LIVE BUSINESS: Nadhim Zahawi to chair The Very Group; Diploma raises orientation; Phoenix CFO to leave

Starling Bank is selling a portion of its success to banks around the world as the next phase of its growth.

Last month it launched Salt Bank in Romania. This is the first time a bank has launched its Engine software outside the UK.

Private sector hiring has fallen for the tenth consecutive month, the longest decline since records began.

Accounting firm BDO said its employment index, which tracks the UK labor market, fell to the lowest level in more than a decade in April.

The chief financial officer of British insurer Phoenix Group, Rakesh Thakrar, will step down this year after about four years in the role.

Stephanie Bruce, former CFO of British asset manager Abrdn, will join the group in June and will subsequently take on the role of interim group CFO.

‘Rakesh has been a great colleague and his advice, knowledge and experience have been invaluable to Phoenix during his tenure.

‘We thank him for his significant contribution to the Group’s journey to becoming the UK’s largest long-term savings and retirement company, which has included his oversight of a number of transformative projects.

“I am grateful to work with him and Stephanie during the handover period and wish him every success in the future.”

Diploma has raised full-year profit expectations after the FTSE 100 industrial components distributor’s sales beat forecasts in the first half, boosted by six acquisitions.

Revenue rose to £638m in the six months to the end of March, up 10 per cent year-on-year.

Diploma now expects steady foreign exchange earnings growth of 16 percent for the year, up from its previous forecast of 11 percent, and an operating margin of 20.5 percent, up from 19.7 percent.

Chief executive Johnny Thomson said: ‘We have delivered another strong first half with good volume-driven organic growth in a more challenging market environment.

“Our momentum is encouraging heading into the second half, supporting our update to full-year guidance.”

The London stock market has received a boost as technology company Raspberry Pi and fast fashion giant Shein accelerate their listing plans.

Cambridge-based Raspberry Pi has chosen London for its initial public offering, which could launch in the next ten days.

An initial public offering would value the business, which helps children learn to code, at up to £500m, the Sunday Times reported.

Former chancellor Nadhim Zahawi will become non-executive chairman of The Very Group, which owns Littlewoods, when the Conservative MP steps down at the next general election.

Zahawi said: ‘As one of the UK’s largest digital retailers and flexible payments providers, the Company has an important role to play in helping families get more out of life.

‘With a heritage spanning over 100 years, Very has unrivaled knowledge and understanding of its customers, demonstrating resilience even in the face of difficult conditions.

“I am excited about the strategic opportunities for the Group and look forward to working alongside the management team as they develop and grow the business for the future.”