Capital Markets Union: Europe’s bid to reboot lending to businesses February 18, 2015 Creating large-scale, US-style capital markets in the EU could boost lending to businesses by hundreds of billions of euros, providing a vital boost to its struggling economies, European Commissioner Lord Hill said yesterday. The vast majority of small firms in the EU rely on bank lending for finance, a dependency which became a serious weakness [...]
Energy firms welcome CMA regulation as Ovo praises “punchy statement” February 18, 2015 Regulatory changes in the energy sector as suggested by the Competition and Markets Authority (CMA) yesterday have been welcomed by both the Big Six companies and newer entrants. The CMA announced last July that it would be examining the energy market after a referral by Ofgem. The group said in an update to the market [...]
HSBC needs to re-learn its ABCs, or better still, its KYCs February 18, 2015 PLAC, CRD-4, the FCA and the PRA: but for HSBC, the most important acronym in the banking lexicon right now is KYC (Know Your Customer). Since inheriting the reins of Europe’s largest bank four years ago, Stuart Gulliver has rarely been out of his firefighter’s overalls. On many of those occasions it was the bank’s [...]
More aboard: Eurostar reports 3pc increase in 2014 passengers February 18, 2015 CROSS-Channel rail service Eurostar said that its new service to the south of France via Lyon had been a success as it reported a pick-up in business travel last year, when the business celebrated its 20th anniversary. Eurostar, whose new high-speed e320 trains will start running at the end of this year, said passenger numbers [...]
John King steps down as CEO of House of Fraser February 18, 2015 HOUSE of Fraser chief executive John King has stepped down after eight years at the helm of the department store chain, with chief operating officer Nigel Oddy taking his place. King joined House of Fraser in 2007 just after its was bought by a consortium of investors called the Highland Group which included retail entrepreneur [...]
Iberdrola profits drop as demand for energy falls February 18, 2015 SPANISH firm Iberdrola, owner of Scottish Power, reported a drop in revenue in 2014, to €30bn (£22bn) from €31.1bn in 2013, following a year in which UK demand for both gas and electricity dropped. The company blamed mild weather in the first half of 2014, as well as the effect of energy efficiency measures introduced [...]
RSA Insurance sells Indian unit as it disposes non-core assets February 18, 2015 Shares in RSA Insurance Group closed up 1.7 per cent yesterday, as the company continued with its strategy of disposing non-core assets and announced the sale of its 26 per cent holding in Indian insurer Royal Sundaram Alliance Insurance. RSA sold the stake to its joint venture partner, Sundaram Finance, for £46m, and the company [...]
French strength helps profits at Credit Agricole February 18, 2015 FRENCH bank Credit Agricole saw profits jump in the fourth quarter of 2014, yesterday reporting healthy investment banking incomes and domestic retail revenues. Profits climbed 13 per cent on the year to €697m (£512.7m). International retail banking revenues climbed 4.2 per cent, while its domestic LCL brand saw revenues rise 1.2 per cent. Corporate and [...]
New Carlsberg CEO seeks cure for hangover February 18, 2015 DANISH brewing giant Carlsberg yesterday appointed a new chief executive, but warned that ongoing geopolitical problems in Russia and Ukraine would hit revenues again this year. Cees ‘t Hart, the Dutch CEO of dairy firm FrieslandCampina, will take the reins at Carlsberg in June. He will replace incumbent Jorgen Buhl Rasmussen, who turns 60 this [...]
Gfinity and Vue to launch first ever e-sports arena in the UK February 18, 2015 British e-sports business Gfinity has signed an agreement with cinema operator Vue Entertainment International to launch the UK’s first e-sports – or professional video gaming – arena in London, it emerged yesterday. The agreement will see part of the Vue Fulham Broadway multiplex transformed into a 600-person e-sports venue, to be named Gfinity Arena to [...]
