App Store has made $10bn in sales for Apple January 7, 2013 APPLE has seen more than $10bn (£6.2bn) spent on apps since it launched its App Store four and a half years ago. The iPad and iPhone maker said that more than 40bn apps have been downloaded since July 2008, and that the rate is increasing, with nearly 20bn of those downloads occurring in 2012 alone. [...]
Citi’s Corbat hires new exec team January 7, 2013 CITI’S new chief executive Michael Corbat yesterday announced a root and branch overhaul of the bank’s senior leadership team just three months into his tenure at the firm. Corbat, who replaced former chief executive Vikram Pandit after his high profile exit in October, has promoted Citi veterans Jamie Forese and Manuel Medina-Mora to be his [...]
PPI mis-selling bankers to face banking commission grilling January 7, 2013 REPRESENTATIVES from the UK’s big four will face a grilling over the payment protection insurance (PPI) mis-selling scandal from a sub-panel of the Parliamentary Commission on Banking Standards (PCBS). The commission, headed by Conservative MP Andrew Tyrie, who also chairs the Treasury Select Committee, is looking for top executives involved in the retail side of the banking [...]
Bumi agrees to Nat Rothschild board meeting January 7, 2013 COAL miner Bumi yesterday agreed to a meeting to discuss Nat Rothschild’s plans for a board overhaul, although it added that the financier must take a “significant amount of responsibility” for the company’s situation. Bumi co-founder Rothschild is seeking to remove 12 of the 14 current directors – including chief executive Nick Von Schirnding and [...]
Ronaldo transfers to UK to pick Sorrell‘s brain January 7, 2013 BRAZILIAN football legend Ronaldo is heading to the UK to work for Sir Martin Sorrell’s advertising giant WPP. The 37-year-old, who owns sports marketing company 9ine with WPP, will work on deals ahead of Brazil’s 2014 World Cup. Ronaldo told a Brazilian newspaper: “Learning from Martin Sorrell will be perfect. I won’t leave him alone.”
Markets lap up easing of bank liquidity rules January 7, 2013 BANK shares jumped yesterday after regulators eased incoming liquidity rules, giving banks more time to build up their buffers as well as letting lenders use a wider range of instruments. The aim of the rules is to make sure banks have a buffer of liquid assets big enough to match outflows of cash in a [...]
What are all these Acronyms? January 7, 2013 Q What is the LCR? A The Liquidity Coverage Ratio is a measure intended to decide how big a buffer of liquid assets a bank needs to survive a month-long squeeze. The bank will be able to sell the assets in the buffer to cover the outflow of cash in the tough period, relying on [...]
Tough new funding rules next target on finance lobby hit list January 7, 2013 BANKS will spend the coming years pushing regulators to scrap incoming rules which will force them to match long term lending with long term funding, emboldened by their success in getting liquidity rules weakened, City A.M. has learned. The British Bankers’ Association spent several years arguing the Liquidity Coverage Ratio would force banks to reduce [...]
Cameron and Clegg pledge to stay until 2015 January 7, 2013 DAVID Cameron and Nick Clegg yesterday insisted the coalition would last a full five-year parliamentary term and said a range of policy announcements on infrastructure investment, childcare costs and housebuilding would form the basis of the government’s work for the next two years. Despite this a leading business group responded by demanding the duo “go further, [...]
Lords leader quits to return to business January 7, 2013 LORD Strathclyde, Leader of the House of Lords, resigned yesterday after 25 continuous years on the Conservative front bench. The hereditary peer, 52, said he took the surprise decision to quit the cabinet halfway through this parliament so he can pursue a second career in business before it is too late. “I started my life in [...]
