It’s a tough job but someone has got to do it December 1, 2013 The new boss of recruiter SThree tells Marion Dakers how his diverse business is navigating through the economic recovery AS THE festive party season rolls around again, staff at SThree will be looking forward to the office get-together more than most. Over the last few years, the white-collar recruiter has used its annual bash in [...]
City Moves for 02 December 2013 | Who’s switching jobs December 1, 2013 Aecom The technical and management support services firm has appointed Will MacDonald as regional director of its building engineering team. He has over 25 years’ experience in the industry, and joins from Inhabit Group, where he was technical director. MacDonald has also held roles at Land Lease. Mirae Asset Global Investments The asset management firm [...]
City Moves for 22 November 2013 | Who’s switching jobs November 21, 2013 Triangle The investment, property and asset management group has announced the hire of Rick Denton as group chief executive. He was most recently at Barclays, where he was head of international wealth advisory. Prior to that, he was offshore commercial director at Fortis Intertrust. Allianz Global Corporate & Specialty The insurance business has appointed Danny Turner [...]
How the $13bn JP Morgan settlement will be divided November 19, 2013 Of the $13bn (£8.07bn) agreement, $9bn will be extended in cash. This will be split into a $2bn civil fine, while $7bn will be accounted for by compensatory payments to organisations and states. The other $4bn will be extended in borrower relief, through principal reduction and forbearance, which will be paid by 2017. Payments include: [...]
Dividends and insurance claims to be paid via smartphone app November 18, 2013 INSURANCE claims, dividends and refunds from firms can be paid via smartphone app PingIt, Barclays announced today, in the latest phase of its mobile payments war with other lenders and cross-bank offering Zapp. Previously PingIt has been used for person-to-person payments and customer-to-company transfers, and is on offer to customers of any bank. But now [...]
$1.6 trillion: The shocking amount governments have gained from quantitative easing November 13, 2013 HALF a decade of rock-bottom interest rates and loose monetary policy have delivered an astonishing windfall to governments around the world, dramatic new research released today reveals. By contrast, older savers with significant assets have been hammered, losing out on huge amounts of interest. Younger households, which are net borrowers have benefitted. While contrary to [...]
What the other papers say this morning – 12 November 2013 November 12, 2013 FINANCIAL TIMES Shadow banks reap Fed rate reward Loosely regulated non-bank lenders have emerged as among the biggest beneficiaries of the Federal Reserve’s ultra-low interest rates with three specialist categories increasing their assets by almost 60 per cent since the height of the financial crisis. Such lenders, widely considered part of the “shadow banking” system, [...]
Credit card insurer CPP whacked with a further bill for mis-selling October 30, 2013 TROUBLED credit card insurer CPP yesterday said its mis-selling bill has risen by a further £1.8m and confirmed that the performance of its core UK business is continuing to deteriorate. Shares in the York-based business, which has now set aside a total of £55.8m to cover its mis-selling scandal, closed down 10.3 per cent. CPP has already admitted [...]
Microfinance can drive growth but hurdles remain October 30, 2013 SOCIAL enterprises in the Islamic world are playing an important role in driving improvements in living standards – particularly for hitherto marginalised groups. Jita, for instance, a Bangladeshi social enterprise, provides a sustainable source of income for over 4,000 women in rural villages. Supplied by 150 local distribution hubs, these “Avon ladies of Bangladesh” go [...]
We need more competition – not a full frontal assault on the pensions industry October 30, 2013 BARELY a day goes by without a government attack on the private sector. Yesterday saw the publication of a report proposing charge capping for pension funds. Management fees levied by pension providers could be capped at between 0.75 per cent and 1 per cent. This was not delivered with measured language, but as part of [...]