Barclays to make a £500m loss on its Spanish arm as it agrees sale to CaixaBank September 1, 2014 Barclays has agreed to sell its Spanish business to CaixaBank, Spain's third-largest lender, for €800m (£630m). The bank will make a £500m loss on the deal to sell its Spanish retail banking, wealth and investment management, and corporate banking businesses, but leverage exposure will be trimmed to the tune of £15bn. Shares in Barclays were [...]
Dreary Eurozone outlook raises pressure on Draghi August 31, 2014 The policymakers of the European Central Bank (ECB) will meet again this week, faced with an increasingly dismal economic outlook and a growing chorus of disapproval. Grim figures released on Friday confirmed that consumer price inflation in the euro area dropped to just 0.3 per cent in August, the lowest level in nearly five years. [...]
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 [...]
BBC Trust go for Rona Fairhead – its first female chair August 31, 2014 Former Financial Times Group boss Rona Fairhead will become the new chairman of the BBC Trust, the government announced yesterday. Yesterday culture secretary Sajid Javid announced Fairhead was the preferred candidate to replace Lord Patten, who stepped down in May due to ill health after three turbulent years overseeing the broadcaster. Fairhead, 53 [...]
French minister Emmanuel Macron targets sacred 35-hour week August 28, 2014 Emmanuel Macron has dived straight into the deep end of French politics as the country’s new economy minister, hinting that the nation’s sacred 35-hour working week could be guillotined. Speaking to French newsmagazine Le Point, Macron floated the idea that the 35-hour week passed under Prime Minister Lionel Jospin could be relaxed. The rule currently [...]
OneSavings Bank profits rise after lender tightens purse strings August 27, 2014 OneSavings Bank, the first British lender to float on the stock market since the turn of the century, yesterday said lower costs had helped to drive a four-fold rise in half-year profits. The lender, which offers mortgages and saving accounts through its Kent Reliance brand, said underlying pre-tax profits rose to £29.7m for [...]
Asos share price surges on reports of US buyout August 27, 2014 Shares in online fashion retailer Asos soared yesterday on unconfirmed reports that a US company is eyeing a stake in the business. Asos shares, which have fallen by almost two-thirds this year after two profit warnings and a fire at its main warehouse, jumped 17 per cent to 2,751p, pushing up other online players, including [...]
Why the future is collaborative for banks and fintech August 27, 2014 THE INTRODUCTION of paper money revolutionised the way we exchanged goods and services. Now, the booming UK financial technology (fintech) sector is fast changing the way we bank, invest and raise money. Thanks to a large and sophisticated consumer market, a high concentration of global financial institutions, and the availability of capital, fintech has found [...]
London Report: Draghi QE hint sends banks and FTSE up but Antofagasta falls August 26, 2014 BRITAIN’S top equity index rose yesterday, with financial stocks outperforming, amid expectations of new economic stimulus measures from the European Central Bank. The blue-chip FTSE 100 index closed up by 0.7 per cent, or 47.51 points, at 6,822.76 points – its highest closing level since early July. As the FTSE was closed on Monday due [...]
Golf Comment: Ryder Cup hope Gallacher must copy Donaldson August 25, 2014 IF STEPHEN Gallacher needs any further inspiration in his last-ditch attempt to qualify for a first Ryder Cup then he need look no further than fellow Briton Jamie Donaldson. Last week I mentioned that Donaldson was at risk of being pipped to a place on the European team due to his absence from the FedEx [...]