MPs blast RBS dishonesty over help for small firms November 23, 2014 Top RBS executives deliberately misled MPs who were investigating allegations of the mistreatment of small firms, an influential committee claimed yesterday. Bosses at the bailed out bank told the Treasury Select Committee of MPs that its Global Restructuring Group (GRG) – meant to help turn around struggling firms – was not a profit centre. But [...]
Aviva has some work to do to finalise deal – Editor’s Letter November 23, 2014 Panmure Gordon, the independent stockbroking firm, made a name for itself last year when one of its analysts calculated the government was planning to sell the Royal Mail at £1bn less than what the firm thought it was worth. Subsequent events showed Panmure had been right to be bullish on the firm’s valuation, at least [...]
Lewis Hamilton’s Abu Dhabi Grand Prix win celebrated by Rentokil’s landscaping arm Ambius in flower portrait November 23, 2014 There might be some sore heads in the City this morning as F1 fans all over Britain celebrated along with Lewis Hamilton yesterday, having watched him clinch his second drivers’ world championship in Abu Dhabi. But some celebrated his triumph in a slightly different and we dare say, odd way. London-listed pest control giant [...]
From Ukip and bird flu to RBS and Lidl: 10 things we learned this week November 21, 2014 1. Ukip got its second member of parliament. Mark Reckless retook the seat he'd held as a Conservative. But that was really the side show to accusations of snobbish tweets and comments around immigration that were so inflamatory Ukip distanced itself from them. 2. Bird flu returned to the UK. It's unlikely to pose [...]
Christmas just got tougher for Tesco, Sainsbury and Morrisons: Lidl adds “discount” oysters to its deluxe range November 21, 2014 In a year dominated by the rise of the discount grocer, it's perhaps no surprise that Lidl and Aldi will be pulling out all the stops to bring consumers a bit of low-cost luxury. Lidl, which launched a £5 lobster in 2009, has a track record of doing exactly that but this year it's pulling [...]
Rolls Royce gets $5bn Delta Air Lines deal November 21, 2014 Rolls Royce has won a $5bn (£3.2bn) contract from Delta Air Lines to deliver engines for 50 aircraft. The company will also provide care and support services to the aircraft, which will include 25 Airbus A350s and 25 A330neo aircraft. Rolls Royce has had a relationship with Delta Air Lines for over 40 [...]
Investec bank profits surge as legacy of financial crisis fades November 20, 2014 Anglo-South African bank Investec reported strong profits for the six months to September yesterday, overcoming a fall in the rand. Impairments fell by more than 20 per cent on the year, and are down to one-fifth of their £320m level seen three years ago, as the bank moves on from the financial crisis. Pre-tax operating profits [...]
Bank of England fines RBS over payments crash November 20, 2014 NEGLECTED IT systems could put the safety and soundness of RBS at risk, the Bank of England warned yesterday as it teamed up with the City watchdog to fine the bank £56m. The regulators were investigating a serious payments system crash, which locked millions of customers out of their accounts in mid-2012. It is a [...]
Close Brothers property success outweighs weak markets income November 20, 2014 FINANCE house Close Brothers reported strong property finance incomes in the first quarter of its financial year, benefiting from the UK’s economic recovery. Its asset finance arm also performed well, taking the loan book across the two units up 2.3 per cent to £5.4bn. Its asset management arm held steady in the three months to 31 [...]
Thomas Cook’s Harriet Green would like to be fired by herself hears Inspiring Women conference November 20, 2014 Thomas Cook chief executive Harriet Green really wishes she could be a Buddhist. The travel boss, who gets up at 3.30am every morning to start work and laments that Thomas Cook doesn’t have an Asian business so she could hit the phones in the very early hours, believes deeply in Buddhist humanism but just can’t [...]