as part of its long-term plan to automate more tasks and make the business more efficient. Branch staff will be affected by the move. Boss Antony Jenkins has spoken previously about his long-term vision for the sector, where he expects customers to demand more [...]
Shadow banks grow despite fears of risk to market stability November 14, 2013 THE SHADOW banking sector expanded strongly last year despite regulators’ concerns about the risks it may pose to the rest of the financial system, the Financial Stability Board (FSB) said yesterday. Its study of the sector, which includes a range of funds with some bank-like characteristics, found non-bank financial intermediation grew by $5 trillion (£3.1 [...]
