[ad_1]
IG Group backs ex-bet boss Corcoran as new CEO
07:34 , Daniel O’Boyle
City trading house IG Group has picked former Paddy Power Betfair boss Breon Corcoran as its new CEO.
He replaces June Felix, who left due to poor health in August.
IG has struggled this year as the pandemic-era retail trading boom slowed down. In October, it laid off 10% of its staff as part of a cost-cutting scheme to save £50 million.
Corcoran was CEO of Betfair from 2016 until its merger with Paddy Power to create the gambling giant now known as Flutter. He was also in charge of payments business WorldRemit, leaving in 2022 as its plans to go public stalled.
Mike McTighe, IG Group chair, said: “I am very pleased to announce Breon’s appointment following a comprehensive global search.
“He is a proven leader of high performing teams within multinational organisations, with an ability to deliver results for all stakeholders. The board is confident that Breon is the right person to lead IG and deliver the next phase of growth.
“I look forward to working with him.”
Wall Street higher ahead of jobs report, Tokyo stocks struggle
07:26 , Graeme Evans
A report on the US jobs market due this afternoon will test recent speculation that Federal Reserve interest rates may be cut in the first part of next year.
Economists expect a 180,000 rise in non-farm payrolls, compared with 130,000 in October, as they look for further signs that the US economy is slowing under the weight of recent interest rate rises.
Wall Street rallied ahead of the release, with the S&P 500 index up 0.8% and the Nasdaq Composite 1.4% stronger following a robust session for the Magnificent Seven of mega-cap stocks.
A rise of 5% for Alphabet led the way after the Google owner launched its latest artificial intelligence model, while Meta Platforms and semiconductor giant Nvidia both rose 2%.
The US handover means CMC Markets expects the FTSE 100 index, which finished flat in Thursday’s session, to open 20 points higher at 7533.
In Asia, the Nikkei 225 fell 1.7% after Japan’s economy contracted by more than expected in the third quarter and traders focused on a potential end of negative interest rates.
[ad_2]