Direct Line operating profits slip as it warns on impact of no-deal Brexit March 5, 2019 Direct Line posted a fall in full-year earnings this morning, with the blue-chip insurer striking a cautious tone over threats of a "disruptive Brexit". In outgoing boss Paul Geddes’ final annual results statement for Britain's largest motor insurer, operating profits dipped during the 12 months and the total dividend payout was slashed. "The increased focus on [...]
Ex-Which magazine director joins Financial Conduct Authority board March 4, 2019 The former executive director of Which magazine, Richard Lloyd, will become a non-executive director of the UK’s Financial Conduct Authority (FCA) from 1 April, it was announced today. His term at the FCA, which is the independent conduct regulator for 58,000 financial services firms and financial markets in the UK, will last three years. Read [...]
Financial Conduct Authority may intervene to prevent excessive motor finance costs March 4, 2019 Britain’s markets watchdog is considering banning certain methods lenders use to reward car retailers that cost consumers £300m a year. The Financial Conduct Authority (FCA) said it found widespread use of commission models which allow brokers discretion to set the customer interest rate and thus earn higher commission, which can lead to customers paying “significantly [...]
South Korea announces $3bn support package for embattled car part companies December 18, 2018 The South Korean energy ministry has unveiled a raft of measures designed to support the country's strained car parts industry, including a liquidity injection and improved subsidies for electric cars. The announcement follows the closure of a General Motors’ South Korean subsidiary factory earlier this year and a downturn in profits at Seoul-based car manufacturer Hyundai [...]
Blockchain and the unchanging face of motorsport November 27, 2018 SINCE its first competitive race in the early 19th century, motorsport has become one of the most popular sports in the world; attracting millions of fans from more than 194 countries all looking to benefit from the exhilarating, emotional experience of the track. However, despite its popularity and the advancement of different technologies impacting various [...]
Mitsubishi sacks Carlos Ghosn from chairman role after arrest November 26, 2018 Mitsubishi Motors has sacked Carlos Ghosn following his arrest in Japan, with an expert predicting a wider fallout from financial misconduct allegations against the industry luminary. Mitsubishi is the third member of an alliance with Renault and Nissan, the latter of which ousted Ghosn as chairman after he was arrested over allegations of financial misconduct. Mitsubishi's [...]
City Moves for 31 October – who’s switching jobs at Mayer Brown, Meggitt and IOE&IT? October 30, 2018 Who’s switching jobs today? Mayer Brown Global law firm Mayer Brown announced that Ashley McDermott has joined the firm’s banking and finance practice in London as a partner. He will advise on a range of lending transactions, particularly those involving emerging markets. Ashley’s practice is focused on export, trade and multilateral financing, especially in the [...]
City Moves for 24 September 2018 – who’s switching jobs at RHI Magnesita, Saga and Wiggin? September 24, 2018 Today's City Moves covers industries, insurance and legal eagles. Take a look at these movers and shakers: RHI Magnesita RHI Magnesita has nominated Ian Botha, currently CFO of Anglo American Platinum, has been nominated, as new CFO and finance director for appointment in the 2019 annual meeting. Ian will join the company on 1 [...]
Toyota invests $500m in Uber to propel self-driving cars into reality August 28, 2018 Japanese motoring giant Toyota has renewed its dedication to creating a self-driving car network on our streets, to the tune of a $500m (£387.6m) investment in ride-hailing firm Uber. The company said late last night it will expand its partnership with Uber in an effort to bring to market "autonomous ride-sharing as a mobility service at scale", at a time [...]
Billionaire Tory donor Crispin Odey demands the resignation of two top Tungsten bosses June 13, 2018 Hedge fund manager and Conservative party donor Crispin Odey has opened fire on the chief executive and chairman of Tungsten Corporation, demanding that they be kicked off the board. As one of the largest shareholders in Tungsten, Odey Asset Management is said to have been canvassing votes from its fellow members to force the hands [...]