Shaanxi Ligeance Mineral Resources digs out £326m for Gardner Aerospace November 16, 2016 Chinese aerospace and mining firm Shaanxi Ligeance Mineral Resources (SLMR) announced today it is to buy aerospace parts manufacturer Gardner Aerospace. Derby-headquartered Gardner makes parts which are used by Airbus and is currently one of the high-flying businesses held by City veteran Jon Moulton's Better Capital. SLMR, along with its subsidiary Chengdu Aerospace Superalloy Technology (CAST), plans to pick [...]
City Moves for 16 November 2016 | Who’s switching jobs November 16, 2016 HSBC HSBC’s Sanjeev Chopra is to join Psigma Investment Management as investment director in January 2017 reporting to John Howard-Smith, CEO. A seasoned investment professional, Sanjeev has worked at HSBC for nearly two decades, his most recent role being client director at HSBC Global Asset Management. IHS Markit IHS Markit has appointed Andrew Aziz as the global [...]
American Apparel files for bankruptcy again and is set to sell brand to Canadian company Gildan Activewear November 14, 2016 Bad news for fans of lamé leotards: now American Apparel has filed for bankruptcy less than a year after ending its first period under court protection. It's also agreed to sell the brand to Canadian clothing manufacturer Gildan Activewear for around $66m. In a statement Gildan announced it had entered into an asset purchase agreement to [...]
Retail sector shows signs of strengthening as shoppers return to the high street November 14, 2016 Retailers saw footfall drop in October, but at a slower rate than the previous month, as shoppers headed to the high street despite the lure of online shopping. Springboard UK’s latest figures showed a less severe fall last month compared to September. Read more: Christmas adverts rated: Which retailer has made the best ad of 2016? “The slight [...]
City Moves for 11 November 2016 | Who’s switching jobs November 11, 2016 SETL SETL, the London based financial blockchain specialist, has appointed national security expert Martin Clements to its board. SETL was launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. Martin joins the SETL board having recently retired from his role as director general responsible for technology and [...]
American Apparel UK business goes into administration November 8, 2016 Americal Apparel's UK business has gone into administration. Jim Tucker and Richard Beard of KPMG were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd this morning, the accountancy firm said in a statement. American Apparel (UK) and American Apparel (Carnaby) run the UK retail and wholesale operations of the US [...]
Retail sales up in best month since January November 8, 2016 UK retail sales were up 1.7 per cent from last October, boosted by strong online sales of 11 per recent in the last three months. Shoppers appear to be unfazed by the prospect of Brexit and the declining pound and are continuing to spend. However, the drop in Sterling is likely to have led to [...]
Power 100: TSB’s Helen Rose on how she became one of the most senior women in UK retail banking October 31, 2016 The chief operating officer of TSB, Helen Rose is one of the most senior women in the UK's retail banking sector. Here, she talks overcoming impostor syndrome, gender parities, and which qualities helped her reach the top. Power 100: These are the Square Mile's most inspiring women What went through your head when you accepted your job? [...]
European banks struggle for profits in face of multiple headwinds October 31, 2016 European banks will continue to struggle for profitability in the face of multiple headwinds, including higher capital requirements, low interest rates and a weak economy, according to new research published today. The average return on equity across all banks in the EU stands at around three per cent, according to the report from consultancy giant [...]
Fifth of workers paid less than recommended living wage October 30, 2016 A fifth (22 per cent) of workers in Britain earn less than the amount deemed to be a living wage, according to research out today. The study, carried out by Markit on behalf of KPMG, discovered that some 5.6m workers are paid less than the £8.25 per hour, or the £9.40 per hour in London, recommended by the [...]