After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Stephen Hester’s got another role May 25, 2016 Former Royal Bank of Scotland boss and current boss of RSA Insurance Group Stephen Hester has got another role to add to his list of duties. Hester will become a non-executive director at energy giant Centrica from 1 June, joining the group's nominations and audit committees when he does so. Rick Haythornthwaite, chairman of Centrica said: “I am [...]
It’s official – chief financial officers are just “over-hyped” spreadsheet masters May 25, 2016 Are you a chief financial officer (CFO)? Probably best to stop reading here. That’s because far from being the eyes, ears, brains and brawn of the operation, a heartbeat away from the top job and a driver of company strategy, a new survey has found CFOs are little more than “over-hyped" glorified spreadsheet wizzes. According to a [...]
UK floods insurance bill will be £1.3bn, estimates Association of British Insurers May 25, 2016 The final bill for all repairs arising out of the floods caused by storms in December 2015 is expected to hit £1.3bn, according to new research from the Association of British Insurers (ABI). A series of storms – named Desmond, Eva and Frank – hit the UK over the Christmas period, causing a series of [...]
An uncomfortable truth? Tobacco shares are performing surprisingly well May 25, 2016 Earlier this week, Axa announced it will stop investing in tobacco shares on ethical grounds because of the "tragic" human cost of the cigarette industry. The world's largest insurer said it will sell its tobacco portfolio, valued at around €1.8bn (£1.4bn), in a move it also hopes will generate savings by resulting in fewer claims [...]
Marks & Spencer profits drop by a fifth as Steve Rowe sets out plans to revive clothing business May 25, 2016 Marks & Spencer's share price fell more than 8.3 per cent this morning, despite pre-tax profits falling by nearly a fifth in the last year, as new management unveiled plans to tackle the struggling clothing division. The figures Group revenue at M&S was up 2.4 per cent to £10.6bn for the 53 weeks to 2 April, while underlying pre-tax [...]
Many questions remain unanswered – and unconsidered – on access to financial services, finds report published by watchdog May 24, 2016 The financial industry is not asking the right questions to address problems with access to services, a report published by the Financial Conduct Authority (FCA) today argues. The study cautions that those organisations which could help to improve the financial services marketplace need to be more strategic in their approach and urges stakeholders, including the government, regulators [...]
China just joined a major blockchain consortium May 24, 2016 A Chinese insurer is the latest business to join the major R3 blockchain consortium and the first financial institution in the country to become a member alongside the likes of Barclays, HSBC and Goldman Sachs. Ping An, the second largest insurance firm in China, has joined the group, which was formed late last year to work on [...]
Halfords goes for a spin with Tredz and Wheelies May 24, 2016 Halfords has bought premium bike business Tredz and specialist insurance firm Wheelies Direct from founders Keith and Michael Jones for £18.4m. Tredz and Wheelies are based in South Wales, and employ around 250 people across the UK. Keith Jones and his senior team will continue to manage the businesses "on a standalone basis" The two businesses generated revenue of around £32m for the [...]
City Moves for 24 May 2016 | Who’s switching jobs May 24, 2016 The Dining Club Group The Dining Club Group, owner of dining clubs, tastecard and Gourmet Society, has announced that Annette Court has been appointed as the group’s new chair. Annette brings a wealth of experience to the role. She is currently a non-executive director of the boards of Admiral Insurance Group, Jardine Lloyd Thompson Group, [...]
Despite paltry interest rates, annuities are making a comeback May 24, 2016 When pension freedoms were introduced last year, the over 55s were widely expected to shun annuities for more flexible forms of investment for their retirement. Long criticised for their poor value and rigidity, these financial products – which provide a guaranteed income for life – have looked even less attractive in recent years, as rates [...]