What the other papers say this morning – 5 March 2014 March 4, 2014 FINANCIAL TIMES Faith, hope and hedge funds for CoE The Church of England is ramping up the exposure of its £6bn endowment to alternative investments such as hedge funds and private equity in a move that will cement its position as one of the UK’s largest single investors in these types of assets. The Church [...]
Big four banks slash 250,000 jobs since crisis March 4, 2014 BRITAIN’S biggest banks have cut their headcount by 200,000 since the crisis, their latest figures show, and expect to cut at least 50,000 more over the coming years as new technologies reduce the need for front-line staff. The big four have slashed their workforce, cutting costs and selling off overseas units in a bid to [...]
Shop prices fall at fastest rate on record March 4, 2014 SHOP prices fell at the fastest pace on record in the year to February, with weak increases in food prices failing to stem the sharper decline in the cost of non-food items, according to an index of retailers released today. The British Retail Consortium (BRC) and Nielsen say shop prices have dropped 1.4 per cent [...]
Carney: Bank bonuses to face 5 year delay March 4, 2014 BANKERS could have to wait for more than five years to collect their bonuses under new rules being considered by the Bank of England, governor Mark Carney revealed yesterday. And the Bank’s prudential regulation authority is considering ways to claw back bonuses even after they have been paid out, if bankers have behaved badly or [...]
Cameron backs plan to increase minimum wage by three per cent March 4, 2014 THE PRIME Minister has announced that he will increase the minimum wage to £6.50 from £6.31 for over 21s, in line with a recommendation from the Low Pay Commission. David Cameron pre-empted the chancellor’s Budget statement, when a final decision on the increase was expected to be confirmed. George Osborne has repeatedly called for a [...]
Standard Chartered slashes top bosses’ payout and bonus pool March 4, 2014 STANDARD Chartered is set to announce today that it has cut its bonus fund from £840m to £720m this year and slashed a payout to top bosses at the bank. Chief executive Peter Sands and chairman of the bank Sir John Peace are keen to avoid negative publicity around bonus payouts, as other banks including [...]
Bramson buys even more of Electra March 4, 2014 ACTIVIST investor Edward Bramson yesterday upped his stake in listed private equity firm Electra Private Equity. Bramson, through his fund Sherborne Investors, added to a 10 per cent stake he amassed on Friday by taking his holdings to 13.7 per cent. Sherborne previously made a similar play for 3i, taking a stake in the private [...]
Premier Foods secures £1.1bn refinancing deal March 4, 2014 PREMIER FOODS announced it has sealed a £1.1bn refinancing package yesterday, in a major feat for the food company that it says will help “liberate” it from its past and ease its debt-pile. The company behind Mr Kipling cakes and Ambrosia custard confirmed plans to raise £353m via a placing and a rights issue, and [...]
Brit insurance targets £1.1bn April flotation March 4, 2014 SPECIALIST insurer Brit’s private equity owners yesterday announced plans to float 25 per cent of the business on the London stock exchange this April. The group, which currently operates in the Lloyd’s market and specialises in casualty, property and energy insurance, will be selling shares held by existing shareholders – including Apollo and CVC – [...]
Bottom Line: Backers will make a buck – but that’s all March 4, 2014 IF YOU happen to visit Brit Insurance’s website, take a look at the top left corner. Just above the title text you’ll find options to view the page in both Chinese and Japanese – a rare sight on a Lloyd’s member’s homepage. The translated editions appeared sometime around July last year – shortly before reports [...]