Siemens rejigs top team after chief’s ousting September 18, 2013 SIEMENS named company insider Ralf Thomas as its new chief financial officer yesterday, replacing Joe Kaeser who was promoted to the chief executive’s post last month following the departure of Peter Loescher in a bitter boardroom battle. Kaeser and his new chief financial officer now face the challenge of whipping into shape the lumbering German [...]
Chinese boost not big enough to hit Prada target September 17, 2013 ITALIAN luxury fashion house Prada posted a 7.6 per cent rise in first-half profits yesterday, lifted by solid growth in its key greater China market but the result was lower than what analysts had expected. The maker of luxury leatherware and Miu Miu-brand dresses said its net profit for the six months ended July was [...]
Brand Index: Account switching means banks must fight to stay current September 17, 2013 THIS WEEK, new rules took effect that will allow the UK’s 46m current account holders to switch banks in seven days. According to 2011 research from the Banking Commission, the average customer stayed with the same bank for 26 years, but with switching now easier than ever before, we could be entering a new era [...]
City Moves for 16 September 2013 | Who’s switching jobs September 15, 2013 Frostrow Capital The investment trust group has hired David Harris as marketing manager. He joins from Morgan Stanley, where he held associate positions in its FX corporate sales team and senior relationship management division. He began his career as a British Army infantry officer. Julius Baer The private bank has announced the appointment of Mazy [...]
The business built to help customers outsource their chores September 15, 2013 Annabel Palmer meets Raj Singh, co-founder of the online marketplace Sooqini, who shunned job security for a career as an entrepreneur ACCORDING to Raj Singh, founder of online marketplace Sooqini, we are now living in a “gig economy”. His theory, albeit paraphrased from Michael Lewis’s The New New Thing, goes that people no longer want [...]
Public to need at least £750 to buy shares in Royal Mail share sale September 12, 2013 UNLIKE the great privatisations of the Thatcher era, the forthcoming Royal Mail float will not be accompanied by a major publicity campaign – but individual investors will still be encouraged to buy shares as part of the IPO. The minimum individual share purchase will be £750 but at this stage it is not clear whether [...]
The Nominations: A very warm welcome to the shortlists for the City A.M. awards 2013 September 8, 2013 TODAY we kick off the countdown to this year’s City A.M. Awards with the first of the shortlists for an event that has rapidly established itself as a highpoint in the annual calendar. Our awards, now in their fourth year, celebrate all of the City’s main sectors and the people that make sure London remains [...]
Heroic leap in sales for retailer Supergroup September 5, 2013 SUPERGROUP, the company behind the Superdry fashion label, reported a leap in first quarter sales yesterday thanks to overseas expansion and strong demand for its autumn and winter collections. Shares jumped 5.87 per cent as the retailer posted group sales of £75m in the 13 weeks to 28 July, up 25.7 per cent on the [...]
Expansion boosts Belvoir sales September 5, 2013 Belvoir Lettings, the estate agency that floated on Aim last year, posted a 35 per cent rise in half-year revenues yesterday to £2.5m after making a string of acquisitions and bolstering its presence in London and the south east. Belvoir runs 142 franchised offices across the UK and aims to grow to 200 by 2016. [...]
Eurozone boost as output hits a two-year peak September 4, 2013 THE EUROZONE’S recovery finally appears to be on track according to data released yesterday, with business output growing in August at its fastest pace in over two years. The news came as separate data from Brussels showed the single currency area escaping recession during the second quarter of the year, supporting earlier estimates. The Eurostat [...]