Sir Martin Sorrell joins wealth manager June 19, 2011 SIR Martin Sorrell, the boss of advertising titan WPP, is poised to join the advisory board of British wealth management firm Stanhope Capital. He will take up a role on the advisory board of the firm, which manages funds totalling $7.5bn (£4.6bn), alongside former BP chief Lord Browne. Lord Browne was appointed to chair the [...]
Chair role for ex-FSA chief June 19, 2011 FORMER Financial Services Authority (FSA) chairman Sir Callum McCarthy has thrown his weight behind a new mortgage business. Sir Callum is to become the chairman of Castle Trust, a new mortgage firm. He will be joined on the board by a star-studded list of City names, including Lord Deben, the chairman of the Association of [...]
Banned Northern Rock’s Jones sets up new firm June 19, 2011 THE BANNED former finance chief of Northern Rock, David Jones, is in the early stages of setting up a new consultancy firm. Jones, who was banned from banking for life by the Financial Services Authority (FSA) last year, has filed to set up an advisory firm, Heriot Consulting, with Companies House. Filed in April, the [...]
SIR TERRY LEAHY BUYS BRITISH AGAIN June 19, 2011 FORMER Tesco boss Sir Terry Leahy has backed a small British technology start up. Sir Terry, who ploughed £2m of his personal wealth into software start up MetaPack last week, has now led a £1.5m cash raising for mobile coupon firm Eagle Eye Solutions. He and two top-ranked City retail analysts, Bill Currie and Iain [...]
Babcock lines up a bid for LearnDirect June 19, 2011 OUTSOURCING firm Babcock International is gearing up to buy LearnDirect, the online teaching company. Babcock, which maintains Royal Navy submarines and aircraft carriers, is said to be one of the bidders in the running to buy the training provider. It is one of about 10 groups looking to buy LearnDirect, after Ufi, a charitable trust [...]
Business weighs risks of Russian investment June 19, 2011 AS the St Petersburg International Economic Forum wrapped up over the weekend, the business leaders and investors who flew into Russia to see President Dmitry Medvedev outline his vision for attracting foreign investment into the resource rich former super power were hopeful that reform is finally on the way, but sceptical that the Russian leadership [...]
Buffett-backed carmaker raises less than forecast in Chinese IPO June 19, 2011 WARREN Buffett-backed Chinese carmaker BYD will raise a less-than-expected 1.42bn yuan (£135m) in its initial public offering (IPO) in Shenzhen, weighed down by weak investor sentiment and worries over its poor performance. BYD had priced the IPO at 18 yuan a share, it said in a statement to the Shenzhen Stock Exchange yesterday. The company [...]
PERSONALITY OF THE YEAR | The shortlist June 19, 2011 The past year has not been an easy one for the City of London, overshadowed as it has been by the austerity programme in the UK and the Eurozone crisis. But there will be much to be optimistic about and to celebrate at City A.M.’s second annual awards ceremony on 21 September. Our personality of [...]
Consumer confidence will hit Dixons and Kesa June 19, 2011 ELECTRICALS giants Dixons and Kesa report their full year results this week against a grim backdrop of dwindling consumer confidence. The companies have seen households cut back on so-called “big ticket” items like washing machines and TVs, leaving them struggling to generate sales. Dixons, to report on Thursday, is in the throes of a £50m [...]
Beware retail banks taking ever greater risks June 19, 2011 WHEN it was announced that George Osborne was going to endorse the Vickers Commission’s suggestion that the retail arms of UK banks be subject to some kind of “ring-fencing” in his speech at Mansion House last week, £3.5bn was wiped off the collective market value of the UK’s four biggest banks almost immediately. Judging from [...]
