UK’s first bank IPO in a decade – OneSavings Bank comes to market May 7, 2014 OneSavings Bank, the lender built by private equity firm JC Flowers, is to float on the stock market at a valuation of up to £600m. It was created out of the Kent Reliance Building Society which JC Flowers rescued in a recapitalisation deal in 2010. It plans to sell off a stake of [...]
What you need to know before the US open May 7, 2014 US stocks have inched down ahead of Janet Yellen’s testimony to Congress this afternoon. Investors will be listening in carefully, looking for indications on how the Fed’s interpreting April’s economic data. Yellen’s expected to stick to the dovish rhetoric we’ve been hearing when it comes to policy, but more information will be wanted when it [...]
Britain plagued with seriousness claims Walls May 7, 2014 Apparently us Brits are far too serious. Over a third of us admit to spending more than 80 per cent of our time being serious and over half of us claim we do not have enough time for fun because of “serious tasks” like work (eurgh) and worrying about money (bleugh). Overall we spend on [...]
EasyJet working on new drones and paperless planes May 7, 2014 EasyJet is helping to develop new drone technology that can be used to inspect its planes. The airline, which is holding a tech showcase at its Luton hangar today, said it is working with the Bristol Robotics Laboratory, Coptercraft and Measurement Solutions to modify an unmanned aerial vehicle for trials within the next few [...]
Why is ITV investing in Pawn Stars? May 7, 2014 Over the last 12 months ITV has spent nearly £300m on buying six television producers in a push to bolster its content creation arm, ITV Studios. Today the studio took an 80 per cent stake in Leftfield – the producer behind hit US reality TV shows including Pawn Stars, Real Housewives of New Jersey, and [...]
Co-op Bank’s Flowers fined £400 after pleading guilty to drugs offences May 7, 2014 Former Co-op Bank boss Paul Flowers has been fined £400 after pleading guilty to charges of possessing drugs. Flowers was also ordered to pay £125 in costs at Leeds Magistrates’ Court. The disgraced Methodist minister was arrested in November, having stepped down from the struggling Co-op Bank six months earlier.
BoAML: Why US growth is about to lift the global economy May 7, 2014 Imports of as a share of US GDP have been falling since 2011, but renewed momentum across the Atlantic could still buoy global growth, according to a new BoAML Global Research report. BoAML's Emanuella Enenajor believes that imports have been rising at a slower pace than GDP for two reasons. (1) Energy imports have declined [...]
Any Other Business – 07/05 May 7, 2014 Some big names from the business world last night joined entrepreneur Duncan Goose, founder of water charity The One Brand, to celebrate almost 10 years since he started the business. Following a reception at No10 with Sam Cam, the crowd moved to Westminster Pier to board a boat where they were treated to a trip [...]
Rolls Royce confirms it’s selling energy business to Siemens May 7, 2014 Rolls Royce has confirmed today that it’s agreed to sell its energy gas turbine and compressor business to Siemens for £785m in cash. Once the transaction’s completed, Rolls Royce will get a further £200m for a 25-year licensing agreement that’ll give Siemens access to relevant technology and Rolls Royce’s power output gas turbine range. The [...]
Ball in Co-op’s court as Myners slams “dysfunctional group board” May 7, 2014 Former city minister Lord Myners has said the Co-operative Group needs radical reform including smaller boards and greater attention to profitability. Lord Myners' report slammed the Co-op's governance structure, concluding it had a "manifestly dysfunctional group board." In what would be a significant departure from the Group's 150-year history, the report recommended that a smaller [...]