Watchdog forces capital rules on crowdfunding loan websites October 24, 2013 PEOPLE using peer-to-peer (P2P) lending sites will have more protection from being ripped off next year under plans unveiled by the city watchdog yesterday. P2P companies, a form of crowd funding linking savers and borrowers, will be forced to hold a percentage of their loaned funds or £20,000 – whichever amount is higher – as [...]
UK banks under threat from onslaught of conduct red tape October 24, 2013 BRITAIN’S banks’ credit ratings are at risk because of the tide of conduct regulation, fines and costs coming from the new watchdog, Standard and Poor’s analysts said yesterday. The industry as a whole has a negative rating against it in part because of the threat of fines and compensation which is most well known from the [...]
Walkie Scorchie’s rays shaded October 24, 2013 AFTER blinding rays of light from the Walkie Talkie were held responsible for melting parts of a Jaguar and City A.M. journalist Jim Waterson managed to fry an egg in the glare created by the building (pictured) developers are trying out a new sun shade. The building is currently sporting a partial covering, aimed at [...]
Riverstone float raises £760m in muted debut October 24, 2013 RIVERSTONE Energy, the new investment vehicle where former BP boss Lord Browne is a partner, raised £760.3m from its London listing – at the lower end of its expected price range. The company had hoped to raise between £670m and £1.5bn from the public offering, but ended up adding just £210m to the £500m it [...]
Inside Track: US banks tighten grip on Euro investment banking October 24, 2013 A cursory look at the latest investment banking league table leads one to an inevitable conclusion; that investment banking in Europe is becoming more and more the preserve of the American bulge bracket banks. There’s an exception to this trend, of course. Deutsche Bank, with a 10.5 per cent market share of all equity linked [...]
US manufacturers report that output fell during US shutdown October 24, 2013 OUTPUT in the US manufacturing sector fell for the first time in over four years during this month, according to a survey released yesterday by data firm Markit. The overall figure for the manufacturing purchasing managers’ index (PMI) fell to 51.1, indicating very marginal growth, the lowest level in a year. The output part of [...]
Slow month for firms’ orders as GDP announced October 24, 2013 BRITISH manufacturers recorded lower orders this month, after a strong September, according to a survey by the Confederation of British Industry (CBI) released yesterday. The balance of firms reporting a rise in orders fell back to minus four per cent, from nine per cent last month, which was the highest since the crash. However, 14 [...]
Companies with foreign owners add significant amount of value October 24, 2013 THE FEW UK businesses which are owned internationally punch above their weight in terms of value added to the economy, according to information released yesterday. Although less than one per cent of the UK’s millions of firms are foreign-owned, they make up more than a quarter of gross value added, according to new statistics. The figures, which [...]
KKR comes out top in private equity stakes October 24, 2013 WALL Street colossus KKR yesterday beat its industry rivals in the private equity stakes after posting better than expected third quarter results. The company, which pioneered the leveraged buyout as Kohlberg, Kravis & Roberts in the 1980s, said the value of its private equity portfolio rose 5.9 per cent for the three months ending September. [...]
Permira vows to protect heritage in £300m Dr Martens brand deal October 24, 2013 PRIVATE equity firm Permira yesterday pledged to “respect the heritage” of iconic British footwear brand Dr Martens after it paid £300m to snap up the family-run firm which makes the boots. The deal will see Northampton-based R Griggs Group join Permira’s other fashion brands, which include Hugo Boss and New Look. David Suddens, chief executive [...]