Barclays unveils final plan to combine African banking units December 6, 2012 BARCLAYS yesterday announced African bank Absa is taking over its banking operations in the continent, while the British bank is increasing its majority shareholding in Absa. The consolidation is worth 18.33bn rand (£1.3bn) in shares and increases Barclays’ stake in the bank from 55.5 per cent to 62.3 per cent. The combined firm will be [...]
Former FSA boss Sants mulls bank move December 6, 2012 HECTOR Sants may head up Barclays’ regulation and compliance operations, it emerged yesterday, as another major firm vies to win the former Financial Services Authority chief executive’s services. Professional services firm Deloitte is also thought to want to hire Sants.
UK becomes second-largest EU car market December 6, 2012 BRITAIN is now the second-biggest car market in the EU, according to industry figures released yesterday. UK new car registrations rose 11.3 per cent year-on-year to 149,191 units in November, thanks to increased demand from private purchasers. Total car sales are now on track to top 2m in 2012, according to the Society of Motor [...]
London’s Tech City gets £50m from Cameron December 6, 2012 DAVID CAMERON yesterday unveiled a £50m government project in east London’s “Tech City” alongside a host of new investments from the likes of Microsoft and KPMG. The Prime Minister said the money would be put towards a new showcase building on Old Street roundabout – the junction that has become an icon of the growing [...]
Who’s switching jobs December 6, 2012 Robin Simon The law firm has appointed Darren Hannison partner and head of its reinsurance practice. He joins from Plexus Law. Hannison has over 19 years’ experience in the insurance and reinsurance sector, and has also served as an assistant general counsel at AIG in New York. Deloitte Angus Wildblood has been appointed analytics partner [...]
UK firms have had mixed fortunes in the United States December 5, 2012 CADBURY SCHWEPPES Bought Dr Pepper/Seven Up in 1995. Then in 2000 bought the Snapple Group. Combined the two, but had to demerge its US fizzy drinks business by May 2008, so spun off Dr Pepper Snapple Group in a listing on the New York Stock Exchange. MARKS & SPENCER Bought the 155-store male outfitter Brooks [...]
Who’s switching jobs December 4, 2012 Aon Hewitt The human resources consultancy has appointed Andrew Woolnough as client development director in its flexible benefits team. He was most recently head of flexible benefits at Enrich Reward, and has also held senior roles at Jelf Group. JP Morgan Private Bank The private bank has announced two new appointments to its London-based South [...]
Best of the Brokers December 4, 2012 TESCO Espirito Santo has downgraded the supermarket giant from a “hold” guidance to a “sell” and cut the price target from 300p to 275p, warning of a drop in profit margins. CWC Barclays has upgraded the telecoms firm to an “equal weight” rating, and upped its target by 32 per cent to 41p following CWC’s [...]
UBS prepares to pay Libor fine of more than $450m December 3, 2012 SWISS banking giant UBS is set to be the next bank to settle with regulators over Libor manipulation claims, it emerged yesterday, with RBS likely to follow suit in the coming months. The bank could take the hit as soon as next week under negotiations taking place with the authorities in the UK and the [...]
Bank lending up on back of state aid plan December 3, 2012 BANK lending increased in August and September after the funding for lending scheme (FLS) got underway, according to Bank of England figures published yesterday. So far £4.36bn has been drawn down from the facility, with six of the 35 banks that have signed up taking money in the first two months. Overall lending to the [...]