Government cuts discount rate: Insurance sector says “crazy” decision will cost the industry billions February 27, 2017 The UK's insurers were left reeling this morning after the government announced changes to a key insurance sector discount rate, costing them hundreds of millions of pounds. Direct Line said annual profits for 2016 would be cut by up to £230m, while motor insurer Admiral estimated it will take a hit of up £100m and is to [...]
Sterling tumbles against the dollar on speculation over another Scottish independence referendum February 27, 2017 The pound fell during early Asian trading after reports that Scotland could be about to call a second independence referendum. Concerns around a renewed push for Scottish independence have increased in strength since the EU referendum, however yesterday the Times reported that Theresa May is preparing for another vote. The pound tumbled to $1.2392 against [...]
London Stock Exchange expects the EU to block its £21bn mega-merger with Deutsche Boerse February 27, 2017 The London Stock Exchange’s controversial £21bn merger with Deutsche Boerse was thrown into chaos late on Sunday night, after it emerged that regulators in Brussels are likely to block the deal. Shares in the LSE tumbled by more than three per cent this morning after it revealed in a bombshell statement to the market that it [...]
The inside story of how the London Stock Exchange’s mega merger with Deutsche Boerse was suddenly derailed by Brussels February 27, 2017 Everything seemed to be going so smoothly. Nearly a year after the London Stock Exchange and Deutsche Boerse unveiled their latest attempt to merge, many City folk gave the £21bn deal a respectable chance of success. "Better than 50 per cent," one high-profile Square Mile executive said at a lunch earlier this month. The European Commission [...]
Legendary developer behind the Shard, Irvine Sellar, has died aged 82 February 27, 2017 The property developer behind the Shard, Irvine Sellar, has died aged 82. The chairman of Sellar Group died yesterday morning after a short illness. His scheme for the UK's tallest building was given the green light in November 2003. It was completed in 2012, after four years of construction. Read more: Developer Irvine Sellar submits plans for [...]
Trinity Mirror sales rise but it strikes a cautious note over the “challenging and volatile” print market February 27, 2017 The UK's biggest local newspaper group, and owner of the Mirror, has reported a big bump in profit and revenue for 2016 – but said the industry is still battling headwinds from falling print advertising. Read more: Daily Express owner mulling sale of tabloids to rival Trinity Mirror The figures Annual profit rose 24 per cent after [...]
Persimmon cements strong 2016 as pre-tax profit jumps 23 per cent and revenues rise February 27, 2017 No shaky foundations here. Persimmon has announced a rise in underlying profit of nearly a quarter and growing sales for 2016 too as the FTSE 100 firm built more homes. Shares were up 1.53 per cent in early trading to 2,056p. Read more: Persimmon lays some strong foundations for 2017 The figures Full-year revenue rose eight [...]
Terra Firma boss Guy Hands on buying Agent Provocateur, dyslexia and moving on from multi-million EMI loss February 27, 2017 In June last year, Terra Firma dropped a £1.5bn lawsuit against Citi over the acquisition of EMI. It is reported that Guy took a €200m (£168m) hit to his personal fortune as a result of the deal. The Terra Firma boss alleged that Citi misled him into overpaying for the music publisher in 2007. How’s [...]
The oldest serving MP Gerald Kaufman has died at the age of 86 February 27, 2017 The oldest serving MP Sir Gerald Kaufman has died at the age of 86. The Father of the House was a junior minister between 1974 and 1979 and held senior cabinet positions throughout the 1980s. He became the oldest serving member of the House of Commons in 2015 and became an MP in 1970. Labour leader Jeremy [...]
Guess which British stalwart has just been named the UK’s favourite brand again February 27, 2017 British Airways may have hit some turbulence thanks to the weak pound, but when it comes to its brand value, the airline is sailing smoothly on, after it topped a ranking of the UK's favourite brands – again. It's the fourth year in a row BA has topped the Superbrands index, an annual survey of consumers' views [...]