The Power of Three: How big business could join government to support small companies March 10, 2014 IF I received a pound for every time a chief executive of a large firm said to me “we’d like to be the champions of small business”, I’d be comfortably off. However, over the past year, I’ve seen an increasing number of businesses not only voicing this statement, but acting on it. This is a [...]
Forex rate-rigging scandal 2015 probe: Foreign exchange crisis engulfs London February 5, 2014 City foreign exchange desks were thrown into turmoil yesterday as top traders at Goldman Sachs and Citi resigned, while Deutsche Bank fired three New York traders. Banks are being lent on hard by regulators over alleged FX benchmark manipulation, adding to chaos in the sector. The New York Department for Financial Services (DFS) has become [...]
Ward to be new Brit chairman December 10, 2013 OUTGOING chief executive of Lloyd’s of London, Richard Ward, is to become chairman of Brit Insurance in February 2014. Mark Cloutier, chief executive of Brit said: “Richard’s experience and understanding of the global marketplace is second to none and I am extremely pleased he will be bringing his great depth of experience and knowledge to [...]
Japan’s M&A push December 15, 2013 Japanese insurers have been searching high and low for revenue growth amid an ageing society – and overseas acquisitions are proving a popular trick. Tokio Marine, Japan’s largest property-casualty insurer, bought a Lloyd’s of London insurer four years ago when it paid £440m to buy underwriter Kiln Group. It also agreed to pay $2.7bn for [...]
New issues make a strong comeback in the London market December 18, 2013 As the year comes to an end there’s definitely cause for celebration in London’s new issues or Initial Public Offering (IPO) market. According to figures out today from EY, the advisory firm, there were 14 main market share listings this year, raising £5.2bn. That’s not exactly an avalanche of deals but the total represents a [...]
South England sees record high in growth index December 8, 2013 FIRMS are reporting healthy growth across England and Wales, with parts of the south of England reporting the quickest improvement in business activity on record. Lloyds Bank’s latest purchasing managers’ index (PMI) came in at or above 60 for the fifth month running, suggesting a rapid expansion, well above the country’s long-term trend. The headline [...]
Aberdeen set to win £500m bid battle for Swip November 18, 2013 ABERDEEN Asset Management is poised to sign a £500m deal to buy Scottish Widows Investment Partnership (Swip) after beating a rival bidder to land the company. The all share deal – which would give Lloyds just under a 10 per cent stake in Aberdeen – is set to be unveiled this morning after the other [...]
Hong Kong’s Gaw buys M&S London offices November 21, 2013 HONG KONG-based private equity firm Gaw Capital Partners and three South Korean investors have teamed up to buy the London headquarters of retailer Marks & Spencer for around $321m (£198m), adding to a string of property deals by Asian investors this year. Asian investors, including insurers and banks, are buying into European properties as a way [...]
London Report: Banks lift FTSE as new leverage rules welcomed January 13, 2014 ARALLY in banking shares helped the FTSE 100 rise to a two-month closing high yesterday as investors welcomed the prospect of lighter rules on leverage for the sector. Supermarket WM Morrison was the top FTSE gainer on speculation it may sell some property and return some of the proceeds to shareholders, while oil and gas [...]
Fact or Fiction 2013 December 19, 2013 Six of these stories happened in 2013, six didn’t – can you spot the real ones? 1 Ex-Goldman Sachs-er “Fabulous” Fabrice Tourre pulled out a love letter as part of his defence during his trial in New York. 2 The Lloyd’s of London building was sold to a Malaysian firm for £300m. 3 Tesco was [...]