Marriott International’s takeover of Starwood Hotels & Resorts to close this week after Chinese ministry of commerce gives green light September 20, 2016 Marriott International’s takeover of rival Starwood Hotels & Resorts Worldwide is set to complete this week after China’s antitrust authority granted approval for the $13.6bn (£10.4bn) merger today. The Chinese ministry of commerce was the only regulator pending approval for the tie-up, after the hospitality giants secured premerger green lights from more than 40 other [...]
Dixons Carphone has created an Amazon Dash style button prototype September 20, 2016 Dixons Carphone is experimenting with the Internet of Things (IoT) to create an Amazon Dash style button that can be used to provide customer support when their devices go wrong. Like a "panic button on a submarine", if your washing machine starts leaking, simply pressing the button will trigger a call back from Dixon's call [...]
Fraudsters hit Brits with a financial scam every 15 seconds September 20, 2016 The UK suffered an incident of financial fraud ever 15 seconds in the first six months of the year, as the rise of scams to obtain passwords, bank details and cash shows no sign of abating. Financial Fraud Action UK (FFA) found more than one million separate accounts of people handing over personal details between January [...]
City Moves for 20 September 2016 | Who’s switching jobs September 20, 2016 Newcore Capital Management Newcore Capital Management, the alternative real estate investment manager, has made two appointments to support its growth strategy. Neil Sarkhel has joined as an associate and Iain Cobban has joined as an assistant investment manager. Neil will be responsible for underwriting potential acquisitions and disposals, while leading on a number of business [...]
Steepening the curve: The Bank of Japan may modify its bond buying scheme to ease pressure on commercial banks, insurers and pension funds September 20, 2016 In a defiant speech earlier this month, Bank of Japan (BoJ) governor Haruhiko Kuroda insisted that there is plenty of ammo left in his monetary policy clip. With a comprehensive review of the effects of monetary policy on prices and the economy promised at tomorrow’s BoJ meeting, speculation is rife about what surprises could be in [...]
Accountancy firm celebrates 14 per cent revenue rise after merger September 19, 2016 Accountancy firm Moore Stephens LLP has reported a revenue rise of 14 per cent. The firm, which merged with Chantrey Vellacott DFK LLP in May 2015, also reported having more than £13m of new business. “At the time of the merger, we were confident it would provide a platform for continued, sustainable growth – and [...]
Neil Woodford-backed P2P lender RateSetter reports loss as it seeks sustainable future September 19, 2016 Peer-to-peer (P2P) lender RateSetter, which is backed by fund manager Neil Woodford, has reported a revenue rise of nearly 50 per cent to £18.5m in its 2015/16 accounts. The figures The company said the results, which reported a £4.9m pre-tax loss compared with a profit of £476,000 the year before, are in line with expectations set [...]
Lloyd’s of London cyber risk report: 97 per cent of UK businesses have experienced a data breach in the last five years September 19, 2016 UK firms have fared worse than companies in other major European economies on the cyber security front in recent years. According to new data from Lloyd's of London, 97 per cent of UK firms have experienced a data breach in the last five years, against an average of 92 per cent of firms across Europe. Firms [...]
LV= operating profit more than halves after poor general insurance performance September 19, 2016 Mutual insurance, retirement and investment group LV= revealed today that operating profit had dropped to £33m in the six months to 30 June, down from £79m this time last year. The firm's chief executive, Richard Rowney, who replaced previous boss Mike Rogers this year, said the lower group operating profit "reflects lower operating profits in the [...]
City Moves for 19 September 2016 | Who’s switching jobs September 19, 2016 Chartered Management Institute The Chartered Management Institute (CMI) has named the senior financial services leader Bruce Carnegie-Brown as its new president elect. Bruce, who is also a Moneysupermarket.com non-executive chairman, will spend a year working with current CMI president Mike Clasper before starting his two-year term when Clasper steps down in September 2017. He has held a [...]