FTSE 100 slides as US market slump sparks downward spiral January 28, 2019 The FTSE 100 followed US stocks on a downward spiral this afternoon closing 0.9 per cent down for the day. US construction giant Caterpillar set the tone with disappointing fourth quarter results as a slowdown in China and trade tensions were cited as reasons for the miss. The Dow Jones lost more than 300 points in [...]
City Moves for 28 January – who’s switching jobs at Tetra Pak, LOC Group and Relendex? January 28, 2019 Who’s on the move today? Tetra Pak The Tetra Laval Group Board has appointed Adolfo Orive as president and chief executive officer of Tetra Pak, the food processing and packaging solutions company effective 1 April 2019. The appointment follows the decision by Mr Dennis Jönsson to step down from his position after 14 years as [...]
‘The food sucks and the sex is worse’: Barclays fraud trial execs joked about prison January 24, 2019 Ex-Barclays bosses on trial for fraud joked about going to jail while organising a crucial capital raising drive at the height of the financial crisis, with wealth manager Tom Kalaris saying “the food sucks and the sex is worse”. Another executive, Richard Boath, expressed fears the bank would be “basically dead” if it were unable to secure [...]
Ex-Barclays executives ‘made secret Qatar payments to avoid government bailout’, court told January 23, 2019 The ex-boss of Barclays and three former executives were accused today of committing fraud to avoid a government bailout at the height of the financial crisis. The case, filed by the Serious Fraud Office (SFO), says senior Barclays employees made secret payments to Qatar in exchange for substantial investment in the bank, in order to avoid [...]
Tomtom moves focus to driverless technology as it sells telematics unit for €910m January 22, 2019 Satnav maker Tomtom will sell its telematics business unit to multinational Bridgestone as it looks to move more focus towards develop driverless car technologies. The €910m (£801m) deal sees the Japanese tyre and rubber company take over a business which helps firms track their fleets and manage efficiency. Read more: Jaguar Land Rover and Addison Lee [...]
This is the year for businesses to find their purpose in life January 22, 2019 One year ago, BlackRock chief executive Larry Fink called on businesses to define their societal purpose, sending a message to the corporate world that working towards profit alone was no longer good enough. Last week, Fink’s push towards purpose was in the papers again, when a hacker concocted an elaborate hoax in the form of [...]
Patisserie Valerie keeps shareholders in the dark on future as last ditch talks with banks continue January 21, 2019 Patisserie Valerie’s holding company has failed to shed further light on the future of the troubled bakery chain after announcing this morning talks were still ongoing with its creditors to save the company. The firm was expected to provide an update this morning, after speculation the last week of talks with its banks could spell [...]
London fintech Marketinvoice lands £56m in funding from Barclays and Santander January 21, 2019 London-based fintech business lender Marketinvoice has today closed a £56m round made up of equity and debt funding, led by Barclays and Santander's venture arm Innoventures. The series B-stage equity funding, which amounted to £26m, also received significant participation from European venture capital firm Northzone, which has previously backed the likes of Spotify, Trustpilot and fellow fintech lender Zopa. [...]
Employers to boost graduate jobs by record nine per cent in 2019 despite Brexit concerns January 21, 2019 The UK’s top employers are set to boost graduate jobs by a record nine per cent this year despite growing uncertainty over Brexit. The country’s leading 100 graduate employers have indicated a surge in recruitment could be on the horizon in 2019, according to a report conducted by research firm High Fliers. It comes after [...]
Case alleging Libor-rigging launched against raft of major banks January 20, 2019 A string of major banks have been accused of rigging the Libor benchmark again, five years on from a major scandal. A class action has been filed in the US against banks such as the Royal Bank of Scotland, Barclays, Lloyds Banking Group, HSBC, UBS, Bank of America, Citi and Deutsche Bank. The action, which [...]