City Moves for 23 September – Who’s switching jobs at Finncap, the FCA and Gama Aviation? September 23, 2019 Today’s City Moves includes Finncap, the FCA and Gama Aviation. Finncap Finncap, an adviser and broker to ambitious growth companies, has announced that it has appointed highly-experienced specialist Leigh Webb to head its private equity sponsor coverage and expand its mergers and acquisitions (M&A) advisory business across the mid-market private equity community. He brings an [...]
Blackrock says Federal Reserve rate cut should have been ‘bolder’ September 19, 2019 The world’s biggest investment firm Blackrock has criticised the Federal Reserve’s decision to cut interest rates by one notch, saying it “missed an opportunity for a bolder stance”. Read more: US Federal Reserve cuts interest rates by a quarter point Rick Rieder, chief investment officer of global fixed income at Blackrock, which manages $6.8 trillion [...]
The City is looking to India for future partners September 16, 2019 As people back home enjoy what we hope is an Indian summer, I am heading to the subcontinent this week for a five-day visit to Delhi, Hyderabad and Mumbai – just as monsoon season draws to a close. The political weather in the UK may be stormy, but when the dust settles, one thing is [...]
Nationwide reveals PPI hit of up to £50m as it becomes latest victim of claims rush September 13, 2019 Nationwide has become the latest company to reveal a hefty charge for mis-sold payment protection insurance (PPI) amid a surge in last-minute claims. Read more: N Brown shares drop after it reveals £20m to £30m PPI provision The building society today said it has set aside a provision of between £20m and £50m, in addition [...]
N Brown shares drop after it reveals £20m to £30m PPI provision September 12, 2019 Shares in British retailer N Brown have fallen 5.5 per cent this morning after it said it would have to set aside £20m to £30m more to cover claims about mis-sold payment protection insurance (PPI). Read more: Barclays and Lloyds Bank reveal PPI balance sheet hit The plus-size clothes retailer, which has cricketer Freddie Flintoff [...]
Ranked: The UK’s fastest growing companies for brand value September 11, 2019 Deliveroo, Costa Coffee and Brewdog are growing in value faster than any other UK brands, according to a survey published today. The food delivery app topped the list, increasing its value 54 per cent to $1.4bn (£1.1bn), while coffee chain Costa jumped 48 per cent to $1.5bn, boosted by its takeover by Coca Cola. Read [...]
Lloyds suspends share buyback as PPI costs rise to £1.8bn September 9, 2019 Lloyds Banking Group has warned its costs relating to mis-sold payment protection insurance (PPI) could hit an additional £1.8bn after a rush of claims before the 29 August deadline. The bank had previously forecast costs of just under £1.1bn, based on a claims rate of 190,000 per week. Read more: Tesco sells mortgage arm to [...]
HMRC collects £4.4bn from SMEs through investigation of underpaid VAT September 9, 2019 The taxman collected an extra £4.4bn from small and mid-sized businesses through investigations into the underpayment of VAT last year, up 18 per cent from £3.8bn collected in 2017-18. Over £1.7bn was collected from VAT investigations into small businesses alone last year, according to tax investigation insurance firm PFP. PFP said the growth in the [...]
City Moves for 9 September – Who’s switching jobs at SRIL, Morningstar and Capra Global Partners? September 9, 2019 Today’s City Moves includes SRIL, Morningstar and Capra Global Partners. SRIL Warren Downey has joined SRIL, the specialist insurance intermediary group that owns Miles Smith and the Underwriting Exchange, as chief executive. Warren joins from Jardine Lloyd Thompson where he spent the past 28 years, most recently as the chief executive of its global private [...]
M&S’s FTSE exit is a symbol of its terminal decline September 6, 2019 Archie Norman, the Marks & Spencer chairman, put a brave face this week on the retailer’s demotion from the FTSE 100. Nothing to see here, he said: the business was exactly the same on the day after its relegation. Focusing on it was the reddest of herrings. In a sense, he is right – but [...]