BlackRock to prepare firm for Fink exit April 7, 2014 BLACKROCK is set to reshuffle its senior staff as part of a long-term succession plan for its founder and chief executive Larry Fink. The world’s biggest asset manager, with $4.3 trillion (£2.6 trillion) under management, is shifting at least 10 senior executives in a bid to give younger staff added responsibilities. Fink, 61, has no [...]
The Olympic Park reopens to the public April 7, 2014 Visitors to Queen Elizabeth Olympic Park made a splash yesterday as the green space was opened to the public for the first time since the London 2012 Games. The east London park, which is the biggest to open in the capital for a century, features interactive water fountains and an adventure playground. Visitors can also [...]
Watchdog was warned by Bank over insurer debacle April 7, 2014 THE CITY regulator failed to respond to calls from the Bank of England to clarify details of a looming insurance probe that wiped billions of pounds off the sector last month, adding renewed pressure to under fire officials yesterday. Representatives from the Prudential Regulation Authority, a division of the central bank, contacted the Financial Conduct [...]
Pressure grows on Maria Miller in expenses row April 7, 2014 SUPPORT for the culture secretary Maria Miller was dwindling yesterday as critics from both inside and outside her political party spoke out against her expenses claims and the self-regulation that allowed them to happen. Labour called for a complete overhaul of the parliamentary standards committee, warning that it is not fit for purpose. Angela Eagle, [...]
Just 25pc will buy an annuity after shake-up April 7, 2014 THREE in four people will shun buying an annuity with their pension pot following chancellor George Osborne’s radical shake-up of the pension market, fresh research suggests. Just 25 per cent of pension savers polled by consultancy Hymans Robertson said they would use all of their lifetime savings to buy an annuity, which converts a pot [...]
What the other papers say this morning – 07 April 2014 April 7, 2014 FINANCIAL TIMES Ecclestone wants to regain grip on F1 Bernie Ecclestone has said he would like to regain control of F1 in partnership with leading teams such as Ferrari, even as he prepares to step back from the day-to-day running of the sport. Asked if he wanted to buy up stakes if they became available [...]
Cement makers ready to tackle antitrust rules April 7, 2014 A MEGA merger between the world’s two largest cement companies will most likely result in asset disposals to overcome competition concerns. On Friday, French company Lafarge, which owns British cement manufacturer Blue Circle Industries, and Swiss rival Holcim, said that they were in advanced talks over a possible deal, which would create a combined company [...]
Altice clinches €17bn takeover of French telecoms giant SFR from owner Vivendi April 7, 2014 As global M&A continues its fastest start to the year since 2007, City A.M. looks behind the most recent deals FRENCH conglomerate Vivendi has accepted a €17bn (£14bn) takeover offer from Altice, via its Paris-based subsidiary Numericable, for French telecoms company SFR. The deal, which will be presented to unions and regulators for approval, effectively [...]
Global dealmaking starts 2014 with confidence April 7, 2014 ■ During the first quarter of this year, global mergers and acquisitions (M&A) jumped 23 per cent year-on-year to $804.5bn (£485.3bn), led by 10 deals valued above $10bn. ■ The year’s biggest deal so far has been US media giant Comcast’s takeover of Time Warner Cable, worth $69.8bn, with Facebook’s $19.4bn purchase WhatsApp coming in [...]
Ashley fails to derail House of Fraser takeover April 7, 2014 HOUSE of Fraser’s sale to a Chinese conglomerate is set to go ahead, despite Sports Direct founder Mike Ashley’s efforts to scupper the deal, City A.M. understands. Chinese powerhouse Sanpower Group agreed to buy 89 per cent of the department store chain on Friday, in a deal valued at around £450m. Sportswear magnate Ashley has [...]