Millennium & Copthorne Hotels boss steps down after just three months in role September 28, 2018 The chief exec of hotels group Millennium & Copthorne (M&C) has stepped down from the role just three months after taking over. A statement from the company said Jennifer Fox and M&C had "mutually agreed" she would leave with immediate effect. The firm's chief of staff Tan Kian Seng will step in as interim boss while [...]
World Bank sells record-breaking £1.25bn bond using ‘Libor-killer’ benchmark September 27, 2018 The World Bank has sold a £1.25bn bond using Sonia, the Bank of England-backed interest rate benchmark designed to replace the scandal-battered Libor. The record-size sale, which arrived shortly after the alternative benchmark’s first use by a lender, marks its continued emergence as an alternative to Libor, the London Inter-bank Offered Rate, its tarnished forerunner. [...]
Rothesay Life buys £860m of UK ‘bad bank’ mortgage loans September 27, 2018 Insurance giant Rothesay Life has bought an £860m equity release portfolio from the UK government's "bad bank", which was set up following the financial crisis. The portfolio was sold by UK Asset Resolution (Ukar), a holding company for the closed mortgage books of failed lenders Northern Rock, Bradford & Bingley and Mortgage Express. Read more: [...]
No-deal Brexit could lead to tariffs of £9.3bn on EU food, report warns September 27, 2018 Food and drink costs could increase by £9.3billion a year if the UK does not slash tariffs in a 'no deal' Brexit, a new report has warned. Research by Barclays claims leaving the EU without a trade agreement would create an average tariff of 27 per cent on food and drinks coming from the [...]
City Moves for 27 September 2018 – who’s switching jobs at CBRE, Invesco and Redridge? September 27, 2018 Today's City Moves cover property, fixed income and due diligence. Take a look at these movers and shakers: CBRE The world’s leading real estate adviser, CBRE, has appointed Chiara Zuccon as a senior director to spearhead debt origination within its market leading development and residential investment team. Chiara is joining from the Royal Bank of [...]
Barclays apologises for giving customers wrong PPI information September 26, 2018 Barclays has apologised for giving customers seeking compensation for mis-sold payment protection insurance (PPI) false information. The bank told a number of customers using claims management firms that they did not hold PPI policies when they did. Read more: PPI scandal turning Brits into 'fraudsters', Barclays boss claims A "very small percentage of customers" were [...]
Frankfurt winning race with Paris for Brexit bank moves September 24, 2018 Frankfurt is winning the race to attract the banking jobs moving out of London because of Brexit, with 25 lenders having moved operations there ahead of the UK's departure from the EU, new research published today shows. Paris, which has been aggressively courting the City's financial institutions, has attracted nine moves, while Luxembourg and [...]
Gold rush: Barrick Gold to merge with Randgold in $18.3bn deal September 24, 2018 Two of the world’s largest gold producers are set to merge as Canada’s Barrick Gold said it has agreed to buy London-listed Randgold Resources in a shock $18bn (£13.7bn) deal. In plans to create what Barrick Gold and Randgold Resources hailed as an “industry-leading gold company”, the companies will be hoping to cement their [...]
Barclay brothers’ Ritz Hotel Casino swings to £11.7m loss from customer wins in 2017 September 23, 2018 The Barclay brothers' Ritz Hotel Casino reported an £11.7m loss last year after a strong performance the previous year, in which it made a pre-tax profit of £8.9m. The Ritz Hotel Casino, which is owned by the owners of the Daily Telegraph, David and Frederick Barclay, is based in St James's and has been visited [...]
PPI scandal turning ‘portions of Britain into fraudsters’, Barclays boss claims September 23, 2018 The PPI scandal has turned “portions of Britain” into fraudsters, Barclays chairman John McFarlane has claimed. McFarlane, said it was “inconceivable” that all the payment protection insurance mis-selling claims that had helped fuel a “flat-screen television” buying spree were genuine. He also accused the government of being complicit in the weakening of the banks by [...]