Meet captain Penn, boss of the Baltic Exchange March 10, 2014 With the City sailing through choppy waters, the Baltic Exchange’s boss tells Julian Harris how the shipping industry can lead the way LIBOR-FIDDLING, insider trading, insurance mis-selling, bailout-grabbing… it hasn’t been the best of times for the City’s reputation, of late. Meanwhile, throughout the world, packs of regulators and politicians continue to circle around the [...]
Japanese firm buys Canopius in £594m deal December 18, 2013 JAPANESE insurance group NKSJ yesterday confirmed its £594m deal to buy Lloyd’s of London underwriter Canopius, becoming the latest firm to make inroads into the City’s historic insurance market. NKSJ will buy Canopius, its biggest ever acquisition, through its Sompo Japan subsidiary. The purchase means a windfall for Bregal Capital, whose funds own just over [...]
What the other papers say this morning – 29 January 2014 January 28, 2014 FINANCIAL TIMES AO.com aims for £1bn valuation AO.com, the online electricals retailer, is aiming for a £1bn valuation when it floats on the London Stock Exchange later this year – more than treble the market capitalisation it was hoping to achieve just four months ago. Several investors have told the Financial Times that the retailer, [...]
Vince Cable is wrong – London’s growth is win-win December 19, 2013 Speaking to BBC Radio 4's Today programme, Vince Cable said that London "is becoming a giant suction machine draining the life out of the rest of the country." The business secretary was discussing the possible expansion of London's Heathrow airport. He added that the country needed to make more use of provincial airports to provide [...]
Poundland hires retail veterans to propel float February 18, 2014 DISCOUNT retailer Poundland yesterday unveiled a heavyweight board lineup and its first female non-executive director as part of plans to float on London’s stock market next month. The Birmingham-based company, which currently has around 500 stores, has recruited former Travelodge chief executive Grant Hearn and Merlin Entertainments group HR director Tea Colaianni, who will become [...]
City Moves for 20 January 2014 | Who’s switching jobs January 19, 2014 Maker Studios The media company has hired former AOL executive Rene Rechtman as president of international, a new role to help develop its growth strategy and strategic relationships overseas. Rechtman left his role as CEO of AOL’s branded content division, BeOn, last November. Markel The insurance company has announced the appointment of Charles Bragg as [...]
What the other papers say this morning – 04 March 2014 March 3, 2014 FINANCIAL TIMES Nine private equity heads share $2.5bn The nine founders of the four big listed US private equity companies took home more than $2.5bn between them last year, with Apollo Global Management’s Leon Black alone receiving $546m. The dividend income, investment profits and other compensation shared by the founders of Apollo, Blackstone, Carlyle and [...]
City A.M. shadow MPC votes 7-2 against higher rates February 5, 2014 ALLISTER HEATH | CITY A.M. The case for a 0.5 percentage point hike in the Bank rate is clear. The unemployment level is plummeting and firms are reporting some of the most positive conditions on record. The dangers of emergency monetary policy are now increasingly obvious, especially in London’s property market JAMES SPROULE | INSTITUTE [...]
Lloyd’s insurer gets £600m Japanese offer December 16, 2013 ONE OF Lloyd’s of London’s biggest insurers is on the verge of being snapped up by a Japanese insurance giant, in a deal worth around £600m. Canopius Group, which is majority owned by UK private equity firm Bregal Capital, is in talks with Sompo Japan Insurance about the deal, which could be agreed as early [...]
City Moves for 10 January 2014 | Who’s switching jobs January 9, 2014 Grant ThorntonThe business advisory firm has announced the appointment of Richard Milnes as a partner in its financial services tax team. He joins from EY, and has previously worked in international tax for Shell and as head of tax planning at Lloyds. CouttsThe bank has recruited Matthew Spencer as executive director and head of intermediaries [...]