Bank reforms slammed by Cruickshank October 24, 2012 NEW BANKING rules will fail to promote competition in the sector, City grandee and former banking reformer Sir Donald Cruickshank warned yesterday. The government has called for the expansion of so-called challenger banks to take market share off the bigger players and give consumers more choice. Increased competition “would oblige bankers to think about the [...]
Basel Committee rejects calls to simplify latest regulations October 24, 2012 A SIMPLE measure of bank safety would be easily dodged by institutions, top regulator Wayne Byres said yesterday, defending the complex Basel III regulations. The Basel Committee’s general secretary insisted the rules covering capital and liquidity ratios represent the best chance of restoring stability to the sector. “A simple capital-to-assets ratio will, on its own, [...]
Sants accuses bankers of being delusional October 24, 2012 FORMER top regulator Hector Sants yesterday said bankers need to become more open with officials and with themselves. His life would have been made much easier if “many of the individuals I was dealing with had just been more honest”, the ex-Financial Services Authority (FSA) chief executive told the Said Business School in Oxford.
Argos catalogue to make way for new online era October 24, 2012 ARGOS yesterday unveiled a five-year turnaround plan that will see it distance itself from its trademark printed catalogue business and become a “digital-led” retail chain. John Walden, Argos’ new managing director, said it will cut the circulation of its 40 year-old bi-annual catalogue and eventually replace laminated versions in store with web-based browsers. It also [...]
Travis Perkins hires former Boots finance chief Buffin October 24, 2012 BUILDING materials supplier Travis Perkins has appointed the former Boots group financial controller Tony Buffin as its new finance director. Buffin will replace Paul Hampden Smith (pictured) and is expected to join in the second quarter of next year. Hampden Smith, Travis Perkins’ finance director for 17 years, will retire in February next year but [...]
IHG sees US growth slow October 24, 2012 INTERCONTINENTAL Hotels Group (IHG) said yesterday revenue growth in the US slowed in the third quarter due to the 4 July holiday falling midweek and a shift in some religious holidays in September. The world’s biggest hotelier said revenue per available room (RevPAR), a key industry metric, rose 4.6 per cent for July to September, [...]
Higher spenders would be better than a new strategy October 24, 2012 WHAT does the future of retail look like? Clicks-and-mortar is the buzzword of the moment (Tesco calls its version Clicks and Bricks), a Frankenstein-like stitching together of physical retail locations with online, anytime ordering. When Home Retail Group (HRG) announced its strategy to turn around Argos yesterday that’s very much what it had in mind, [...]
Olympic boom fuels sales lift at Sports Direct October 24, 2012 BRITAIN’S biggest sporting goods retailer Sports Direct yesterday reported an 18 per cent rise in recent sales as customers caught London Olympics fever and kitted out children for a return to school. The group, which owns Sports Direct.com and Lillywhites stores as well as brands such as Slazenger, Lonsdale and Dunlop, said yesterday group total [...]
BAE mega merger highlights difficult outlook for defence October 24, 2012 THE FAILED merger between BAE and EADS indicated the “difficult” defence outlook, Morgan Stanley said yesterday, highlighting the unlikelihood of a tie-up between the British defence firm and a prime US company. “The proposed merger could be seen as an indication that the outlook for defence is more difficult than is currently expected,” said the [...]
Brussels moves to shut Amazon taxes loophole October 24, 2012 AMAZON may have to change the prices it sells its Kindle ebooks at after Brussels chiefs ordered Luxembourg – where Amazon bases its European operations – to up its rate of VAT on ebooks to bring it into line with the rest of Europe. The European Commission yesterday gave Luxembourg and France one month to [...]
