Allianz chief executive Michael Diekmann to exit next year amid Pimco troubles October 2, 2014 The chief executive of Pimco owner Allianz will leave the German insurance group next year, adding to the turmoil currently engulfing the business. Michael Diekmann, the group’s CEO for the past 11 years, would leave the firm in May, it said yesterday. He will be replaced by internal candidate Oliver Baete, a former McKinsey executive. [...]
Defiant Clegg prepares to get tough on Tories October 2, 2014 LIBERAL Democrat leader Nick Clegg will kick off his party conference in Glasgow tomorrow with a defiant message to the Conservatives, who stole his thunder with a pledge to increase the tax-free personal allowance if elected in 2015. Clegg will focus on his party’s offer of opportunity for all, but will refuse to rule out increasing [...]
Virgin Money IPO: Challenger bank to float on stock market October 2, 2014 Challenger bank Virgin Money is floating on the stock market, chief executive Jayne-Anne Gadhia announced yesterday. The sale of the 25 per cent stake in the bank is expected to value the lender at between £1.5bn and £2bn. Major owners Virgin Financial Investments and US investment guru Wilbur Ross’ investment fund will sell down parts of [...]
A year of IPOs may make Virgin Money a tricky sell – Bottom Line October 2, 2014 What a boom year! What a great time for flotations! What a great stroke of luck Virgin Money has had, planning this listing of shares on the stock market. Well, maybe not. In fact, Virgin Money might have to begin with a relatively conservative valuation. Investors are burned out. Sure, there was massive pent-up supply [...]
Wonga mulls name change as it agrees to write off worst loans October 2, 2014 Online payday lender Wonga yesterday agreed to tighten up its lending criteria, and to write off more than 300,000 of its worst loans. And the lender fears its name is so damaged it could scrap the brand, or keep it only on some products rather than for the whole group. The firm has come under [...]
Virgin Money IPO: Retail investors denied place in yet another float October 2, 2014 Virgin Money defended its choice to sell its shares exclusively to institutional investors – as revealed yesterday in City A. M. – arguing it made for a smoother flotation. Small investors have missed the chance to invest in the majority of IPOs over the past year – the last very large float with a [...]
Mark Carney wants power to limit your mortgage if house price boom threatens banks October 2, 2014 The Bank of England wants major new powers to cap mortgage loans, yesterday arguing it may need to rein in the housing market if the price boom starts to endanger banks. Officials want the ability to cap the loan-to-value (LTV) ratio of mortgages, as well as the debt to income ratios of some borrowers. The demands [...]
Record boom in construction adds kick to economic growth October 2, 2014 CONSTRUCTION is booming, posting its strongest three-month expansion for 17 years and helping to fuel growth. That is according yesterday’s publication of the purchasing managers index (PMI) by Markit and the Chartered Institute of Purchasing and Supply, which scored 64.2 in September. This an increase from 64 in August as the survey measure stays well [...]
Americans set for September jobs recovery October 2, 2014 THE NUMBER of Americans entering new claims for unemployment benefit fell last week, according to figures published yesterday, indicating that today’s jobs figures could provide a significant rebound from a disappointing August. The data from the US Department of Labour shows initial claims for state unemployment drop by 8,000 to 287,000 last week. An improving labour [...]
Balfour Beatty share price falls despite sale of Pinderfields and Pontefract Hospital stake October 2, 2014 Balfour Beatty’s £61.5m sale of its stake in Pinderfields and Pontefract Hospital will not be enough to buoy shareholder confidence following the firm’s profit warning on Monday, analysts have said. The company disposed of its 50 per cent interest in the public-private partnership (PPP) yesterday, selling to an HCIL subsidiary, and also announced three new [...]