THE DAILY BRIEFING
CPP CHIEF Former company insider Jason Walsh has been made chief executive of scandal-hit credit card firm CPP after founder Hamish Ogston staged a boardroom coup.
Ogston and investment firm Schroders teamed up to sack former boss Stephen Callaghan in a shareholder vote on Thursday. Walsh worked for the firm between 2002 and 2014.
CPP was fined £10.5m in 2012 for misleading customers into buying worthless insurance for debit, credit or store cards.
INSURANCE BOOST Sales at Hastings rose 22pc to £132.7m in the first quarter as the insurance firm increased its market share.
The number of customers on the business’s books grew 17pc to 2.1m and its share of the car insurance market increased to 6pc.
MEDICAL TIE-UP Specialist health care firm BTG has bought Minnesota-based Galil Medical, a leading provider of cryoablation, a process where extreme cold is used to destroy or damage tissue.
BTG has offered £58.3m cash. BTG shares fell 0.6pc or 3.5p to 579p.
WEB DEAL British Airways has signed a deal with technology company Gogo to provide internet services on planes.
Gogo will put its broadband on 118 BA, four Aer Lingus and 15 Iberia longhaul planes, including Boeing 757s and 787s and the Airbus A380. BA’s owner IAG fell 0.4pc, or 2p, to 508p.
HIGH FLYERS EasyJet reported that passenger numbers for April had increased by more than 300,000 compared with same month last year.
The low-cost carrier had 6.4m passengers in April 2016, taking the total number for the past 12 months to 71m. EasyJet fell 1.7pc, or 24p, to 1416p.
MINE APPROVAL Rio Tinto has won approval for the development of a copper and gold mine in Mongolia.
Together with the Mongolian government and partner Turquoise Hill Resources, Rio has invested £3.6bn in the mine. Shares climbed nearly 1pc or 19p to 2133.5p.
ITALIAN PROBE Deutsche Bank is being investigated by an Italian prosecutor for possible market manipulation, sources say. The probe involves the sale of £5.5bn in Italian government bonds five years ago.
The bank said it was cooperating.