Co-op Bank kicks off search for new boss to replace Niall Booker, update expected with tomorrow’s results March 31, 2016 The troubled Co-op Bank has begun its search for a replacement for its outgoing chief executive Niall Booker, with top bankers at Barclays and Santander already approached for the role. Stephen Jones, who stepped down as Santander UK's chief financial officer several months ago, and at least one internal candidate are thought to have been shortlisted. [...]
Ladies who don’t lunch: Maike Currie talks to Jane Andrews about religion, money and fund management March 31, 2016 Britishness dictates that one should never discuss money, politics or religion in polite company. It’s right up there with knowing your place in the queue and keeping up to speed with the weather. But not if you’re having lunch with Jane Andrews, veteran fund manager at investment house Smith & Williamson, who specialises in finding [...]
Bar Standards Board gains approval to license Alternative Business Structures March 30, 2016 Legal eagles, here's an acronym game to entertain you on your commute home: LSB BSB ABS OMG! For those who require a more detailed explanation, the Legal Services Board (LSB) has today approved the Bar Standards Board's (BSB) application to become a licensing authority for alternative business structures (ABS). An ABS, which were introduced under the Legal Services [...]
How China is pioneering alternative finance and P2P lending – an analysis of the first ever Asia-Pacific industry report March 16, 2016 The Asia-Pacific alternative finance market grew 323 per cent last year, to $102.8bn. China was responsible for 99 per cent of that, with four-fold growth to $101.7bn in 2015. Yesterday, the first regional report, Harnessing Potential, was released by Judge Business School and the University of Sydney. I spoke to co-author Bryan Zhang of the Cambridge [...]
Budget 2016: George Osborne’s speech in full March 16, 2016 George Osborne has just revealed the Budget for 2016. There was good news for businesses with corporation tax being sliced and business rates being reformed – but bad news for smokers and students who hate maths. Mr Deputy Speaker, Today I report on an economy set to grow faster than any other major advanced economy in [...]
Eat and London Luton Airport investor agrees sale of 46.7 per cent stake in Italian healthcare operator for £230m March 16, 2016 Private investment company Ardian has sold its near-half stake in an Italian healthcare and residential care home operator for €292m (£230m). Ardian’s 46.7 per cent stake in KOS has been sold to CIR-Compagnie Industriali Riunite S.p.A. and F2i. Ardian, whose other investments include restaurant chain Eat and London Luton Airport, acquired the stake in 2010. Read more: Ardian closes [...]
SSE sells stake in its Scottish Clyde wind farm March 14, 2016 Energy giant SSE has sold a stake in its Clyde wind farm to Aim-listed Greencoat UK Wind and a pensions partnership for £355m. UKW will acquire 28.2 per cent of Clyde and GLIL will acquire 21.7 per cent in the deal which is expected to complete on complete on 18 March. SSE will continue to hold 50.1 per cent. One the [...]
Hinkley Point C nuclear power station: EU gives EDF and China’s CGN okay for £18bn project March 11, 2016 The European Union's competition authority has given French utility giant EDF and Chinese nuclear firm CGN regulatory approval to build the controversial Hinkley Point C project. Hinkley is being financed by the two companies and will cost around £18bn. However, there's rising concern over whether EDF's already stretched balance sheet will be able to absorb this. "The [...]
CMA investigation into the big six energy companies: Energy price comparison sites March 11, 2016 Price comparison sites for energy are a good thing, right? They’re the reason that millions of customers have switched energy supplier. They’ve spent small fortunes promoting energy switching to help customers find cheap tariffs. They then help them switch, saving each customer hundreds of pounds in the process. If it’s anyone who’s going to reach [...]
Competition and Markets Authority’s investigation into the big six: It’s time to welcome a new era in the energy industry March 11, 2016 An eighteen month investigation into the energy market is nearing a close, and the Competition and Markets Authority (CMA) has recommended some practical solutions. This is much needed, given that 20 years after privatisation, 70 per cent of big six customers are still on the most expensive tariff and have been for far too long. We've consistently said [...]