Low cost gyms merge to create £300m empire February 11, 2014 THE PRIVATE equity owners of two fast-growing budget gym chains announced plans yesterday to join forces, creating a £300m fitness empire that would rival the UK’s more established players. Pure Gym is to merge with rival low-cost operator the Gym Group, in a deal that will see the new company owning more than 100 gyms [...]
Retailers kick off new year with biggest sales boost since 2010 February 10, 2014 A BUMPER January saw British retailers record the fastest growth in sales for over three and a half years, with a 5.4 per cent boost when compared to January 2013. Online sales led the increase once again, expanding by a stunning 19.2 per cent over the 12 month period, the strongest result for internet retailers [...]
Reasons to be cheerful as economic confidence hits record high February 6, 2014 Confidence in recovery is at its highest level ever The Bank of England set to hike growth forecasts Upbeat British businesses ramp up hiring this year CONFIDENCE in the economy is at its highest level since records began in the 1970s and unemployment is set to dive to 6.6 per cent this year, according to [...]
City Moves for 07 February 2014 | Who’s switching jobs February 6, 2014 City Index Mark Preston has been appointed chief executive at the online broker. He has over 25 years’ experience in trading and banking. Preston was previously chief executive of Europe for CIBC, co-head of corporate markets at Lloyds Bank, and a principal at Valere Capital. BNP Paribas Securities Services The investment custodian has made four appointments [...]
KPMG fears harm to recovery as regulators drag out bank reform February 5, 2014 THE WAVE of red tape hitting banks is so variable, unpredictable and poorly planned that lenders cannot respond effectively, a KPMG report warns today. World leaders had hoped to co-ordinate regulation after the financial crisis to put the whole banking industry around the world on an even footing. But KPMG is concerned each county is coming [...]
Banks warned cyber attacks still a big threat February 5, 2014 BANKS need to better co-ordinate their response to any future cyber attack if they are to resist the assault and keep key systems functioning, a test of the industry’s capabilities has revealed. Finance firms are more open about such attacks than they used to be, the simulation – dubbed Waking Shark 2 – found, but [...]
The week in brief February 2, 2014 Jamie Oliver launches ad production business Celebrity chef Jamie Oliver is launching a production house that will specialise in the creation of commercials, Campaign reported last week. The business, Fat Lemon Productions, will be led by executive producer Jane Bolton, formerly at Picasso Pictures and Nexus Network, and producer Cabell Hopkins, previously a producer M&C [...]
City Moves for 29 January 2014 | Who’s switching jobs January 28, 2014 KPMG The professional services firm has announced the appointment of Mike Walters as a partner and head of its financial risk management group. He was most recently at Barclays, where he was global head of compliance. Nikko Asset Management The asset management firm has made two senior appointments. Takuya Koyama has been appointed global head [...]
Tech sector ends 2013 on a high January 27, 2014 The UK tech sector saw the steepest expansion of business activity for almost a decade during the last quarter of 2013, according to the latest KPMG/Markit Tech Monitor UK report. In December, the index measuring UK tech sector business activity posted above the 50 no-change threshold for the sixteenth month with a healthy score of [...]
Standard Chartered chooses to keep KPMG as its audit provider January 27, 2014 STANDARD Chartered will keep KPMG as its auditor after hearing pitches for the contract from other so-called Big Four accountants. The bank, which put its audit contract out to tender in August, is expected to reconfirm KPMG in the post in its annual report in spring. KPMG has checked StanChart’s books for around 40 years. [...]