A minimum excise tax on cigarettes will hurt lower earners and fuel the black market, British American Tobacco says March 3, 2017 Once again, British American Tobacco (BAT) is pushing back against the government's proposals to create a so-called tax floor ahead of next week's Budget. A minimum excise tax (MET) will set a minimum amount of tax payable on any packet of cigarettes. After former chancellor George Osborne announced plans to instate an MET in 2016, the government now says it will announce [...]
Judge mulling whether RBS Global Restructuring Group case should get the go ahead March 2, 2017 A judge is now considering whether a closely-watched case focusing on the Royal Bank of Scotland's Global Restructuring Group (GRG) should go ahead, after a hearing debating its merits drew to a close. Neil Mitchell is seeking legal action against the bank, as well as KPMG and Cerberus, over the way Torex Retail, the software company he [...]
KPMG names new UK chairman, who reveals his people priority March 2, 2017 KPMG's new UK boss today revealed his main priority when he formally takes over later this year: to attract the best and the brightest people in order to drive the firm forward. The Big Four firm unveiled Bill Michael, previously the head of its banking audit division, as the person to succeed outgoing chairman Simon Collins. [...]
City Moves for 2 March 2017 – who’s switching jobs? March 2, 2017 Today's City Moves cover commodities platforms, pensions and tourism. Take a look at these movers and shakers: Kynetix Matt Dolton has been appointed chief executive of Kynetix, a leading provider of platforms which connect financial markets to the physical economy. Matt is one of the co-founders of Kynetix and has been spearheading the company’s strategy [...]
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 [...]