HSBC, JP Morgan and American Express back cyber startup Menlo Security in $40m series C | City A.M. December 11, 2017 A cyber security startup has won backing from several top financial institutions amid the growing threat of hacking and data breaches. HSBC, JP Morgan and American Express’s venture arm are among investors in a $40m series C funding round for Menlo Security, a Silicon Valley startup which provides protection against malware. Ericsson Ventures also participated, [...]
Adventure firm Zip World secures Lloyds investment to expand across UK January 6, 2019 Adventure company Zip World has secured investment from the private equity arm of Lloyds valuing the zip wire pioneer at £45m. The funding from LDC will help the company, which runs adventure experiences in Wales including the world’s fastest zip wire, expand across the UK and beyond, it said. Founded five year ago, Zip World [...]
Cityfibre secures £1.12bn debt package to fund UK full-fibre rollout December 18, 2018 Fibre network provider Cityfibre has secured a £1.12bn debt package from seven major financial institutions to help fund its rollout of full-fibre broadband across the UK. Proceeds from the infrastructure debt package will be used to fund the first part of Cityfibre’s £2.5bn plan to bring full-fibre to five million homes, the company said today. [...]
Lloyds Banking Group drops over 1,000 jobs October 12, 2016 Lloyds Banking Group is cutting over 1,000 jobs as part of its previously announced three-year strategy. Although the bank is culling 1,340 positions in total, it is also creating 110 new roles, bringing the net jobs lost to 1,230. In October 2014, the bank announced it would be cutting 9,000 roles over a three-year period. In July of [...]
UK car production slumps 20 per cent in biggest decline since 2009 recession December 21, 2018 Britain's car output tumbled by almost 20 per cent in November as Brexit worries weighed on consumer and business morale. It is the biggest decline in car production that the UK has seen since the last recession in 2009, with November's output heavily down on the same period last year. The number of cars produced in Britain [...]
Shadow MPC: The Bank of England should hold interest rates amid hesitantly positive economic data March 22, 2018 Interest rates are widely expected to be kept at their current 0.5 per cent level today, as the Bank of England (BoE)’s monetary policy committee (MPC) meets to deliver its verdict. In the second MPC rate review of this year, due to be announced at midday, the BoE’s policy makers are likely to credit only [...]
Standard Life Aberdeen sells insurance arm for £3.2bn February 23, 2018 Standard Life Aberdeen has sold its insurance arm to specialist insurer Phoenix in a deal worth £3.24bn. Phoenix will pay £2bn in cash and issue Standard Life Aberdeen with a 19.99 per cent shareholding. A dividend of £300m will also be paid to the FTSE 100 giant upon deal completion. The deal sees most of [...]
Standard Life Aberdeen share price jumps after selling insurance arm for £3.2bn February 23, 2018 Standard Life Aberdeen has sold its insurance arm to specialist insurer Phoenix in a deal worth £3.24bn. Phoenix will pay £2.28bn of cash and issue Standard Life Aberdeen with a 19.99 per cent shareholding. The deal sees most of Standard Life’s legacy insurance business handed over to Phoenix, allowing the merged company to focus on [...]
Last Week in the City: Trade fears re-emerge August 3, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (30 July to 3 August 2018). Interest rates were raised in the UK for the second time since the financial crisis, but the move was widely expected. The earnings season continued. Growth in all regions was [...]
Lloyds Banking Group snaps up Bank of America’s MBNA credit card firm for £1.9bn in first acquisition since financial crisis December 20, 2016 Lloyds Banking Group has beaten off other bidders to snap up Bank of America's UK credit card company MBNA for £1.9bn, in its first acquisition since it was bailed out by taxpayers in 2008. The UK lender emerged as the frontrunner to take over MBNA, which holds assets of £7bn, in late November. The takeover is a [...]