City Moves: Who’s switching jobs in the Square Mile? March 29, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Dominvs Group London-based real estate developer Dominvs Group has appointed the former CEO of Travis Perkins Properties (TPP) as a senior advisor. Martin Meech steps onto the board with more than four decades of property experience, spanning M&A, strategic development, finance structuring, and [...]
Hong Kong life insurance market value to exceed £73bn in next four years March 28, 2022 Hong Kong’s life insurance market value has been pegged to soar over the next few years, driven by the pandemic-era trend to get one’s affairs in order. The industry is forecast to grow at a compound annual growth rate of 6.6 per cent, and more than five per cent over the 2022. Analysts at GlobalData [...]
Barclays faces £450m loss over securities mix-up March 28, 2022 Barclays is reportedly facing a £450m loss over the mishandling of US securities in 2019, which has forced the lender to hit pause on its £1bn share buyback scheme. The scheme will be frozen until the error is investigated by regulators, The Times first reported. The banking giant said it had offered and sold too [...]
Lloyd’s of London boss hospitalised and CFO temporarily takes the helm March 28, 2022 Lloyd’s of London boss John Neal has been hospitalised following a bike accident over the weekend. Neal is expected to make a full recovery, Lloyd’s said in a statement today, after the accident which occurred on Saturday. The commercial insurance market will be helmed by chief operating officer and chief financial officer Burkhard Keese and [...]
Shares plunge in London-listed recruiter hit by soaring costs and Afghanistan turmoil March 28, 2022 The RTC Group has been hit by soaring operational costs and higher employment levels, as the recruiter wrestles with a pandemic-era trend of people not wanting to change their jobs. The London-listed company’s revenue fell from £81.4m in 2020 to £77.7m in the year to 31 December, as its CEO explained the removal of Western [...]
Tesla pauses Shanghai output amid fresh Covid-19 lockdown March 28, 2022 Tesla has reportedly paused output from its factory in Shanghai, China’s largest city which has entered a fresh lockdown today. The carmaker, founded by billionaire Elon Musk, has notified its workers and suppliers of the move, Reuters first reported, citing people familiar with the matter. Shanghai officials said last night that they would impose a [...]
Shrinkflation: Cadbury reduces size of Dairy Milk bars as inflation pressures hit March 28, 2022 Cadbury has downsized the size of its Dairy Milk sharing bar as it feels the bite of rising costs. Parent company Mondelez said it was shrinking the size of the bars by 10 per cent as it faces inflationary pressures. The chocolate bar will be reduced from 200g to 180g, but still sold at £2. [...]
Forest surrounding Chernobyl ablaze as Russia reports stable levels of radiation March 28, 2022 There is a large forest fire burning in the Chernobyl exclusion zone, which have lead to heightened levels of radioactive air pollution, a Ukrainian official has warned. There is a threat to neighbouring European countries, as there is more than 10,000 hectares of forest ablaze, according to commissioner of the Verkhovna Rada of Ukraine for [...]
Domino’s bolsters board with media executive following ‘transformational year’ March 28, 2022 Domino’s has bolstered its board with a media executive, following a “transformational year” for the pizza chain. Former chief strategy officer of Dow Jones & Company Tracy Corrigan will join the board as an independent non-executive director at the beginning of May. Corrigan, previously digital editor of the Financial Times and the Wall Street Journal, [...]
Legal & General joins rebel Sainsbury’s shareholders in calling for higher wages March 28, 2022 Legal & General has joined a group of rebel Sainsbury’s shareholders calling for higher wages for staff and are pressuring the supermarket giant into a proposal. The group, which included International and the National Employment Savings Trust, has pushed past the threshold which should see Sainsbury’s put a proposal to shareholders on the issue, The [...]