Argentina’s peso tumbles further
Argentina’s peso has suffered its steepest daily decline since the country’s 2002 financial crisis, as the central bank gave up its battle against the currency’s decline. The bank’s decision to stop intervening in the forex market increased worries about what is already one of the world’s highest inflation rates.
New FRC chief gets £120k for two days a week
Sir Win Bischoff, chairman of Lloyds Banking Group, is to chair the Financial Reporting Council. He will have a new deputy, Gay Huey Evans, another former investment banker, who is taking over from Glen Moreno. Sir Win will be paid £120,000 for two days a week and Ms Huey Evans £35,000 for one day a week.
Markit’s data shows growth of 0.5%
The eurozone in on course for its strongest growth in three years, according to the financial-data provider Markit’s latest snapshot of private-sector activity. It shows growth of 0.5 per cent across the bloc, the best since the beginning of 2011. But ECB president Mario Draghi said: “The risk of setbacks is large.”
Second woman to head FTSE 100 company
Susan Kilsby will be the second female chairman of a FTSE 100 company when she takes over at pharmaceuticals group Shire in April. Ms Kilsby was at Credit Suisse for 30 years and joined Shire in 2011. The other female chairman is Dame Alison Carnwath of Land Securities.
Pearson’s forecast profits missed as shares slump
Shares in Pearson slumped 8 per cent yesterday after the Financial Times’ publisher warned that restructuring costs and US problems meant its 2013 profits would miss forecasts. It said US budget pressure had hit its North American education business in the key fourth quarter.
Mild January leaves clothing sales down
A mild January hit clothing sales in the high street, the CBI said yesterday. Its latest distributive trades survey showed a net balance of 55 per cent of clothing and footwear retailers reporting lower sales against a year earlier. Overall sales were modestly up on last year but shoppers remain “cautious”.