Davey urges review of North Sea oil sector after BP cuts 300 jobs January 15, 2015 ENERGY secretary Ed Davey yesterday demanded an urgent review into the state of the North Sea oil industry, after a collapse in prices that has prompted BP and other companies to cut hundreds of jobs. Speaking after meeting oil company representatives in Aberdeen, Davey said he had asked Andy Samuel, the chief executive designate of [...]
City Moves for 16 January 2015 | Who’s switching jobs January 15, 2015 Baker Tilly The accountancy firm has appointed Ian Williams as a director in its restructuring and recovery service line. A solicitor with over 25 years’ experience, he previously worked at SGH Martineau, specialising in international corporate recovery cases. ING Investment Management The investment management firm has appointed Bart Oldenkamp to its integrated client solutions team. [...]
JP Morgan boss Jamie Dimon: Banks are under assault January 14, 2015 The flood of megafines and regulations being inflicted on banks amounts to an “assault” by a multitude of authorities, JP Morgan’s boss Jamie Dimon claimed yesterday. Such a sustained attack threatens the competitiveness of the US as a whole, the chairman and chief executive said in an unusually outspoken defence of the industry. “Banks are [...]
E.On risks price freeze regret as it cuts gas bills January 13, 2015 THE PRESSURE is now on the UK’s energy providers, with E.On breaking ranks and cutting its gas prices for customers. The company yesterday reduced its standard gas price by an average of 3.5 per cent, which it said was equivalent to £24 off an annual gas bill. The cut follows an 11 per cent drop in [...]
Durex owner Reckitt Benckiser’s KY bid for lubricant-maker slips on antitrust probe January 7, 2015 Reckitt Benckiser’s bid for personal lubricant-maker KY came unstuck yesterday as regulators ordered a full competition investigation. The combined group owns the Durex and KY brands worldwide, but is awaiting regulatory approval in the UK. The Competition and Markets Authority (CMA) worries it will gain it an unduely dominant position in the market by owning [...]
My nine key predictions for the City over the 12 months ahead January 7, 2015 It's with some trepidation that I set out my predictions for the year ahead in corporate Britain, not least because the first of them might appear misguided even by the time you read this. ONE Tesco, which today updates the City on Christmas trading, will be the winner among the food retailing establishment’s “big four” [...]
Why London’s world-beating position in global insurance is now under threat January 7, 2015 A new piece of research into the competitiveness of the London insurance market, released by the London Market Group late last year, confirmed many existing fears. The capital’s position as a world leader in insurance is under threat, and it’s critical that we confront – with the support of the UK government – the challenges [...]
Bank of England financial crisis minutes: BoE dubbed “the angel of death” by City watchdog January 6, 2015 At the peak of the crisis, the City watchdog was so scared that a lender’s discussions with the Bank of England could cause a run on that lender, it dubbed the Bank: “The angel of death.” Throughout the financial crisis, the Bank of England had to tread a careful line between propping up failing parts of [...]
CBI under fire from Business for Britain as competition comes to lobby groups January 5, 2015 The Confederation of British Industry is a champion of competition. It wants more competition in banking, for instance and pushed for robust powers for the new Competition and Markets Authority. But suddenly competition in the CBI’s own sector – business lobbying – has got tough. In a scene reminiscent of that seen in sectors like [...]
Uber suspends UberPop taxi app service in Spain after court injunction December 31, 2014 Taxi app company Uber has suspended its UberPop service in Spain after a court ruling banning the ride-sharing app was confirmed. UberPop is a ridesharing service and platform connecting private car owners with passengers who also have the option to split the fare. UberPop mirrors UberX in the US. Uber has been operating in Spain [...]