Tough year for Rosneft could impact on BP December 21, 2014 OIL FIRM BP could feel the impact of problems with the Russian economy as a result of its 19.75 per cent stake in Rosneft, bought in March 2013. The $25bn (£16bn) deal, which saw BP sell its 50 per cent stake in TNK-BP to state-controlled Rosneft for $12.3bn in cash plus stock, was seen as [...]
Rudd returns to the FTSE 100 as Meggitt’s chair December 18, 2014 City grandee Sir Nigel Rudd is to become non-executive chairman of military and aerospace engineer Meggitt, leading the charge on a bumper day of chairmanship announcements. This signals his return to the FTSE 100, having led the board of BAE Systems and Invensys previously, as well as having held deputy chairmanship at Barclays until 2009. [...]
Jeb Bush to quit Barclays bank as speculation over 2016 presidential race heats up December 18, 2014 In further signs that he is preparing to run for the presidency of the United States former Florida governor Jeb Bush is leaving his position at Barclays bank, according to the Financial Times. The brother of America's 43rd President George W. Bush recently announced that he would "actively explore the possibility of running for President [...]
Philanthropy is like sex – every generation thinks they discovered it December 18, 2014 Two comments overheard in the last month or so indicate that in its own eyes, the City is becoming more philanthropic. Both came from 40 somethings, involved in the many giving networks for young professionals that are springing up around the Square Mile. In quiet conversation at after-event networking sessions they both commented, almost [...]
Greek economy in limbo after failed election bid December 17, 2014 Greece’s economic stability was put in serious doubt last night as the ruling New Democracy party failed in its first attempt to have its presidential candidate elected. A failure to eventually do so will put at risk Greece’s negotiations with the IMF over an extension of its bailout loan. The ruling party’s candidate Stavros Dimas [...]
Co-operative Bank to speed up toxic loans sell off after failing Bank of England stress tests December 16, 2014 The Co-operative Bank was the only lender to fail the Bank of England’s stress tests yesterday. As a result, it is accelerating its plan to sell off or run down a £6.6bn book of bad loans from the pre-crash era. Eight high street institutions’ finances were tested to see how they would cope with a hypothetical [...]
Hector Sants lands new jobs at Oliver Wyman and Abu Dhabi December 16, 2014 THE CITY’S former top regulator Sir Hector Sants is advising Abu Dhabi Global Market (ADGM) on the establishment of a new finance hub in the emirate. It was one of two new jobs announced by the ex-chief of the Financial Services Authority yesterday. Sants will advise ADGM over the next six months on the formation of its [...]
Jelf funds deal with £25m loan December 16, 2014 INSURANCE broker Jelf has bought Yorkshire-based Beaumonts Insurance Group for £10.1m, with a further £8.28m to follow if certain performance targets are hit. Jelf used a new £25m loan from Barclays to fund the deal. The company said this new three-year facility will also be used to repay existing debt of £13.7m. Alex Alway, Jelf [...]
Mark Carney: Stress test proves banks are “significantly more resilient” December 16, 2014 Mark Carney, the governor of the Bank of England (BoE), has said the results of today’s stress tests prove the new-found resilience at the core of the banking sector. Seven banks and Nationwide building society were tested, with only one, Co-operative Bank, failing. The test scenario was considered especially harsh and included two years of [...]
Co-op fails Bank of England stress test, RBS and Lloyds at risk December 16, 2014 The Co-operative Bank has failed the Bank of England’s (BoE) stringent new stress test, while Lloyds and RBS would be at risk in a new economic crisis. The prudential regulation authority (PRA) tested seven banks and building society Nationwide to see how they would handle a financial meltdown of epic proportions. While Lloyds, Standard Chartered, [...]