City Moves for 24 February 2017 – who’s switching jobs? February 24, 2017 Today's City Moves cover a shopping centre owner, professional services and a mobile phone provider. Take a look at these movers and shakers: Intu John Strachan, a non-executive director of Intu since October 2015, will succeed Patrick Burgess as chairman of the company following the AGM on 3 May. John brings a wealth of experience [...]
UK growth revised upwards at end of year after manufacturing boost, but weaker first quarter drags on 2016 overall February 22, 2017 The UK economy grew faster than previously thought in the last three months of 2016, with the manufacturing sector delivering a late boost to growth after a weaker first quarter. Growth for the year was revised down to 1.8 per cent from two per cent after a slower performance in the first three months of [...]
Vehicle rental company backed by Bridgepoint to announce takeover of Coca-Cola truck provider February 20, 2017 A northern private equity-backed vehicle rental company is set to announce the takeover of a local rival that provides trucks to clients including Coca-Cola, City A.M. can reveal. Leeds-based Zenith, which private equity house Bridgepoint bought from HgCapital for £750m last month, has agreed a deal for CVL, which is also based in Leeds. Read more: Private equity [...]
Banks expect costs for non-financial risks to skyrocket over the next few years February 20, 2017 The majority of banks are fretting that the amount of cash they are expected to stockpile against risks like cybercrime, compliance failings and IT meltdowns is going to mushroom over the next few years. Sixty per cent of European banks believe the amount of capital they will be expected to hold to cover such non-financial risks [...]
New hub to help grow UK’s £6 billion fintech sector February 13, 2017 A new specialist fintech hub, backed by the UK and Scottish governments, will open its doors to entrepreneurs in May 2017. The hub will be the first of its kind in Scotland and will be based in Entrepreneurial Spark at Royal Bank of Scotland’s base in Edinburgh. It will launch one year on from the [...]
When fintechs and banks go speed dating February 8, 2017 While the seemingly age-old debate about whether fintech startups will kill banks still rages on, FinovateEurope demonstrates why that question is now largely redundant – things have moved on. The 80 startups on stage at the two day event in the heart of the City are pitching the banks, insurers and City institutions in attendance more [...]
UK retail sales fell in January in a reversal of fortunes for the sector February 7, 2017 UK retail sales fell in January as shoppers curbed spending on non-food items. On a like-for-like basis, retail sales fell 0.6 per cent in January as compared to the same month a year before, reversing a sales rise of one per cent in December. Total sales rose just 0.1 per cent, against a 3.3 per [...]
Spending on essentials has hit record highs February 7, 2017 Spending on essential goods such as food and fuel has reached record highs as inflation has started to hit the UK consumer's wallet. There was a 15.3 per cent jump in petrol spending year-on-year in January, according to Barclaycard, and a 2.9 per cent hike in supermarket expenditure. This was coupled with a 3.4 per cent [...]
Lord mayor Dr Andrew Parmley launches 2017 City-wide mental health campaign to reduce stigma in the workplace February 7, 2017 Lord mayor Dr Andrew Parmley is today launching a 2017 City-wide mental health campaign aiming to dispel myths surrounding mental health in the workplace. The lord mayor of the City of London kicks off This is Me – in the City at Deutsche Bank – an initiative led by the Lord Mayor's Appeal charity to reduce the stigma [...]
BT “overshadowed” by Italy accounting scandal as it takes profit hit January 27, 2017 BT has announced a profit slump in the third quarter to the 31 December, after revealing earlier this week that it was forced to write down the value of its Italian unit by £530m after years of "inappropriate behaviour". Read more: BT Europe boss Corrado Sciolla leaves after accounting scandal The figures Pre-tax profits fell 37 per cent to [...]