Persimmon boss Jeff Fairburn walks off in interview about £75m bonus October 19, 2018 The chief executive of housebuilder Persimmon Jeff Fairburn refused to answer questions about his massive £75m bonus in an awkward interview with the BBC yesterday. Fairburn was in line for a bonus of over £100m last year before agreeing to donate £25m to charity to take his bonus to £75m. Read more: Help-to-Buy fuels rise in [...]
London Stock Exchange delivers strong results as it boosts holding in clearing house LCH October 19, 2018 The London Stock Exchange Group (LSE) grew revenue five per cent in the third quarter it said today as it announced a further £384m investment in clearing house LCH Group Holdings. In the quarter to 30 September LSE’s total revenue grew to £464m while its total income expanded eight per cent compared to the same [...]
Nearly half of major insurance claims disputed by insurers October 18, 2018 Almost half of large commercial insurance claims are disputed by insurers and on average take three years to resolve, according to new research. Insurance governance company Mactavish said that the increasing complexity of insurance meant that many companies do not understand the risks they face and may not have appropriate cover in the event they [...]
HSBC confirms it is exploring a Chinese listing via new London-Shanghai link October 18, 2018 HSBC confirmed today it is exploring a plan to sell its shares in China via a new London-Shanghai trading link. A spokesperson for the bank said: “We are studying the proposed framework for the listing of Chinese depositary receipts under the Shanghai-London Stock Connect but cannot comment further at this time.” Read more: HSBC, Credit [...]
Scottish government confirms case of mad cow disease on farm in Aberdeenshire October 18, 2018 The Scottish government has today confirmed a case of Bovine Spongiform Encephalopathy (BSE) on a farm in Aberdeenshire. Movement restrictions have been put in place at the farm, while further investigations are carried out, the government said in a statement. Read more: US wants to start trade talks with UK as soon as possible post-Brexit [...]
Black cabs to launch in Paris (but will they go south of the Seine?) October 18, 2018 London’s black cabs will launch in Paris next year as the Chinese owner of the iconic design continues its global expansion. In 2017 the Geely-owned London Electric Vehicle Company said it would launch its taxis in Amsterdam, Oslo, Berlin and Hamburg. Read more: Driverless flying taxis could be heading for London The company said today [...]
New Look confirms China exit plans October 18, 2018 Fashion chain New Look confirmed today that it was planning on pulling the plug on its operation in China. The company said it has been gradually reducing its number of stores and now intends to close its remaining 120 stores in the country by the end of December 2018. Its Shanghai head office will close [...]
Games Workshop shares slip after it warns of uncertainties in upcoming trading periods October 18, 2018 Shares in model retailer Games Workshop fell more than six per cent this morning after it warned of “uncertainties in the trading periods ahead for the rest of the 2018/19 financial year”. In a trading update this morning Games Workshop said trading to 7 October had continued well with sales ahead of the same period [...]
Unilever’s underlying sales growth accelerates in third quarter as it stays put in London HQ October 18, 2018 Anglo-Dutch consumer titan Unilever boosted underlying sales growth by 3.8 per cent in the third quarter as all three of its major divisions performed strongly. Turnover fell 4.5 per cent compared to the same quarter the previous year to €12.5bn (£11bn), however the company said this was largely due to disposals, including the £6bn sale [...]
Prudential Finance removed from US ‘too big to fail’ list October 17, 2018 US insurance giant Prudential Finance was removed from the list of organisations judged “too big to fail” today by US regulators. Prudential was the last of the insurance firms on the list of major financial institutions which was drawn up post-financial crisis. Read more: RIP Dodd Frank: Trump's adviser signals the end of the banking [...]