Chen looks for £200m in flotation January 4, 2010 SANDY Chen, the former Panmure Gordon banking analyst, is aiming to raise around £200m within the next couple of weeks for his new banking group. Investor research on the new venture has been issued in the past few days and Chen will be marketing the vehicle to potential investors this week with a view to [...]
SPORT | IN BRIEF January 4, 2010 FOOTBALL: FA Boss: Capello going nowhere Football Association chief executive Ian Watmore insists Fabio Capello will see out his England contract. Rumours have emerged that the Italian may stand down after this summer’s World Cup in South Africa, with Fulham boss Roy Hodgson being touted as a possible successor. But Watmore said: “We expect Fabio [...]
Why 2010 will be make or break for UK January 3, 2010 IT is hard to believe that just three years ago the UK economy was still being lauded as a great success story; our fall from grace has been spectacular. In 2007, London was overtaking New York as the financial capital of the world, with a resurgent Britannia gracing the covers of US news magazines; today, [...]
Giant Towers Watson listed January 3, 2010 TOWERS Watson begins trading as the world’s largest employee benefits consultancy today, pushing Mercer into second place. The firm, the fruit of a $4bn (£2.5bn) merger between Watson Wyatt and Towers Perrin, listed its shares on the New York Stock Exchange and Nasdaq this morning. In a statement, Towers Watson said it would issue $200m [...]
FSA is accused of heaping pressure on mutual assurers January 3, 2010 THE Financial Services Authority (FSA) has heaped pressure on the mutuals industry, according to the chairman of an all-party parliamentary group for building societies and financial mutuals. Adrian Bailey told City A.M. that a letter urging “with profit” mutual life assurers to consider their financial viability or consider winding-down had heaped pressure on the industry. [...]
Virgin close to bank deal January 3, 2010 VIRGIN Money hopes acquiring a bank as early as this month could help the company become a major player in consumer finance. It has already approached Quayle Munro, the bank founded by the chairman of parent company Virgin Group, to advise on a transaction. It is thought Virgin’s banking arm will focus on providing a [...]
Omega board faces coup January 3, 2010 OMEGA Insurance is under increasing pressure to replace the directors of its board after Invesco Perpetual, its largest shareholder, secured the backing of other investors to request a special general meeting. Neil Woodford, Invesco’s star fund manager, wants to oust Walter Fiederowicz and replace him with former Benfield man John Coldman as chairman of the [...]
Fall in house prices lets in new buyers January 3, 2010 LOWER house prices and falling interest rates have made homes significantly more affordable for first-time buyers in the past 12 months, according to the Halifax. The average price paid by a firsttime buyer in 2009 was affordable in nearly 40 per cent of local authority districts, compared with 24 per cent in 2008 and just [...]
Brown casts doubt over an early election January 3, 2010 SENIOR politicians were busy drawing battle lines at the weekend after the New Year heralded the start of the general election campaign proper for the major parties. Prime Minister Gordon Brown said he was confident “there will be a Labour Budget this spring”, casting doubt over the likelihood of the party calling an early election, [...]
Kraft ready to up its bid for Cadbury January 3, 2010 KRAFT Foods is preparing to raise its £10bn hostile bid for Cadbury in order to convince shareholders to accept its takeover. Investors in the British confectionary company have been holding out for a higher offer, and Kraft now wants an extension on the deadline for its current cash-and-shares bid. The offer was due to expire [...]
