Killik investment chief Paul Kavanagh announces departure September 3, 2014 City stockbroker and wealth manager Killik announced a major departure this morning as partner Paul Kavanagh is set to leave at the end of this year with two colleagues to set up his own company. Kavanagh, chief investment officer at Killik and chairman of Killik & Co's capital division, will leave the company on [...]
Airport Commission sinks £70bn Boris Island plan as too risky September 2, 2014 LONDON mayor Boris Johnson yesterday refused to throw in the towel over his plans for a Thames Estuary airport, despite the scheme being grounded by the Airport Commission for being too risky. Undaunted by the crushing blow to his proposal, the mayor hit back yesterday against the commission and its head, Sir Howard Davies. Johnson [...]
Andy Palmer takes the wheel at Aston Martin September 2, 2014 LUXURY carmaker Aston Martin revealed yesterday that Andy Palmer would sit in the driving seat as its new chief executive, after scooping him from Nissan, and bringing to an end a nine month search for a new leader. Palmer’s move to Aston Martin comes as the 101-year-old carmaker, famous for featuring in the James Bond [...]
Mining tax in Australia axed after two years September 2, 2014 AUSTRALIA’S controversial mining tax was on the way to the scrap heap yesterday, after having been in place for only two years. The Liberal government, led by Prime Minister Tony Abbott, won a vote in the Australian Senate backing a repeal. The vote in the Senate, by 36 to 33, represents a significant political victory [...]
Fracking potential threatened by prospect of water shortages September 2, 2014 THE POTENTIAL shale gas boom from fracking could face a major obstacle, with 38 per cent of global shale gas resources in areas of high water stress, according to a report released yesterday. According to a study by the World Resources Institute, eight of the top 20 countries, including the UK, with the highest shale [...]
Price of gold falls on stronger dollar as palladium slips from 13-year high September 2, 2014 The price of commodities, including gold, silver and palladium, fell yesterday, as a strengthening US dollar hit investor demand for the precious metals that had heightened on the escalation in the conflict between Russia and Ukraine. As the dollar strengthened on better manufacturing data and the prospect of an end to stimulus, gold slipped to [...]
Barclays’ Spanish sell-off gets positive response despite loss September 1, 2014 BARCLAYS was given a generally positive response from analysts and shareholders yesterday to the sale of most of its Spanish arm, as the bank pursues a major restructuring including disposal of non-core assets. Spain’s third largest bank Caixabank will pay €800m for parts of Barclays Spanish business, but Barclays revealed it will make a £500m [...]
Miner Nyrstar to raise €600m for global upgrade September 1, 2014 Leading global mining and smelting company Nyrstar said yesterday that it intends to raise €600m (£474m) as part of a strategic financing plan, as it looks to pay down debt and invest in improving infrastructure including smelting facilities. The €600m raised will be divided between a €350m senior unsecured note offer to institutional investors, and [...]
Samsung merges shipbuilding and engineering in restructuring September 1, 2014 Samsung announced yesterday a major merger of its shipbuilding and engineering divisions, as the conglomerate pursues a restructuring of its business. Samsung, best known for its electronics division, was hit in May by the hospitalisation of Lee Kun-hee, the group’s chairman and patriarch of the billionaire Lee family behind Samsung, prompting succession considerations to rise. [...]
RAC drives on with Rake amid flotation boom August 31, 2014 RAC has appointed CBI president Sir Michael Rake as its chairman today, as the major UK roadside breakdown recovery and car insurance firm considers whether to go ahead with a potential float this month, with the possibility of a retail offering. Rake has a wealth of board experience, also currently serving as chairman of major [...]
