Regulation costs hold down bank pay despite economic recovery November 13, 2013 BONUSES and pay are set to rise again for some bankers thanks to rising stock markets, according to a report out yesterday from consultancy Options Group. But they will fall in some areas and be constrained in others by increasing regulatory costs. Equities workers should see an average pay rise of 12 per cent this [...]
Yellen strikes dovish tone with her comments on US economy November 13, 2013 JANET Yellen, President Barack Obama’s nominee to chair the Federal Reserve, said yesterday that the US central bank has “more work to do” to help an economy and labor market that are still underperforming. “I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy,” [...]
BNP Paribas buys €3.25bn stake November 13, 2013 BNP Paribas has agreed to buy the Belgian state’s 25 per cent stake in BNP Paribas Fortis for €3.25bn (£2.7bn) in a move that will help the country keep its commitment to lower public debt. The Belgian state will make a capital gain of about €900m following the closing of the deal and will keep [...]
Crocs to explore sale proposals November 13, 2013 Crocs, known for its colorful clogs, has hired investment bank Moelis & Co to explore strategic alternatives, including a leveraged buyout, two people familiar with the matter said yesterday. The company has already held talks with a small group of private equity firms, including Blackstone Group and KKR, the people said. Some of the investment [...]
Rolls-Royce eyes 3D printing November 13, 2013 Rolls-Royce is exploring the idea of using 3D printers to manufacture some of its parts in future, its head of technology strategy said yesterday. Henner Wapenhans, an executive at the firm, said smaller, individual parts could be made via the 3D printing process to speed up production. “3D printing opens up new possibilities, new design [...]
Sales warning spooks shares in Partnership November 13, 2013 PARTNERSHIP Assurance’s shares slumped below their float price yesterday as investors were spooked by a warning that the specialist insurer will see no growth in the fourth quarter. The firm, which raised £125m when it listed in June, said total sales were up nine per cent to £931.7m in the nine months to the end [...]
Plan for new garden city sought by £250,000 Lord Wolfson prize November 13, 2013 BRITAIN’S housing crisis is the latest subject to be tackled by an annual competition founded by Next chief executive Lord Wolfson. Launched this morning, the 2014 Wolfson Economics Prize is offering £250,000 to the author of the best plan to create a new garden city. “Garden cities provide a potential answer to the housing crisis [...]
Investors back Infinis towards middle of range November 13, 2013 ADVISERS to Infinis, the renewable energy group owned by Guy Hands’ Terra Firma, were yesterday said to be guiding potential investors to the mid-point in the price range for the group’s forthcoming flotation. As the closing date arrived for the retail offer, it looked as if the shares will be priced at no more than [...]
Broker ICAP’s profits slashed by Libor fine November 13, 2013 PROFITS at ICAP fell by more than 40 per cent in the first half of the year, the broker reported yesterday, thanks to a £54m Libor fine. Pre-tax profit came in at £40m, down from £68m in the same six-month period of last year. But the underlying picture was stronger – operating profits increased six [...]
Rise in floats and LCH.Clearnet boost London Stock Exchange November 13, 2013 THE LONDON Stock Exchange Group is enjoying a market bounce at home and abroad, with revenue boosted by its recent purchase of the LCH.Clearnet clearing house. Chief executive Xavier Rolet said yesterday a spate of companies listing in London will add further fuel to the British economy. “The firms that are listing on our markets [...]