Swiss Re announces new finance chief as results beat expectations February 20, 2014 Swiss Re, the reinsurer, has announced it’s appointed a new finance chief, David Cole, and upped its dividend on the back of an unexpected rise in net income. The giant European firm’s proposed raising its dividend to 3.85 Swiss francs per share, with a special dividend of 4.15 Swiss francs per share. The company reported [...]
City Moves for 21 February 2014 | Who’s switching jobs February 20, 2014 Jones Lang LaSalle Christopher Shead has joined the real estate services firm as a director in its renewable energy capital team. He was previously at FIM Services, where he led its renewable investment division. Before that, Shead worked in the global climate and renewables business at E.On. Nomura The investment bank has appointed David Hague as [...]
Tesco Bank up to 7m accounts February 17, 2014 THE CHALLENGER bank run by grocer Tesco has opened 7m accounts for customers, across its whole range of products including insurance, savings and credit cards, it revealed today. The landmark figure covers just over 5m customers, as some have more than one product with the retailer-based bank. The figures put it ahead of other large [...]
Sixteen lenders accused of Libor manipulation March 17, 2014 SOME of the biggest banks across the UK, US and Europe are being sued by the Federal Deposit Insurance Corporation (FDIC) in the US over claims their traders manipulated Libor interest rates. The regulator is launching legal action against 16 banks, including HSBC, Barclays, RBS, JP Morgan and Deutsche Bank. The British Bankers’ Association (BBA) [...]
Saga puts retail investor at heart of London float April 30, 2014 SAGA, the over-50s holidays-to-insurance provider, yesterday unveiled plans for the biggest flotation in London this year, as a stampede of silver haired savers registered to snap up shares in the listing. The business, which was founded by east end hotelier Sidney De Haan in 1950, said it would raise £550m in an initial public offering [...]
Car and home insurance costs hit record low January 22, 2014 CAR AND home insurance premiums have fallen dramatically since 2012, a major survey has revealed. Research conducted by the AA shows record falls in the cost to consumers, including £100 sliced off motoring premiums in the last two years alone. But Simon Douglas, director of AA Insurance, warned that prices would not continue to fall in [...]
Barclays’ Antony Jenkins under fire as share price plunges 6.52 per cent June 26, 2014 Barclays shares dived yesterday as shareholders panicked that the lender could face another huge legal bill over claims it lied to investors using its dark pool trading facilities. It is the latest in a series of scandals hitting the bank, and these claims are particularly damaging as the alleged wrongdoing occurred on the [...]
RBS still years from recovery February 26, 2014 ■ Bank offloads £1bn stake in Direct Line■ Set to slash costs as its losses mount■ No return to profit expected until 2018 RBS will today launch a new plan to slash costs and re-focus on the UK in a bid to convince markets and the government it is at last on the path to [...]
Budget 2014 showed promise: But it lacked beef for entrepreneurs to really get their teeth into March 23, 2014 YOU CAN’T please all of the people all of the time, particularly if you’re the chancellor of the Exchequer. Even if George Osborne had promised last Wednesday to personally traipse the length and breadth of the country handing out free candyfloss, an obesity pressure group of some sort would have released a statement condemning him. [...]
London Report: FTSE pares back losses after RSA and Glaxo rally February 5, 2014 THE UK’S top top equity index snapped a five-day losing streak yesterday, lifted by rallies in insurer RSA and pharma group GlaxoSmithKline. Shares in RSA rose 4.6 per cent on expectations its new chief executive Stephen Hester, credited with salvaging RBS, would help turn around the insurer, which is struggling with a £200m pound ($330m) [...]