All Saints chief executive quits
All Saints has parted company with its chief executive, Stephen Craig, after a falling out between him and Kevin Stanford, the fashion chain’s chairman and founder. Mr Craig said he could no longer work with the flamboyant tycoon because their roles were not clearly separated. Lion Capital led a £105m rescue of the chain four months ago.
Aberdeen hit as clients pull assets
Aberdeen Asset Management said its clients had pulled £800m of cash from its funds in the past two months since the markets began to fall in August. This is the first net outflow Aberdeen has reported since the first quarter of 2011 and contributed to an £8.9bn decline in the value of assets Aberdeen manages to £176.9bn.
Airlines get carbon permit windfall
The European Commission is to grant airlines 85 per cent of their required carbon emission permits for free in 2012, the first year the industry is included in its emissions trading system. Brussels said the allowances amounted to a €20bn (£17bn) subsidy over the next decade, giving airlines a chance to update their fleets to cut CO2.
Ashurst links with Australian firm
Ashurst, one of the City’s top law firms, has agreed a tie-up with Australia’s Blake Dawson to combine their Asian operations ahead of an expected full merger by 2014. Both partnerships voted for the combination to boost their businesses in fast-growing Asian economies. The firms’ Asian operations will operate under the Ashurst name.
Aldermore raises funds to expand
Aldermore, a recent entrant to the retail banking market, has raised £62m from investors to expand and develop its business. Philip Monks, Aldermore’s chief executive, said: “This investment gives us an excellent platform for continued growth and to offer real choice and competition in the UK banking market.”
Flying Brands sells Jersey land
The struggling mail order flowers and gifts company Flying Brands has agreed to sell land around its Retreat Farm headquarters in Jersey to a local developer for £2.1m. The cash will pay off a £1.7m loan and provide working capital. Last week, Flying Brands said it was close to breaching bank covenants.
Axel Weber seeks early start at UBS
Axel Weber has asked the Bundesbank if he can join UBS earlier than planned. The former German central bank chief is chairman-designate at the scandal hit Swiss bank but is not take up his post until 2013 thanks to rules imposing a “cooling off” period on former central bank officials.
RBS hires Adams for property arm
Royal Bank of Scotland has appointed the former chief executive of the real estate broker Savills as the head of property in its global restructuring arm. Aubrey Adams’s responsibilities will include overseeing West Register, an RBS unit which acquires financially distressed property, the bank said.
Slowdown signs in Germany
German business sentiment fell for the third month in a row in September, dipping to its lowest level since mid-2010, in the latest sign Europe’s powerhouse economy is slowing just as the eurozone’s debt crisis reaches a critical stage. The Ifo think tank’s monthly survey of firms was the most pessimistic since June 2010.
Portugal revises growth forecast
Portugal’s economy is likely to shrink by 2.3 per cent next year, more than the government previously forecast, due to a global economic slowdown and austerity measures, a government source said yesterday. the downturn this year, however, is not expected to be quite as severe as expected.Reuse content