Cable: Banks should be wary of handing out lavish bonuses October 25, 2010 BANKS should think twice before paying out lavish bonuses this year and must start to refocus on longer-term investment to avoid a repeat of the financial crisis, business secretary Vince Cable said yesterday. Chancellor George Osborne last week confirmed he would impose a tax on banks’ balance sheets as part of measures to insure the [...]
Ex-MPC member Barker takes private equity role October 17, 2010 FORMER Bank of England Monetary Policy Committee member Kate Barker has snapped up her second high-profile corporate appointment in just a few weeks, having agreed to take up a role as a non-executive director on the board of Electra Private Equity. Electra, which has investments in household names such as insurer Esure and feminine hygiene [...]
Trade insurers see 2009 claim numbers jump April 11, 2010 TRADE credit insurers dealt with record numbers of claims last year as the UK faced one of the worst recessions in recent history. The total amount of paid out claims jumped by 95 per cent in 2009 to £320m as compared to the previous year when companies paid out £164m in claims. Figures from the [...]
Reinsurance firms face up to price pain September 13, 2010 REINSURERS are trying to stay confident about pricing prospects for 2011 in the face of a chorus of industry observers predicting price and earnings pain. At their annual Mediterranean meeting, the world’s biggest reinsurance players have once again vowed to maintain discipline in setting prices on the contracts for risk cover they provide to insurers, [...]
Reinsurance firms face up to price pain September 13, 2010 REINSURERS are trying to stay confident about pricing prospects for 2011 in the face of a chorus of industry observers predicting price and earnings pain. At their annual Mediterranean meeting, the world’s biggest reinsurance players have once again vowed to maintain discipline in setting prices on the contracts for risk cover they provide to insurers, [...]
DEBT CRISIS: ALL EYES ON PORTUGUESE November 30, 2010 EUROZONE yields soared again yesterday as Portugal’s hopes of avoiding a bailout appeared to fade. Investors fled from Portuguese, Italian and Spanish debt, sending yields rocketing to their highest levels since the euro started. The yields on Italian and Spanish 10-year bonds also hit record levels against so-called safe-haven German debt. Pressure mounted on Portugal, [...]
DEBT CRISIS: ALL EYES ON PORTUGUESE November 30, 2010 EUROZONE yields soared again yesterday as Portugal’s hopes of avoiding a bailout appeared to fade. Investors fled from Portuguese, Italian and Spanish debt, sending yields rocketing to their highest levels since the euro started. The yields on Italian and Spanish 10-year bonds also hit record levels against so-called safe-haven German debt. Pressure mounted on Portugal, [...]
Bank bonus pot drops to £7bn October 5, 2010 The City financial sector was expected to get £7bn for 2010, down four per cent from last year, the Centre for Economics & Business Research (CEBR) said. The CEBR consultancy said the drop reflected fewer people working in the City in the aftermath of the credit crisis. The new 50 per cent top rate of [...]
Lloyds launches a thirty-year sterling bond September 15, 2010 LLOYDS Banking Group launched a rare 30-year senior sterling bond yesterday, capitalising on the upbeat tone of the credit markets and on demand from pension funds and insurers for long-dated sterling assets. The bond deal is the bank’s first ever sterling issue with a 30-year maturity, an official with the bank said. Initial guidance on [...]
Lloyds launches a thirty-year sterling bond September 15, 2010 LLOYDS Banking Group launched a rare 30-year senior sterling bond yesterday, capitalising on the upbeat tone of the credit markets and on demand from pension funds and insurers for long-dated sterling assets. The bond deal is the bank’s first ever sterling issue with a 30-year maturity, an official with the bank said. Initial guidance on [...]