London firms say output is growing again December 9, 2012 LONDON firms boosted their activity and output in November, after a gloomy October. London’s composite purchasing managers’ index (PMI) rose from 49.1 in October to 51.9 in November, Lloyds said this morning, through the crucial 50 level that indicates no change, and from decline to expansion. This London return to growth came with a less [...]
Ex-Treasury minister Sassoon steps into a top role at Jardine January 3, 2013 FORMER Treasury minister Lord Sassoon has re-entered the private sector by taking a senior job at Asia-focused conglomerate Jardine Matheson. Sassoon will take up his new executive role, based in London, on 14 January. He is also being lined up to take board seats on the firm’s other listed companies, which include insurance group Jardine [...]
Ad founders cash in with Saatchi sale December 13, 2012 THE TWO founders of a London digital advertising agency were both set for multi-million pound rewards as they sold their company to Saatchi & Saatchi in a deal believed to be worth around £10m. Outside Line, majority owned by Ant Cauchi and Lloyd Salmons, employs around 70 people from its Farringdon office. Saatchi & Saatchi’s [...]
Insurers count the cost of Superstorm Sandy December 20, 2012 Two British insurers this morning said they would take a combined hit of around $300m (£185m) from Superstorm Sandy. Insurer Amlin estimated its losses from Sandy at around £145m while rival Lancashire estimated a hit of between $40m and $60m, both companies said today. Yesterday, the Lloyd’s of London insurance market said that Sandy claims [...]
Savoy close to £290m debt pile refinancing November 25, 2012 THE owners of London’s lavish Savoy Hotel are understood to be closing in on a deal to roll over almost £290m of debt after tapping up two European banks to take on the borrowings. The iconic hotel, which was snapped up in a joint venture by Lloyds Banking Group’s Bank of Scotland unit and Saudi [...]
Insurance deficits leave the world at risk of catastrophe December 17, 2012 SUPERSTORM Sandy was 2012’s reminder of the damage caused by natural disasters. It hit within a few of months of the anniversary of the Thai floods in 2011, which killed over 800, made millions homeless and inundated the business parks that underpin the country’s economy. Knock-on global supply chain disruption forced Honda and Acer to [...]
Fifty Shades of Lloyd’s – Former insurance broker’s debut novel November 21, 2012 AN interesting piece of literature arrived on The Capitalist’s desk yesterday morning. A self-published novel from former Lloyd’s broker Victoria Neville. Thursday Nights, Monday Mornings promises tales from the “shambolic playground of the London insurance market”. Delving into the pages to see protagonists with names such as Sarah “Shagger” Smith it appears to be an [...]
Do you rent or own the property where you live? December 11, 2012 KEVIN LAWRENCE PEMBROKE MANAGING AGENCY I own my house with a mortgage. I’m very lucky that I got a fixed rate mortgage at two per cent above base so it’s very easy. I’m probably overpaying my mortgage right now! ABDUL DAKHIL DAIWA SECURITIES I rent. It’s difficult to buy first time, and I’ve only been [...]
Regulator probes KPMG audit March 5, 2012 The Accountancy and Actuarial Discipline Board has begun probes into KPMG’s auditing of Lloyd’s of London car and motorcycles insurer Equity Red Star and actuaries who advised it. In 2010 the firm, a UK subsidiary of Insurance Australia Group that insures one in four motorcycles on UK roads, crashed to a £240m loss after failing [...]
Who’s switching jobs December 5, 2012 Royal London Kerr Luscombe has been appointed group finance and strategy director at the financial services provider. He joined in 2011 as group strategy director, and has previously worked as finance director at Scottish Widows and Clerical Medical. Westhouse Holdings Simon Pettitt has been appointed head of the stockbroker’s fixed income business. He joins from Eurodekania. [...]