Rich Ricci and Bob Diamond eye up investment in new exchange August 19, 2013 FORMER Barclays executives Rich Ricci and Bob Diamond could be reunited as investors in an upstart stock exchange based in the City, it emerged yesterday. Aquis, which is aiming to launch this October, yesterday confirmed that it had sold a 30 per cent stake to Warsaw Stock Exchange for £5m. But it is the identity of [...]
UK ships gold to Switzerland in Asian rush August 19, 2013 DURING the first half of this year alone, the UK exported 797 tonnes of gold to Switzerland, far outstripping the 72 tonnes traded in the whole of last year. The value of the gold exported between January and June was around £25bn, and the Macquarie Group believe that is being sold to satisfy soaring demand [...]
Quindell Portfolio chief hits back at firm’s critics August 19, 2013 THE BOSS of outsourcing company Quindell Portfolio yesterday blamed “journalists and speculators” for blowing up a dispute that halved the value of his firm’s shares earlier this year. Rob Terry, founder and chief executive of the fast-growing Aim-listed business, told City A.M. that the company is on the right track as he unveiled a strong rise in [...]
Edwards agrees to Atlas Copco tie-up August 19, 2013 SWEDISH engineer Atlas Copco confirmed yesterday that it plans to take Edwards Group private just over a year after the Sussex-based vacuum pump specialist floated on the Nasdaq. Edwards has agreed to the all-cash offer, worth up to $1.6bn (£1.02bn) providing the firm hits earnings goals, and major investors Unitas and CCMP have already given [...]
Record bad loans still hitting Spain’s banks August 19, 2013 THE BANK of Spain suggested yesterday that bad loans are still haunting the country’s financial system, with a record 11.6 per cent of lending going to people categorised as doubtful debtors. According to the central bank’s balance sheet, which calculates total lending by Spanish credit institutions, in June €176.42bn (£150.59bn) was extended to customers who [...]
Amlin takes a hit as European flood payouts dent bottom line August 19, 2013 INSURER Amlin yesterday announced a fall in first-half profits after floods in central Europe required it make hefty payouts for catastrophe claims. The second biggest Lloyd’s of London insurer declared pre-tax profits of £161.4m for first the first six months of 2013, down 17 per cent on the same period last year. This was mainly due [...]
Ex-Diageo boss Walsh joins United Spirits August 19, 2013 FORMER Diageo chief executive Paul Walsh is joining the board of Indian drinks group United Spirits, six weeks after Diageo became a major shareholder in the firm. Walsh, who stepped down from the top job at London-listed Diageo in July after 13 years, was yesterday appointed to the board of United with immediate effect. Diageo [...]
Pirates match brings Lewsey back to the City August 19, 2013 FORMER PwC beancounter, Citi trader and more importantly winner of City A.M.’s very own City Fittie talent search Josh Lewsey is returning to the Square Mile this week. The ex-rugby player left his role as a trader at Citi in April, in order to return to the world of rugby as chief executive of the [...]
Wills keen to get off nappy duty and back to work duty August 19, 2013 PRINCE William revealed yesterday that he did the honours of changing baby George’s first nappy. In a video interview with CNN Wills also confessed: “As a few fathers might know, I’m actually quite looking forward to going back to work.” The new father said he was hoping to get some uninterrupted sleep: “I’m just hoping the first [...]
Portas hits out at coalition over UK high streets August 19, 2013 RETAIL expert Mary Portas yesterday accused the government of lacking “joined up thinking” and said it needs to introduce a clear strategy to secure the future of Britain’s high streets. Portas, who was tasked by David Cameron two years ago with reviewing the country’s ailing town centres, also criticised communities secretary Eric Pickles for allowing [...]
