Tuesday, January 22, 2019


DAILY BRIEFING: World Bank president Jim Yong Kim to step down at the end of the month

City & Finance Reporter for the Daily Mail

Stepping down: World Bank president Jim Yong Kim

Stepping down: World Bank president Jim Yong Kim

KIM QUITS The president of the World Bank, Jim Yong Kim, 59, is leaving at the end of this month for a job at a firm that focuses on infrastructure in developing countries.

His departure comes almost three years before his term at the World Bank – that provides loans and grants to countries for development projects – is set to expire.

FACTORY FLOP Orders made at German factories fell 1 per cent in November – substantially more than expected and the worst performance for more than six years. 

The drop was driven by an 11.6 per cent fall in orders from other eurozone countries.

LEGO DEAL Theme park operator Merlin Entertainments has signed a £200million deal with the Gangwon Provincial Government in South Korea to open a Legoland site in the city of Chuncheon by 2022.

BROKER BOUGHT British insurance broker Stackhouse Poland has been snapped up by US giant Arthur J Gallagher for around £275million. 

Founded in 1974 as a local community broker, it was bought in 2014 by private equity firm Synova Capital, which yesterday made 5.6 times its initial investment through the sale.

FINANCE STAKE Royal Bank of Scotland has acquired a 25 per cent stake for £2million in technology start-up Loot, which helps young people and students manage their finances.

AUDIT FEARS Proposals by watchdogs to force major firms to appoint two auditors to boost competition have reportedly raised concerns at The 100 Group, which represents FTSE 100 finance directors, because of possible extra costs.

BUILDER BOOST Fund manager Neil Woodford has upped his stake in troubled construction group Kier from 13.6 per cent to 14.2 per cent.

FLOAT RECORD Twenty-five firms floated on the London Stock Exchange in the last three months of 2018 – the most since 2014, according to a study from accountant EY.

EQUITY BOOST Zip wire business Zip World has won an investment from Lloyds’ private equity arm LDC.

TV DEAL Apple has inked a deal to load its iTunes music software on to Samsung-made televisions.

CAFFEEINE HIT Chief executive of Starbucks Kevin Johnson has scaled down expansion plans for the coffee chain announced under his predecessor, saying they were an aspiration.

 

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